Should you turned a newly minted millionaire, the place would you migrate to? As a consequence of inertia, I wager most of you’ll keep proper the place you’re. A whole lot of us are afraid of change, which is why we keep at jobs we hate and undergo via damaged marriages for too lengthy.
However how about being extra adventurous as a substitute and relocating to a different nation. In any case, you’ve got acquired extra money than 94% of the American inhabitants and 99% of the world. Dwell somewhat!
Relying on the place you’ll transfer to once you become a millionaire is determined by the place you presently reside, how completely happy you presently are, and what stage of life you are in. Let me share the place I’d have moved to in my youthful days. Then we’ll get to the massive information.
Millionaire Migration In My 30s
If I might rewind time to 2012, once I left my job and did not have kids but, I’d have spent a yr residing in Malaysia for a yr after which China for a yr. I had a blast residing in Kuala Lumpur throughout center college, and at all times fantasized what life can be life if I really had some spending cash. The persons are nice and the meals is palms down, high 3 on the planet in my ebook.
In the meantime, I first visited China in 1997 as a university junior finding out overseas for six months. It was extraordinarily evident again then that the nation was going via an financial increase. However once I acquired a job supply to work and assist handle an eyeglass components manufacturing firm in Shenzhen in 1999, I chickened out for the safer route of a Wall Road job.
By returning to China, I’d fulfill my uncertainty of not going as a 22 yr outdated and enhance my Mandarin. Then I’d try to do something entrepreneurial so I will not look again on life with remorse for not making an attempt. With hundreds of thousands of {dollars} in investments, I’d be happy to experiment with new concepts. I am positive I might simply make buddies, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
As we speak, in the event you had been to tempt me to maneuver away from vibrant San Francisco with $10 million, I’d clearly transfer to Oahu. I have been to most states in America and over 60 international locations up to now, and it is usually clear to me that residing in Hawaii gives one of many biggest qualities of life.
As a bonus, you may even get to reside longer, with Hawaii as the best life expectancy state at 79.9 years in accordance with the CDC. As soon as you’ve got gained the monetary lottery, your well being can now not take a again seat. Your aim needs to be to reside as lengthy and wholesome of a life as doable to take pleasure in your wealth for longer.
Sadly, my starvation for journey and exploration has waned. For all you youthful people on the market, make the most of your motivation when you’ve nonetheless acquired it. Ultimately, you may now not wish to reside in youth hostels and backpack world wide.
As we speak, I principally wish to reside in an space with year-round sunshine and comfy climate. I like being open air and transferring my physique in some capability day by day. Additional, I wish to be there for my mother and father, who’re of their late 70s.
The place Millionaires Are Shifting Round The World
Based mostly on The 2025 Henley Private Migration Report, extra millionaires migrating than ever. The UAE is attracting essentially the most millionaires, adopted by USA, Italy, Switzerland, and Saudi Arabia.
Conversely, the UK is shedding essentially the most millionaires, adopted by China, India, South Korea, and Russia.
What is going on on right here? The reply is a rustic’s tax coverage. Given millionaires earn essentially the most and have essentially the most belongings, additionally they are likely to face the best tax charges. Subsequently, one of many best methods to reduce taxes is to relocate to a rustic with decrease taxes, and ideally, the next high quality of life.
UAE Is Drawing Millionaires In, Whereas the U.Ok. Pushes Them Out
Should you’re a high-net-worth particular person trying to optimize for taxes and life-style, it’s simple to see why the UAE is likely one of the high locations. With zero earnings tax, long-term golden visas, and a luxurious life-style in a strategic international location, the UAE has change into a magnet for migrating millionaires.
To date, most millionaire migrants to the UAE have come from India, Russia, Africa, and the broader Center East. However extra Brits and Europeans are anticipated to comply with as tax insurance policies in locations just like the U.Ok. change into more and more unfavorable.
The U.Ok., specifically, is shedding enchantment quick. The federal government is phasing out the long-standing “non-dom” status, which used to protect international residents from paying taxes on abroad earnings. That change alone will doubtless drive many rich residents to think about relocating.
Add in Labour Get together plans to slap a 20% VAT on personal college tuition, and also you’ve acquired another excuse for prosperous households to look elsewhere. When the federal government retains elevating the price of staying, it’s solely pure to discover what life may appear like someplace extra welcoming.
Arduous To Save On Taxes By Migrating As An American
Should you’re a rich American fascinated with transferring overseas to decrease your tax invoice, right here’s the fact: the IRS doesn’t care the place you reside. As long as you maintain a U.S. passport, you owe taxes in your worldwide earnings, no matter your bodily location.
This makes America certainly one of just a few international locations on the planet with citizenship-based taxation. In different phrases, even in the event you transfer to a tax haven, the U.S. nonetheless needs a chunk of your monetary pie.
That stated, there are methods to cut back your tax legal responsibility—however not get rid of it.
Overseas Earned Earnings Exclusion (FEIE)
For 2025, the Overseas Earned Earnings Exclusion means that you can exclude as much as $130,000 in earned earnings in the event you qualify by way of the bodily presence check (330 full days overseas in a 12-month window) or the bona fide residence check. Should you’re married and each of you qualify, that’s probably $260,000 of earnings shielded from federal earnings tax.
However have in mind, this exclusion solely applies to earned earnings—your W-2 wages or freelance/contractor earnings. It doesn’t apply to funding earnings, rental earnings, dividends, or capital positive factors. So in case your wealth is essentially passive, the FEIE gained’t assist a lot.
Overseas Tax Credit score (FTC)
Should you’re residing in a higher-tax nation, the Overseas Tax Credit score enables you to offset U.S. tax legal responsibility dollar-for-dollar primarily based on the earnings taxes you pay overseas. This may be particularly helpful for these incomes important passive earnings.
Nonetheless, you’ll be able to’t double-dip. Should you exclude earnings utilizing FEIE, you’ll be able to’t additionally declare the FTC on that very same earnings. And whereas the FTC can cut back your tax invoice considerably, it hardly ever brings it to zero—particularly in the event you’re residing in a low-tax jurisdiction.
State Taxes Nonetheless Lurking
Some states, like California, don’t surrender simply. They’ll hunt you down just like the Predator does in certainly one of my favourite films. Until you fully sever ties—no property, no driver’s license, no voter registration—they could nonetheless argue you owe state earnings taxes too. It’s a great reminder that simply since you transfer doesn’t suggest the state lets go.
Need True Tax Freedom? Surrender Citizenship
If you wish to fully lower ties with the IRS, there’s just one method: surrender your U.S. citizenship.
However earlier than you go reserving a one-way ticket to St. Kitts, know that this transfer comes with penalties. In case your web price exceeds $2 million or your common earnings over the previous 5 years is above a sure threshold (~$200,000+), you might owe an exit tax. This tax treats all of your belongings as in the event that they had been bought the day earlier than you surrender—triggering potential capital positive factors taxes on unrealized positive factors.
You’ll even be giving up the best to reside and work freely within the U.S., face limitations on banking and journey, and lose entry to sure authorized protections. And when you surrender, there’s no going again.
For most individuals, particularly these with deep roots or enterprise pursuits within the U.S., renunciation is a nuclear possibility—not a intelligent tax optimization transfer. It is a lot simpler to relocate to one of many no state earnings tax states as a substitute.
Dwell within the Finest Place Cash Can Purchase
Every time we moved, I used to be unhappy to depart buddies behind, nevertheless it was additionally thrilling to see new components of the world. That form of publicity offers you perspective. You begin to respect the place you reside—and extra importantly, you begin to perceive what’s doable elsewhere.
Right here’s the humorous factor: even in the event you work remotely and have hundreds of thousands in investments, chances are high you gained’t really transfer to a brand new nation for a greater life. It’s exhausting to depart behind the consolation of the acquainted—your routines, your mates, your group. When you have younger youngsters, it turns into even more durable since you do not wish to disrupt their sense of stability.
Give it some thought. No rational multi-millionaire would voluntarily spend winter in frigid Winnipeg, Canada or Duluth, Minnesota after they might be having fun with life in Honolulu, Hawaii. And but, loads of millionaires keep put. Why? As a result of they’ve constructed deep roots of their communities. That connection outweighs local weather and even tax financial savings.
Whenever you’re youthful and nonetheless constructing wealth, go wherever the very best alternatives are. However when you obtain monetary freedom, don’t neglect to improve your atmosphere. Dwell in the very best place cash can purchase—not only for consolation, however for high quality of life.
Readers, in the event you had been to inherit $1 million or $10 million, the place would you progress—and why? Should you’re presently residing within the UAE or the U.Ok., I’d love to listen to what your life-style and tax expertise has been like. Would you advocate it to others in search of monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
Should you’re fascinated with transferring for a greater life—or simply sitting on a big money windfall—it’s price getting a second opinion in your funds. One good transfer is to make the most of a free financial check-up from Empower.
When you have $100,000 or extra throughout taxable accounts, IRAs, financial savings, or a 401(ok), an Empower advisor will help you uncover hidden charges, spot unbalanced allocations, and determine methods to enhance your risk-adjusted returns. It’s a no-obligation solution to stress-test your technique—particularly in the event you’re contemplating a dumbbell portfolio or shifting extra belongings internationally.
Earlier than you migrate your life or your cash, be sure your portfolio is working as exhausting as you’re.
This assertion is offered to you by Monetary Samurai (“Promoter”), who has entered right into a written referral settlement with Empower Advisory Group, LLC (“EAG”). Click on here to be taught extra.
Your Roadmap to Wealth—No Matter The place You Dwell
Enthusiastic about migrating for a greater life-style, decrease taxes, or extra freedom? Earlier than you progress, be sure your funds are on stable floor.
In my USA TODAY nationwide bestseller, Millionaire Milestones: Simple Steps to Seven Figures, I break down the sensible, step-by-step methods I used to construct wealth from scratch. Whether or not you are still grinding towards your first $100K otherwise you’re strategizing round multi-million-dollar choices like geographic arbitrage and tax effectivity, the ebook gives a transparent path ahead.
Cash offers you choices. And upon getting choices, you’ll be able to reside the place—and the way—you actually need.
Seize your copy in the present day and begin making strikes with confidence.
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