Dateline: Guangzhou, China
Most people never leave the country they were born in. In fact recent research at Washington University in St. Louis reveals that most adults live within 25 miles of their mother. As formal education increases that percentage drops off, but not very dramatically.
There are no definitive statistics regarding the number of American expats, or citizens living abroad. Estimates range from 3 to more than 8 million. These would represent only 1 to 2.5% of the total US population. Most indicators point to the percentage rising fairly dramatically in the last couple of decades or so, which is pretty easy to understand if you look at economic conditions in the US vs other parts of the world that have expanding economies, lower living costs, and happier people.
How Difficult Is It?
Most people see moving to a new country as a massive challenge and undertaking. That’s understandable.
The first time I did it I was 26 years old. It was an easy move from Canada to California. Really no different than moving across the my own country except for some government paperwork. You just get a new address, open a new bank account, get a new drivers license and not much else.
Twenty years later I did it again by moving to Belize. Same drill there. Paperwork for residency, new bank account, new drivers license. Ten years later I did it in the UK. More government paperwork for citizenship, new address, mobile phone, etc.
If you float around and live as a tourist, as my wife and I have in a dozen countries, you can even skip the government paperwork part.
The truth is, it’s really not that much of a challenge. It’s a well-trodden path and you really don’t have to reinvent any wheels. When you get professional help from Andrew and his team it’s even easier.
What If You Hate It?
Fear is a big obstacle for a lot of people thinking about being expats. However, in my experience, I can’t think of anyone I’ve met who carefully picked out a new place to live, moved there and then hated it. I’m sure it can and does happen, it just seems pretty rare.
But suppose you do become an expat and then regret it. You move to a place that is beautiful to you, whether it’s a warm, beachfront community, or a European expat enclave, or some other place you vacationed at and loved. Perhaps you establish an online business to finance your lifestyle independent of a regular job; you open a local bank account that is outside the reach of your home politicians; you transfer some of your wealth away from your home country where it is less accessible to lawsuits and new taxes.
Perhaps you start the process to garner legal residency or citizenship. And, of course, you meet new and interesting people from all over the world who are doing the same thing you are doing.
And then you decide you don’t like your new life and you wish you were back home!
Well, you simply move back home.
It’s very easy. You already know everything you need to know to move back. But would you shut down your online income? Would you close your offshore bank account? Would you move all of your money and assets back into the waiting claws of your local politicians and litigators? I doubt it.
This is a classic win/win scenario. Win, lose, or draw you are better off doing all the things expats do. In these uncertain times, establishing your own independent source of income, having a bank and/or brokerage account in another country, having your assets distributed, and having legal residency in another place all make perfect sense for the people who care about their personal freedom and their prosperity.
There is no good argument for being a captive victim with minimal options. Expats have more choices. More choices mean more freedom.
Pete Sisco
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