In the event you turned a newly minted millionaire, the place would you migrate to? On account of inertia, I guess most of you’ll keep proper the place you might be. A variety of us are afraid of change, which is why we keep at jobs we hate and undergo by damaged marriages for too lengthy.
However how about being extra adventurous as an alternative and relocating to a different nation. In any case, you have acquired extra money than 94% of the American inhabitants and 99% of the world. Stay a bit!
Relying on the place you’ll transfer to when you develop into a millionaire is dependent upon the place you at the moment reside, how glad you at the moment 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 might rewind time to 2012, after I left my job and did not have kids but, I might 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 faculty, and all the time fantasized what life could be like if I really had some spending cash. The persons are nice and the meals is fingers down, high 3 on the earth in my e-book.
In the meantime, I first visited China in 1997 as a university junior learning overseas for six months. It was extraordinarily evident again then that the nation was going by an financial increase. However after I acquired a job provide to work and assist handle an eyeglass elements manufacturing firm in Shenzhen in 1999, I chickened out for the safer route of a Wall Avenue 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By returning to China, I might fulfill my uncertainty of not going as a 22 yr outdated and enhance my Mandarin.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 and do one thing entrepreneurial so I will not look again on life with remorse for not attempting. With tens of millions of {dollars} in investments, I might be happy to experiment with new concepts. I am positive I might simply make pals, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
At this time, in the event you had 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 up to now, and Hawaii gives one of many biggest qualities of life.
As a bonus, you would possibly even get to reside longer, with Hawaii as the best life expectancy state at 79.9 years in response to the CDC. As soon as you have 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, benefit from your motivation when you’ve nonetheless acquired it. Finally, you may now not need to reside in youth hostels and backpack around the globe.
At this time, I principally need to reside in an space with year-round sunshine and cozy climate. I really 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 Shifting Round The World
Primarily based on The 2025 Henley Non-public Migration Report, extra millionaires are migrating than ever. The UAE is attracting probably the most millionaires, adopted by USA, Italy, Switzerland, and Saudi Arabia.
Conversely, the UK is dropping probably 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 probably the most and have probably the most belongings, additionally they are inclined 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
In the event you’re a high-net-worth particular person seeking to optimize for taxes and life-style, it’s simple to see why the UAE is without doubt one of the high locations. With zero revenue tax, long-term golden visas, and a luxurious life-style in a strategic world location, the UAE has develop into a magnet for migrating millionaires.
To this point, 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. develop into more and more unfavorable.
The U.Ok., specifically, is dropping enchantment quick. The federal government is phasing out the long-standing “non-dom” standing, which used to protect overseas residents from paying taxes on abroad revenue. That change alone will doubtless drive many rich residents to think about relocating.
Add in Labour Celebration plans to slap a 20% VAT on non-public faculty 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 would possibly seem like someplace extra welcoming.
Arduous To Save On Taxes By Migrating As An American
In the event you’re a rich American enthusiastic 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 certainly one of just a few international locations on the earth with citizenship-based taxation. In different phrases, even in the event you transfer to a tax haven, the U.S. nonetheless needs a bit of your monetary pie.
That stated, there are methods to cut back your tax legal responsibility—however not get rid of it.
International Earned Earnings Exclusion (FEIE)
For 2025, the International Earned Earnings Exclusion lets you exclude as much as $130,000 in earned revenue in the event you qualify by way of 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 the event you’re married and each of you qualify, that’s probably $260,000 of revenue shielded from federal revenue tax.
However take note, 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 aspects. So in case your wealth is basically passive, the FEIE gained’t assist a lot.
International Tax Credit score (FTC)
In the event you’re residing in a higher-tax nation, the International 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.
Nevertheless, you may’t double-dip. In the event you exclude revenue utilizing FEIE, you may’t additionally declare the FTC on that very same revenue. And whereas the FTC can scale back your tax invoice considerably, it not often 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 quit simply. They may hunt you down just like the Predator does in certainly one of my favourite films. 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 an excellent reminder that simply since you transfer doesn’t suggest the state lets go.
Need True American Tax Freedom? Resign Citizenship
If you wish to utterly reduce ties with the IRS, there’s just one means: 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 internet 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 had been offered the day earlier than you resign—triggering potential capital positive aspects taxes on unrealized positive aspects.
You’ll even be giving up the proper 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 an alternative.
Associated: How You will Really feel Reaching Varied Millionaire Milestones: $1 – $20 Million
Stay within the Finest Place Cash Can Purchase
Every time we moved, I used to be unhappy to depart pals behind, but it surely was additionally thrilling to see new elements of the world. That sort of publicity offers you perspective. You begin to admire the place you reside—and extra importantly, you begin to perceive what’s doable elsewhere.
Sadly, even in the event you work remotely and have tens of millions in investments, chances are high you gained’t really transfer to a brand new nation for a greater life. It’s onerous to depart behind the consolation of the acquainted—your routines, your pals, your neighborhood. You probably 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 once they may very well 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 perfect alternatives are. However when you obtain monetary freedom, don’t neglect to improve your surroundings. Stay in the perfect place cash should buy—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? In the event you’re at the moment 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 searching for monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
In the event you’re enthusiastic 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 good transfer is to benefit from a free monetary check-up from Empower.
You probably 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 establish methods to enhance your risk-adjusted returns. It’s a no-obligation strategy 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, ensure that your portfolio is working as onerous 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 right here to be taught extra.
Your Roadmap to Wealth—No Matter The place You Stay
Fascinated about migrating for a greater life-style, decrease taxes, or extra freedom? Earlier than you progress, ensure 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 provides a transparent path ahead.
Cash offers you choices. And after you have choices, you may reside the place—and the way—you really need.
Seize your copy at this time and begin making strikes with confidence.
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