Housing costs remain high and a politically fraught election is on the horizon, prompting many Americans to consider a move overseas.
Inquiries about relocating abroad spiked massively after the first debate between President Joe Biden and Republican nominee Donald Trump, according to immigration attorney Jean-Francois Harvey of Harvey Law Group.
“People say they want a Plan B. They are worried about political instability,” says Harvey.
Relocating overseas could be simpler than you think, and it turns out that many countries not only welcome Americans, but they are also much more affordable than the U.S.
“I can get you a visa for Spain in a few weeks,” Harvey adds. Spain is one of the countries that he recommends where you can buy real estate for much cheaper than in the U.S. and also have a good chance of becoming a permanent resident.
Golden visas (investing in real estate in exchange for residency), ancestry, and various types of visas—from digital nomads to long-term visitors—are all ways that Americans can gain legal entry into other countries.
“People are realizing that in many places around the world, it’s possible to buy prime coastal and city properties for much less than comparable homes would cost in the United States,” says Kathleen Peddicord, CEO and founder of Live and Invest Overseas.
“A small or modest budget can afford you a really comfortable home in many places overseas,” she adds. “A bigger budget can buy you bona fide luxury that most people could never dream of affording in the States right now.”
What countries look for in Americans
Most countries want to see proof of a reliable form of passive income such as a pension, dividends, royalties, rental income, or Social Security payments that will cover your expenses without putting pressure on the local job market.
Other countries allow you to apply for residency by investing in the country—either through a fund or by depositing and keeping a certain amount in a local bank. However, passive income is usually preferred.
“The concern is that you could spend, waste, lose your bank and investment account money,” says Lief Simon, founding partner at Live and Invest Overseas. “But a pension or proven reliable passive income keeps funding your living expenses.”
Harvey recommends that countries you’re considering should have the following: steady real estate prices, low cost of living, stable political and economic environment, ease of commute to the U.S., and a large English-speaking population.
How can you live there and score a nice piece of property?
Golden visas have been a popular way for Americans to buy real estate abroad and gain permanent or long-term residency. However, many popular countries (mostly in Europe) have rolled them back after locals were being priced out of the market.
Some golden visa minimum requirements, such as for Greece, were increased, while other countries, such as Spain, Portugal, and the Netherlands, removed real estate as a basis for a golden visa.
You might want to bypass Portugal altogether. The country, which offers spectacular surfing and castles galore, was so inundated with visa applications that it became severely backlogged.
But that doesn’t mean there still aren’t plenty of opportunities to buy real estate in a foreign country, whether to live there or to rent out.
Panama
Both Harvey and Live and Invest Overseas recommend this Central American country as a fast-rising star for real estate investors as well as people looking for a change.
“Panama is getting more and more popular,” says Harvey. “It’s also easy for Americans to fly in and out.”
The sunny country offers miles of pristine beaches and a large English-speaking expat population, and a visa isn’t required to visit. You do need to hire a local immigration attorney to facilitate your residency application, but you need only show you have $1,000 a month in income.
“Argentine, Colombian, and Venezuelan buyers have helped keep the Panama City market stable and growing over the last 10 years, even while other markets in the region have struggled or even collapsed,” according to Live and Invest Overseas.
Spain
Besides an easy visa process, Spain offers temperate weather, a low cost of living, gorgeous beaches, and easy access to the rest of Europe.
“Spain welcomes foreign property buyers, and you can generally buy property without restriction,” says Sophia Titley, senior editor at Live and Invest Overseas.
The best residency option is the Non-Lucrative Visa, says Titley. With the NLV, you must prove your income of about $2,600 a month and, as with most other countries on this list, show you have health insurance, no criminal record in the country, and proof of residence.
Hungary
Known for its stunning architecture, with castles, palaces, and churches, and the vibrant, cultural city of Budapest, Hungary is also a great place to buy real estate, says Harvey.
Hungary just reinstated its “quite attractive” golden visa program after ending it in 2017. A $270,000 real estate fund investment will get you work and residence rights for 10 years as well as temporary residence in any country within the Schengen Zone.
You can also buy a piece of property worth about $543,000.
France
For a good deal, Harvey recommends staying out of Paris.
“Go out to the country,” he says. “You can find yourself a beautiful villa for a lot less” than an apartment in the City of Lights.
But Live and Invest Overseas, which also likes France, is still high on the City of Love despite its high prices.
“A piece of Parisian real estate is one of the surest imaginable stores of wealth long-term,” it says.
It is also one of the few countries where foreigners are eligible for mortgages at the country’s low rates of around 2%. France also has a straightforward visa process with its Long Stay Visa program.
“The basic requirement is that you can support yourself without taking on work locally,” says Titley.
As for buying a home: “There are no unique restrictions on foreigners,” Titley continues. “Once you’ve found the property you’d like to buy, you can make a verbal offer and sign a compromis de vente, which is a legally binding document that locks the buyer and seller into the sale. You’ll pay a deposit, engage a notary, and sign the deed of sale.”
Belize
Known for its white beaches and spectacular barrier reef, Belize is one of the most famous snorkeling, diving, and fishing destinations in the world.
“On the mainland, you will find lush tropical rainforests and mountain ranges,” says Live and Invest Overseas. “You can have breakfast on the island, lunch in the jungle, and be back at the beach in time for sunset.”
Titley notes that Belize is only a two-hour flight from Miami and is an English-speaking country. Additionally, it’s a tax haven, with no tax on income earned outside of the country.
She recommends the Corozal District, near the border of Mexico, where you can snap up a gorgeous home for $100,000 to $200,000. The cost of living is low, too, with only about $2,000 a month income needed for a comfortable lifestyle.
Belize has a Qualified Retirement Program, which lets anyone over the age of 35 who can prove a $24,000 a year income settle on a long-term basis.
Thailand
Harvey is big on a surprising place: phu*ket, Thailand.
Although no one can deny the area’s eye-popping natural beauty, much of the world knows the island for the devastating tsunami it suffered in 2004. But Harvey points out that the tsunami affected only a small portion of the island, and what it did affect has been rebuilt with much more resiliency.
“Thailand has been dealing with extreme weather forever,” says Harvey.
Thailand has about 50,000 Americans living there, says Aaron Henry, owner of Bangkok marketing firm Foundeast.com.
He has lived in the country for nine years and notes his reasons for loving it: “Its health care system is tremendously superior to the USA. Also, no property tax. Quality of life is exceptional. Bangkok is a massively diverse city. Public transportation, malls, restaurants, and lifestyle options also supersede what we have in the USA.”
Live and Invest Overseas agrees that Thailand is a prime real estate opportunity.
“This country deserves attention for its strong economy and expanding tourism industry,” it says.
But keep in mind that foreigners can’t own land in Thailand. They can, however, own a condo or a portable house.
Philippines
Harvey recommends the Philippines for its purchasing power, stable government, and relatively cheap housing.
With its large (mostly ex-military) American expat population, this island replete with beaches and volcanoes has some of the lowest income requirements through its various Special Resident Retiree’s Visa. It also has one of the lowest real estate investment requirements for residency: only $10,000 to $50,000 (dependent on age).
Global payment service Wise points out that in the Philippines, you can rent a one-bedroom apartment in the city for $325 a month (versus a median of $1,708.27 in the U.S.), the median cost for an apartment is half that of the U.S., and the cost of living is 52% cheaper.
Keep in mind that, like in Thailand, foreigners can’t own land but can own a condo, apartment, or even an entire building, but not the land it sits on.
