According to the Association of Americans Residents Overseas, 8.7 million nationals already live abroad overseas, and that number continues to rise, especially as Mexico becomes a popular destination for expats. According to Bloomberg, 1.6 million Americans live in this country as of 2022.
According to people who have taken the plunge, there are a few things you should think about before you go:
Avoid visiting certain countries at certain times of the year. For instance, the monsoon season in Thailand, which lasts from June to August, is extremely hot and humid. Summertime in Europe is also not ideal because of the high cost of living.
Do your homework regarding visas. Whether it’s 30- or 60-day visas or longer-term options for those who want to stay longer than three months, every country works differently. You will need to fill out the appropriate paperwork. So allow plenty of time for approval and be prepared for this to come with a fee. According to Travel Noire, the fee for Australia is the highest at $232. They also refer to the Travisa website, which has a useful tool for finding out the exact requirements for each country you want to visit.
Find a smart part-time job. Another foreigner CNBC spoke with claims to have found a side job – pet sitting – that pays well and provides housing. “This is one of my favorite ways to travel as I get to spend time with animals. My only costs for that month are food, transport and any extra activities I want to do.”
Renting instead of buying. Many expatriates believe that renting is the best option when moving to a new place before making a long-term commitment. This way, you can get a better idea of your new country and determine if it’s a good fit for you before you buy a property. Before you sign a lease for an apartment, you should also visit it, because apartments abroad can be very different from the ones you are used to in the United States.
Stay in one place for a while said a digital nomad to CNBC. He claims that this way you can save money. “Slow travel, namely spending more time in one place, allows you to save a ton of money, because it’s usually the transport (plane tickets) that dry out the bank account.”
Be prepared to part with your belongings. According to Travel Noire, international shipping is expensive and can cost more than $12,000. It is best to downsize your possessions and live a simpler life, especially if you intend to travel frequently and settle in other countries.