In the event you turned a newly minted millionaire, the place would you migrate to? Attributable to inertia, I guess most of you’ll keep proper the place you’re. Numerous us are afraid of change, which is why we keep at jobs we hate and undergo 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 have received 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 turn out to be a millionaire relies on the place you at present stay, how joyful you at present are, and what stage of life you are in. Let me share the place I’d have moved to in my youthful days. Then we’ll get to the large information.
Millionaire Migration In My 30s
If I might rewind time to 2012, after I left my job and did not have kids but, I’d 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 college, and all the time fantasized what life could be life if I truly had some spending cash. The persons are nice and the meals is palms down, prime 3 on this planet in my guide.
In the meantime, I first visited China in 1997 as a school junior finding out overseas for six months. It was extraordinarily evident again then that the nation was going by way of an financial growth. However after I received a job supply to work and assist handle an eyeglass elements manufacturing firm in Shenzhen in 1999, I chickened out for the safer route of a Wall Road job.
By returning to China, I’d fulfill my uncertainty of not going as a 22 yr previous and enhance my Mandarin. Then I’d try to do one thing entrepreneurial so I will not look again on life with remorse for not attempting. With hundreds of thousands of {dollars} in investments, I’d be at liberty 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
Right now, in the event you had been to tempt me to maneuver away from vibrant San Francisco with $10 million, I’d clearly transfer to Oahu. I have been to most states in America and over 60 nations to date, and it’s also clear to me that residing in Hawaii supplies one of many best qualities of life.
As a bonus, you may even get to stay longer, with Hawaii as the best life expectancy state at 79.9 years in response to the CDC. As soon as you have received the monetary lottery, your well being can now not take a again seat. Your objective must be to stay as lengthy and wholesome of a life as attainable 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 received it. Ultimately, you may now not need to stay in youth hostels and backpack around the globe.
Right now, I largely need to stay in an space with year-round sunshine and comfy climate. I really like being outdoor and shifting 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
Based mostly on The 2025 Henley Non-public Migration Report, extra millionaires 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 rustic’s tax coverage. Given millionaires earn probably the most and have probably the most belongings, in addition they are likely to face the 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.Okay. Pushes Them Out
In the event you’re a high-net-worth particular person seeking to optimize for taxes and way of life, it’s simple to see why the UAE is among the prime locations. With zero revenue tax, long-term golden visas, and a luxurious way of life in a strategic world location, the UAE has turn out 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 observe as tax insurance policies in locations just like the U.Okay. turn out to be more and more unfavorable.
The U.Okay., specifically, is dropping attraction 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 probably drive many rich residents to think about relocating.
Add in Labour Get together plans to slap a 20% VAT on non-public college tuition, and also you’ve received 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 may seem like someplace extra welcoming.
Arduous To Save On Taxes By Migrating As An American
In the event you’re a rich American fascinated with shifting overseas to decrease your tax invoice, right here’s the truth: 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 only some nations on this planet with citizenship-based taxation. In different phrases, even in the event you transfer to a tax haven, the U.S. nonetheless desires a chunk of your monetary pie.
That mentioned, there are methods to cut back your tax legal responsibility—however not get rid of it.
Overseas Earned Revenue Exclusion (FEIE)
For 2025, the Overseas Earned Revenue Exclusion means that you can exclude as much as $130,000 in earned revenue in the event 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 the event you’re married and each of you qualify, that’s probably $260,000 of revenue shielded from federal revenue tax.
However have 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 the event you’re residing in a higher-tax nation, the Overseas Tax Credit score helps you to offset U.S. tax legal responsibility dollar-for-dollar based mostly on the revenue taxes you pay overseas. This may be particularly helpful for these incomes important passive revenue.
Nonetheless, 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 cut 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 are going to hunt you down just like the Predator does in one in all my favourite films. Except you fully sever ties—no property, no driver’s license, no voter registration—they could nonetheless argue you owe state revenue taxes too. It’s a superb reminder that simply since you transfer does not imply the state lets go.
Need True Tax Freedom? Surrender Citizenship
If you wish to fully reduce ties with the IRS, there’s just one means: surrender 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 price 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 bought the day earlier than you surrender—triggering potential capital positive factors taxes on unrealized positive factors.
You’ll even be giving up the proper to stay and work freely within the U.S., face limitations on banking and journey, and lose entry to sure authorized protections. And when you surrender, there’s no going again.
For most individuals, particularly these with deep roots or enterprise pursuits within the U.S., renunciation is a nuclear choice—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.
Stay within the Greatest Place Cash Can Purchase
Every time we moved, I used to be unhappy to go away pals behind, however it was additionally thrilling to see new elements of the world. That sort of publicity provides you perspective. You begin to recognize the place you reside—and extra importantly, you begin to perceive what’s attainable elsewhere.
Right here’s the humorous factor: even in the event you work remotely and have hundreds of thousands in investments, likelihood is you received’t truly transfer to a brand new nation for a greater life. It’s onerous to go away behind the consolation of the acquainted—your routines, your mates, your neighborhood. In case you have younger children, it turns into even more durable 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 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.
If you’re youthful and nonetheless constructing wealth, go wherever the most effective alternatives are. However when you obtain monetary freedom, don’t overlook to improve your surroundings. Stay in the most effective 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 present residing within the UAE or the U.Okay., I’d love to listen to what your way of life and tax expertise has been like. Would you advocate it to others in search of monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
In the event you’re fascinated with shifting for a greater life—or simply sitting on a big money windfall—it’s price getting a second opinion in your funds. One good transfer is to benefit from 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 may help you uncover hidden charges, spot unbalanced allocations, and establish methods to enhance your risk-adjusted returns. It’s a no-obligation technique 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, be sure your portfolio is working as onerous as you’re.
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 study extra.
Your Roadmap to Wealth—No Matter The place You Stay
Enthusiastic about migrating for a greater way of life, decrease taxes, or extra freedom? Earlier than you progress, be sure 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 guide provides a transparent path ahead.
Cash provides you choices. And upon getting choices, you may stay the place—and the way—you really need.
Seize your copy in the present day and begin making strikes with confidence.
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