In the event you turned a newly minted millionaire, the place would you migrate to? As a result of inertia, I guess most of you’d keep proper the place you might be. Lots 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 have acquired extra money than 94% of the American inhabitants and 99% of the world. Reside a bit!
Relying on the place you’d transfer to when you turn into a millionaire will depend 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 might have moved to in my youthful days. Then we’ll get to the large information.
Millionaire Migration In My 30s
If I may rewind time to 2012, after I left my job and did not have kids but, I might have spent a 12 months residing in Malaysia for a 12 months after which China for a 12 months. I had a blast residing in Kuala Lumpur throughout center college, and at all times fantasized what life could be like if I really had some spending cash. The persons are nice and the meals is arms down, prime 3 on this planet in my ebook.
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 way of 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 12 months previous 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 attempting. With tens of millions of {dollars} in investments, I might be happy to experiment with new concepts. I am certain I may simply make buddies, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
As we speak, when 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 offers one of many biggest qualities of life.
As a bonus, you would possibly even get to stay longer, with Hawaii as the best life expectancy state at 79.9 years in accordance with the CDC. As soon as you have received the monetary lottery, your well being can not take a again seat. Your objective ought to be to stay as lengthy and wholesome of a life as potential to take pleasure in your wealth for longer.
Sadly, my starvation for journey and exploration has waned. For all you youthful of us on the market, benefit from your motivation when you’ve nonetheless acquired it. Ultimately, you may not need to stay in youth hostels and backpack all over the world.
As we speak, I largely need to stay in an space with year-round sunshine and cozy climate. I like being open air and shifting my physique in some capability day-after-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
Primarily based on The 2025 Henley Non-public 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, additionally they are inclined to face the best tax charges. Subsequently, one of many best methods to attenuate 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 trying to optimize for taxes and way of life, it’s straightforward to see why the UAE is likely one of 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 into 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.Okay. turn into more and more unfavorable.
The U.Okay., specifically, is dropping enchantment quick. The federal government is phasing out the long-standing “non-dom” standing, which used to defend international residents from paying taxes on abroad revenue. That change alone will probably drive many rich residents to contemplate relocating.
Add in Labour Get together plans to slap a 20% VAT on personal college 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 appear like someplace extra welcoming.
Exhausting To Save On Taxes By Migrating As An American
In the event you’re a rich American interested by shifting 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 among only some international locations on this planet with citizenship-based taxation. In different phrases, even when 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.
Overseas Earned Earnings Exclusion (FEIE)
For 2025, the Overseas Earned Earnings Exclusion permits you to exclude as much as $130,000 in earned revenue when 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 into account, 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 features. So in case your wealth is basically 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.
Nevertheless, you possibly can’t double-dip. In the event 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 when you’re residing in a low-tax jurisdiction.
State Taxes Nonetheless Lurking
Some states, like California, don’t surrender simply. They may hunt you down just like the Predator does in one among my favourite motion pictures. Until 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 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 fully reduce ties with the IRS, there’s just one manner: 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 value exceeds $2 million or your common revenue over the previous 5 years is above a sure threshold (~$200,000+), it’s possible you’ll owe an exit tax. This tax treats all of your belongings as in the event that they have been bought the day earlier than you surrender—triggering potential capital features taxes on unrealized features.
You’ll even be giving up the suitable 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 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 will Really feel Reaching Numerous Millionaire Milestones: $1 – $20 Million
Reside within the Finest Place Cash Can Purchase
Every time we moved, I used to be unhappy to go away buddies behind, however it was additionally thrilling to see new elements of the world. That sort of publicity offers you perspective. You begin to recognize the place you reside—and extra importantly, you begin to perceive what’s potential elsewhere.
Sadly, even when you work remotely and have tens of millions in investments, likelihood is you received’t really 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 once they could possibly 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 most effective alternatives are. However when you obtain monetary freedom, don’t neglect to improve your surroundings. Reside in the most effective place cash can purchase—not only for consolation, however for high quality of life.
Readers, when you have 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 suggest it to others looking for monetary freedom or a greater high quality of life?
Reevaluate Your Portfolio Earlier than You Relocate
In the event you’re interested by shifting 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.
In case you 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 determine methods to enhance your risk-adjusted returns. It’s a no-obligation technique to stress-test your technique—particularly when you’re contemplating a dumbbell portfolio or shifting extra belongings internationally.
Earlier than you migrate your life or your cash, make certain your portfolio is working as onerous as you might be.
This assertion is supplied 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 Reside
Eager about migrating for a greater way of life, decrease taxes, or extra freedom? Earlier than you progress, make certain 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 choices like geographic arbitrage and tax effectivity, the ebook affords a transparent path ahead.
Cash offers you choices. And after you have choices, you possibly can stay the place—and the way—you actually need.
Seize your copy at present and begin making strikes with confidence.
Subscribe To Monetary Samurai
Hear and subscribe to The Monetary Samurai podcast on Apple or Spotify. I interview consultants of their respective fields and talk about a few of the most attention-grabbing matters on this website. Your shares, scores, and opinions are appreciated.
To expedite your journey to monetary freedom, be a part of over 60,000 others and subscribe to the free Monetary Samurai publication. Monetary Samurai is among the many largest independently-owned private finance web sites, established in 2009. Every little thing is written based mostly on firsthand expertise and experience.
