Once you make the decision to move abroad, it's time to start making plans. Here are just some of the things you should take into consideration when preparing to move out of the country.
Moving is expensive even if you’re just relocating one town over. Once you make the decision to move abroad, you should start building up your savings to help cover the costs of moving. You may also need to pay for visas and other travel documents. Not only can these documents be expensive, but you may also need enough money saved to show you can support yourself once you arrive at your destination.
As a US citizen or green card holder, anything that you make while abroad may still subject to federal income tax unless you meet certain requirements. If you can show you have made this new country your permanent resident, i.e. selling your home in the states, getting a new job, residence of family, etc. you may be able to be exempt from this. Reach out to a tax professional with specific questions regarding your situation.
Reach out to your current provider to see if they will cover anything while you are abroad. Make sure you do your research as even countries with socialized medicine sometimes require foreign residents to pay for their own healthcare needs. If you rely on Medicare for your health care, you will need to find an alternative as they will not cover medical care or supplies while you are living out of the United States (all 50 states, DC, and any US territories). You can find a list of available doctors and hospitals if you look on the US Embassy’s website.
PREPARE FOR CHANGE
Even if you have visited the place to which you are relocating, living there is a whole different experience. Plan and prepare for the worst when it comes to the initial transition and expect it to take about six months to feel like you're at home.