Millionaire Migrations: Where Millionaires Are Moving Globally

Due to inertia, I bet most of you would stay right where you are

A lot of us are afraid of change, which is why we stay at jobs we hate and suffer through broken marriages for too long

But how being more adventurous instead and relocating to another country

Let me where I would have moved to in my younger days

Then we'll get to the big data

I had a blast living in Kuala Lumpur during middle school, and always fantasized what life would be if I actually had some spending money

The people are great and the food is hands down, top 3 in the world in my book

It was extremely evident back then that the country was going through an economic boom

By returning to China, I would fulfill my uncertainty of not going as a 22 year old and imve my Mandarin

Then I would attempt to do something entrepreneurial so I won't look back on life with regret for not trying

I'm sure I could easily make friends, partly by being a gregarious newcomer

I've been to most states in America and over 60 countries so far, and Hawaii vides one of the greatest qualities of life

As a bonus, you might even get to longer, with Hawaii as the highest life expectancy state at 79. 9 years according to the CDC

Once you've won the financial lottery, your health can no longer take a back seat

Your goal should be to as long and healthy of a life as possible to enjoy your wealth for longer

Sadly, my hunger for adventure and exploration has waned

For all you younger folks out there, take advantage of your motivation while you've still got it

Eventually, you'll no longer want to in youth hostels and backpack around the world

Today, I mostly want to in an area with year-round sunshine and comfortable weather

I love being outdoors and moving my body in some capacity every day

Further, I want to be there for my parents, who are in their late 70s

The answer is a country's tax policy

Therefore, one of the easiest ways to minimize taxes is to relocate to a country with lower taxes, and preferably, a higher quality of life

UAE Is Drawing Millionaires In, While the U

Pushes Them Out If you’re a high-net-worth individual looking to optimize for taxes and lifestyle, it’s easy to see why the UAE is one of the top destinations

But more Brits and Europeans are expected to as tax policies in places the U

Become increasingly unfavorable. , in particular, is losing appeal fast

The government is phasing out the long-standing “non-dom”, which used to shield foreign residents from paying taxes on overseas income

That change alone will ly drive many wealthy residents to consider relocating

When the government keeps raising the cost of staying, it’s only natural to explore what life might look somewhere more welcoming

Hard To On Taxes By Migrating As An American If you’re a wealthy American thinking moving abroad to lower your tax bill, here’s the reality: the IRS doesn’t care where you

So long as you hold a U

Passport, you owe taxes on your worldwide income, regardless of your physical location

This makes America one of only a few countries in the world with citizenship-based taxation

In other words, even if you move to a tax haven, the U

Still wants a piece of your financial pie

That said, there are ways to reduce your tax liability—but not eliminate it

But keep in mind, this exclusion only applies to earned income—your W-2 wages or freelance/contractor income

It does not apply to investment income, rental income, dividends, or capital gains

So if your wealth is largely passive, the FEIE won’t help much

Foreign Tax Credit (FTC) If you’re living in a higher-tax country, the Foreign Tax Credit lets you offset U

Tax liability dollar-for-dollar based on the income taxes you pay abroad

This can be especially useful for those earning significant passive income

However, you can’t double-dip

If you exclude income using FEIE, you can’t also claim the FTC on that same income

And while the FTC can reduce your tax bill significantly, it rarely brings it to zero—especially if you’re living in a low-tax jurisdiction

State Taxes Still Lurking Some states, California, don’t give up easily

They will hunt you down the Predator does in one of my favorite movies

Unless you completely sever ties—no perty, no driver's license, no voter registration—they may still argue you owe state income taxes too

It’s a good reminder that just because you move doesn't mean the state lets go

Want True American Tax Freedom

Renounce Citizenship If you want to completely cut ties with the IRS, there’s only one way: renounce your U

But before you go booking a one-way ticket to St

Kitts, know that this move comes with consequences

This tax treats all your assets as if they were sold the day before you renounce—triggering potential capital gains taxes on unrealized gains

You’ll also be giving up the right to and work freely in the U. , face limitations on banking and travel, and lose access to certain legal tections

And once you renounce, there’s no going back

For most people, especially those with deep roots or interests in the U. , renunciation is a nu option—not a clever tax optimization move

It's much easier to relocate to one of the no state income tax states instead

That kind of exposure gives you perspective

You start to appreciate where you —and more importantly, you start to understand what’s possible elsewhere

It’s hard to leave behind the comfort of the familiar—your routines, your friends, your community

If you have young kids, it becomes even harder because you don't want to disrupt their sense of stability

Because they've built deep roots in their communities

That connection outweighs climate and even tax savings

When you’re younger and still building wealth, go wherever the best opportunities are

But once you achieve financial freedom, don’t forget to upgrade your environment

In the best place money can buy—not just for comfort, but for quality of life

If you’re currently living in the UAE or the U. , I’d love to hear what your lifestyle and tax experience has been

Would you recommend it to others seeking financial freedom or a better quality of life

Reevaluate Your Portfolio Before You Relocate If you’re thinking moving for a better life—or just sitting on a large cash windfall—it’s worth getting a second opinion on your finances

One smart move is to take advantage of a free financial check-up from Empower

It’s a no-obligation way to stress-test your strategy—especially if you're considering a dumbbell portfolio or shifting more assets internationally

Before you migrate your life or your money, make sure your portfolio is working as hard as you are

This statement is vided to you by Financial Samurai (“moter”), who has entered into a written referral agreement with Empower Advisory Group, LLC (“EAG”)

Click here to learn more

Your Roadmap to Wealth—No Matter Where You Thinking migrating for a better lifestyle, lower taxes, or more freedom

Before you move, make sure your finances are on solid ground

In my USA TODAY national bestseller, Millionaire Milestones: Simple Steps to Seven Figures, I break down the practical, step-by-step strategies I used to build wealth from scratch

Money gives you options

And once you have options, you can where—and how—you truly want

Grab your copy today and start making moves with confidence

Reading MM in Honolulu, Hawaii To Financial Samurai Listen and to The Financial Samurai podcast on Apple or Spotify

I interview experts in their respective fields and discuss some of the most interesting topics on this site

Your s, ratings, and reviews are appreciated

Everything is written based on firsthand experience and expertise

With an MBA from Berkeley and 13 years of experience at Goldman Sachs and Credit Suisse, he helps readers achieve financial freedom sooner

Sam is currently in residential commercial real estate and AI companies through Fundrise

Finally, to build greater wealth, pick up a copy of his upcoming bestseller, Millionaire Milestones: Simple Steps To Seven Figures

It'll be the best personal finance book you'll ever read

Notify of new -up s new replies to my s Label Name* * Website for the private Financial Samurai. Δ Label Name* * Website for the private Financial Samurai. Δ 9 s Newest Oldest Most Voted Inline backs View all s James A 18 minutes ago My fiancée and I are planning to exit the USA in the next 2-3 years

Switzerland and Italy top our list, so it’s interesting to see we’re not the only ones

Disgust over how our taxes get spent in this country, ahem murdering people in foreign countries instead of safety net grams in our country, is a major reason to want to leave

So knowing we’d still be obligated to pay into the machine regardless of where we throws a wrinkle into the equation

To renounce or not to renounce

Good timely article. 0 Reply Melly 1 hour ago As a Canadian, I am glad you mentioned Winnipeg

A few folks told me the dry heat (40C) and dry cold (-40C) aren’t as bad as it sounds

The best place money can buy could be relative to the city and the country

After going to a few cities in the US, Canada, Europe and Asia, luxury Canadian neighbourhoods aren’t as elaborate as the (mental) equivalent in the US and other places

There are private schools in Canada, but plenty of well-to-do folks send their kids to the publicly funded schools in their neighbourhood

The folks in Asia normally hire maids to help with housework and babysitting but the equivalent could be out-of-reach for most folks elsewhere. 0 Reply Alan 1 hour ago I am always surprised at the ity of the UAE

I wonder if those moving there actually spend much time there

The weather is awful and the landscape very monotonous

Give me the money and I would consider French Polynesia – similar to Hawaii but without the nanny state rules of the US

The ocean water is warmer too. 0 Reply Zack 2 hours ago Absolutely agree on the all year sun

Once you have those funds, you can always travel on occasion when you want some new scenery in the world

Enjoy reading your work. 0 Reply Christ 2 hours ago What Singapore — it’s surprising that didn’t make the list … low taxes, great quality of life if you’re rich, etc. 0 Reply Author Financial Samurai 1 hour ago Reply to Christ Agree Singapore

However, real estate is extremely expensive there now and it’s always so humid

Perhaps the wealth building opportunities are not as high anymore as China and Taiwan zoom ahead. 0 Reply Jamie 2 hours ago Oh wow I didn’t realize there’s such a thing as an exit tax

And although I knew the wealthy exiting China and India I didn’t realize there’s such large exit from the UK

Good to know, thanks. 0 Reply A 6 hours ago Really enjoyed reading