In case you grew to become a newly minted millionaire, the place would you migrate to? As a consequence of inertia, I wager most of you’d keep proper the place you might be. Loads of us are afraid of change, which is why we keep at jobs we hate and endure by way of 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 more cash than 94% of the American inhabitants and 99% of the world. Stay slightly!
Relying on the place you’d transfer to when you grow to be a millionaire relies on the place you presently reside, how joyful you presently are, and what stage of life you are in. Let me share the place I might have moved to in my youthful days. Then we’ll get to the large knowledge.
Millionaire Migration In My 30s
If I may rewind time to 2012, after I left my job and did not have youngsters but, I might have spent a yr dwelling in Malaysia for a yr after which China for a yr. I had a blast dwelling in Kuala Lumpur throughout center college, and all the time fantasized what life could be like if I truly had some spending cash. The individuals are nice and the meals is fingers down, prime 3 on the planet in my e book.
In the meantime, I first visited China in 1997 as a school junior learning overseas for six months. It was extraordinarily evident again then that the nation was going by way of an financial growth. However after I acquired a job provide 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By returning to China, I might fulfill my uncertainty of not going as a 22 yr outdated and enhance my Mandarin. Then I might try to do one thing 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 might be happy to experiment with new concepts. I am positive I may simply make associates, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
At present, in case you have been to tempt me to maneuver away from vibrant San Francisco with $10 million, I might clearly transfer to Oahu. I have been to most states in America and over 60 international locations to date, and Hawaii supplies one of many biggest qualities of life.
As a bonus, you would possibly even get to reside longer, with Hawaii as the very best life expectancy state at 79.9 years in line with the CDC. As soon as you’ve got received 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 get pleasure from your wealth for longer.
Sadly, my starvation for journey and exploration has waned. For all you youthful people on the market, reap the benefits of your motivation whilst you’ve nonetheless acquired it. Ultimately, you may now not need to reside in youth hostels and backpack all over the world.
At present, I principally need to reside in an space with year-round sunshine and comfy climate. I like being outside and transferring my physique in some capability each day. Additional, I need to be there for my mother and father, who’re of their late 70s.
The place Millionaires Are Transferring Round The World
Based mostly on The 2025 Henley Private Migration Report, extra millionaires are migrating than ever. The UAE is attracting essentially the most millionaires, adopted by USA, Italy, Switzerland, and Saudi Arabia.
Conversely, the UK is dropping essentially the most millionaires, adopted by China, India, South Korea, and Russia.
What is going on on right here? The reply is a nation’s tax coverage. Given millionaires earn essentially the most and have essentially the most belongings, in addition they are inclined to face the very best tax charges. Due to this fact, one of many best methods to reduce taxes is to relocate to a rustic with decrease taxes, and ideally, a better high quality of life.
UAE Is Drawing Millionaires In, Whereas the U.Ok. Pushes Them Out
In case you’re a high-net-worth particular person seeking to optimize for taxes and life-style, it’s straightforward to see why the UAE is without doubt one of the prime locations. With zero revenue tax, long-term golden visas, and a luxurious life-style in a strategic international location, the UAE has grow to be a magnet for migrating millionaires.
Thus far, 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. grow to be more and more unfavorable.
The U.Ok., specifically, is dropping 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 revenue. That change alone will seemingly drive many rich residents to think about relocating.
Add in Labour Celebration plans to slap a 20% VAT on non-public college tuition, and also you’ve acquired one more reason for prosperous households to look elsewhere. When the federal government retains elevating the price of staying, it’s solely pure to discover what life would possibly seem like someplace extra welcoming.
Laborious To Save On Taxes By Migrating As An American
In case you’re a rich American excited about 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 revenue, no matter your bodily location.
This makes America one in all just a few international locations on the planet with citizenship-based taxation. In different phrases, even in case you transfer to a tax haven, the U.S. nonetheless needs a bit of your monetary pie.
That mentioned, there are methods to cut back your tax legal responsibility—however not eradicate it.
Overseas Earned Earnings Exclusion (FEIE)
For 2025, the Overseas Earned Earnings Exclusion permits you to exclude as much as $130,000 in earned revenue in case you qualify through the bodily presence take a look at (330 full days overseas in a 12-month window) or the bona fide residence take a look at. In case you’re married and each of you qualify, that’s probably $260,000 of revenue shielded from federal revenue tax.
However bear in mind, this exclusion solely applies to earned revenue—your W-2 wages or freelance/contractor revenue. It doesn’t apply to funding revenue, rental revenue, dividends, or capital positive factors. So in case your wealth is essentially passive, the FEIE received’t assist a lot.
Overseas Tax Credit score (FTC)
In case you’re dwelling in a higher-tax nation, the Overseas Tax Credit score permits you to offset U.S. tax legal responsibility dollar-for-dollar primarily based on the revenue taxes you pay overseas. This may be particularly helpful for these incomes vital passive revenue.
Nonetheless, you possibly can’t double-dip. In case you exclude revenue utilizing FEIE, you possibly can’t additionally declare the FTC on that very same revenue. And whereas the FTC can cut back your tax invoice considerably, it hardly ever brings it to zero—particularly in case you’re dwelling in a low-tax jurisdiction.
State Taxes Nonetheless Lurking
Some states, like California, don’t hand over simply. They’ll hunt you down just like the Predator does in one in all my favourite motion pictures. Except you utterly sever ties—no property, no driver’s license, no voter registration—they might nonetheless argue you owe state revenue taxes too. It’s a very good reminder that simply since you transfer doesn’t suggest the state lets go.
Need True American Tax Freedom? Surrender Citizenship
If you wish to utterly reduce ties with the IRS, there’s just one manner: resign 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 value exceeds $2 million or your common revenue 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 have been offered the day earlier than you resign—triggering potential capital positive factors taxes on unrealized positive factors.
You’ll even be giving up the correct 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 resign, 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 revenue tax states as a substitute.
Associated: How You may Really feel Reaching Numerous Millionaire Milestones: $1 – $20 Million
Stay within the Finest Place Cash Can Purchase
Every time we moved, I used to be unhappy to go away associates behind, but it surely was additionally thrilling to see new components of the world. That sort of publicity offers you perspective. You begin to respect the place you reside—and extra importantly, you begin to perceive what’s doable elsewhere.
Sadly, even in case you work remotely and have hundreds of thousands in investments, chances are high you received’t truly transfer to a brand new nation for a greater life. It’s arduous to go away behind the consolation of the acquainted—your routines, your pals, your group. In case you have younger youngsters, it turns into even tougher since you do not need 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.
While 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 setting. Stay in the very best place cash should purchase—not only for consolation, however for high quality of life.
Readers, in case you have been to inherit $1 million or $10 million, the place would you progress—and why? In case you’re presently dwelling 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 suggest it to others searching for monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
In case you’re excited about transferring for a greater life—or simply sitting on a big money windfall—it’s value getting a second opinion in your funds. One sensible transfer is to reap the benefits of a free monetary check-up from Empower.
In case you have $100,000 or extra throughout taxable accounts, IRAs, financial savings, or a 401(okay), 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 approach to stress-test your technique—particularly in case you’re contemplating a dumbbell portfolio or shifting extra belongings internationally.
Earlier than you migrate your life or your cash, make sure that your portfolio is working as arduous as you might be.
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 study extra.
Your Roadmap to Wealth—No Matter The place You Stay
Serious about migrating for a greater life-style, decrease taxes, or extra freedom? Earlier than you progress, make sure that your funds are on stable floor.
In my USA TODAY nationwide bestseller, Millionaire Milestones: Easy 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 selections like geographic arbitrage and tax effectivity, the e book presents a transparent path ahead.
Cash offers you choices. And upon getting choices, you possibly can reside the place—and the way—you actually need.
Seize your copy at present and begin making strikes with confidence.
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