By now you’ve probably heard the following sentiment from someone that you know. That they’re seriously considering moving overseas if the candidate that they would like to win in the US election doesn’t. After working 10 years as a Student Services Coordinator helping international students get their visas to the US and having lived abroad…we need to talk. I’m going to share some hard truths and end this episode on a positive note. But, I’m going to keep it real. Most of you are woefully underprepared for potentially moving abroad. Listen to the following episode to gain some insight into what countries look at when foreign nationals want to stay for extended periods of time, what to consider, how to prepare and the reason why technology is our best friend. Also, I’m releasing this episode NOW because I won’t be adding to the noise next week.
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Listen to the Show
Show Notes
- I’ve had the good fortune to live overseas more than once and also know a number of people who’ve moved to different countries such as (the US/Canada/Europe/Mexico) and requested:
- Citizenship
- Permanent residency
- Fiance visas
- Work visas
- Student Visas
- There are some consistencies across countries with what they’re looking at when foreign nationals are looking to live for extended periods of time in their country. They are the following:
- Does said individual or family unit have the money UPFRONT to live in the country? Including, money covering expenses for children/spouse
- Does said individual or family unit have the ability to make money and contribute to the local good? As an employer, etc?
- Are you young? The younger you are the more options you may have.
- Has the country hit the quota of people that they would like to admit from your country?
- Do you speak the language or have the capacity to learn?
- How long do you plan on staying?
- Regular time allowed based on tourism rules and regulations?
- Extended stay?
- Permanently?
- How healthy are you?
- Education level attained?
- Basically, they will ask all of the questions that you would expect your government to ask of a foreign national looking to reside in your country.
How to Prepare
- Create a Vision Board and begin planning
- It is likely that it will take more time than you think to plan a long-term trip overseas WELL than you would be expect.
- Ask yourself what is it that you’re looking for that isn’t available in the US?
- Begin doing your research and you have to be ruthlessly honest about what you like and dislike.
- Don’t want to learn another language?
- Need a place where you can date?
- Looking for a great school system
- Hate the heat?
- Hate the cold?
- Are there communities of expats in the place that you’re looking at? If you’re POC are there expat communities for you?
- What does your financial life look like? Are you willing to sell your house or car to free up cash? Or, would you prefer to rent out your house? You’ll have to find a management company to help you with managing your rental.
- Do you have debt?
- Do you have savings?
- What do you do for work?
- Do you work for yourself online?
- Do you work for a company that is 100% remote
- Is your position remote? Notice a trend in my questioning?
- Do you have to find a job overseas?
- Focus on simplifying your entire life-which you should do anyway.
- Look at your banking and open an account with a bank that has branches overseas
- Get a feel for how you can move money around accounts while you’re away from home
- What do you look like on paper…to somebody else?
- What is your family like? Is your boo on board? Do you want to bring a parent or parents along with you? Or, do you have elderly folks in your family that you want to keep an eye on?
The Finances of Living Abroad
- I talk about simplifying your expenses because having two sets of expenses one in the US and one overseas is complicated.
- What is your current budget? Where can you simplify it?
- Run the numbers in your overseas location and add the following:
- Flight out of the country in case of emergency
- Look at medical insurance and coverage. Does the location that you’re in have English speaking doctors? Or, are you able to communicate your needs easily?
Then, There’s COVID
- Have you been exposed?
- Are you willing to respect that country’s quarantine rules even if you think they’re ridiculous?
- What has their COVID response been like?
- Are Americans even allowed to travel to the country you’re interested in going to and what are the COVID protocols? No one cares about what you did in the US, they care about what you’ll do in their country.
- What happens during lockdown for foreign citizens? Because you would be one. There’s a guy in Peru who has been stranded there for 7 months. So, they opened up Machu Picchu for him (true story)
2020 and Beyond So Many Options!
- Long-term stay visas for digital nomads. Please note that all visas have a maximum number of approvals for each year.
- These long-term digital nomad visas are incredibly exciting because they embrace what’s happening now in business.
- Look at the cost for applying and for reapplying in the future.
- Begin looking into this NOW. I will be candid and say that I’m looking at an extended stay abroad sometime in 2022.
- I’m looking at that time frame because I have logistics to deal with here in the US.
- I want to spend time with my Grandma and other relatives.
- I’m preparing my financials and growing my income in preparation for the type of scrutiny they will be subjected to during visa processing.
- I’m not interested in living on an island. I would prefer a place like Bogota/Mexico City/Scotland
- I would opt for long-term stay and then back to Colorado
- I would like to purchase a tiny property overseas that I can geo-arbitrage and AirBnB when I’m out of the country.
- Set your budget and start saving. Use automated withdrawals. You can look online for estimated daily budgets in the location that you’re looking to live in. I would add 25% to your budget for unexpected incidentals and fun. If you’re looking at more than one location and having made your final decision, save for the most expensive location on your list.
- Imagine what you would like your life to be like? What will you do? What do you enjoy? Who do you hang out with?
- I’m very fortunate because I have a pretty significant community of friends around the world. Not only did have I lived abroad, but I traveled for a year with a group of international students in a program called Up With People. That community component is huge for being able to sustain living abroad.
Options
- Short-term trips abroad-When I worked full-time at the university I went overseas twice for three week language programs. Different years! One year I went to France another year I went to Argentina. Those trips were just as important for my soul as the longer trips that I took abroad such as the 2 months I was in Australia.
- Longer short-term trips that hit the maximum stay allowed. For example, currently you can stay in the Schengen area (think Europe) for 90 days or three months.
- Extended long-term stays. If you’re looking at going abroad for a year or more consider the following options
- Study abroad programs-They help their students attain their visas typically regardless of age
- Overseas transfer through your work
- Ability to work remote regardless of location
- Digital Nomad visas-these are new and I expect this type of visa option to become very popular.
- Permanent residency equivalent-Begin joining private expat groups for the country that you’re interested in NOW. They will give you real-time insight into the following:
- How life is on the ground
- Timing for paperwork, etc.
- Problems.
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I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.
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