At Liberty One Wealth Advisors, we’re fortunate to work with clients who live and spend time around the world – from China to the UK, Portugal, Spain, Italy, Greece, and beyond. Whether you’re relocating temporarily or planning a long-term move, living abroad opens up new opportunities and unique challenges for your financial life.
Here are a few important things to think about if you’re moving abroad:
1. Tax Considerations
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Understand how your income will be taxed in both the U.S. and your new country.
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Look into tax treaties that may prevent double taxation.
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Stay compliant with FATCA and FBAR reporting if you maintain foreign accounts.
2. Banking & Currency
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Decide whether to keep U.S. accounts active for bills and investments.
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Explore local banking options and be mindful of exchange rates and transfer costs.
3. Retirement & Investments
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Confirm whether you can still contribute to U.S. retirement accounts (401(k), IRA) while abroad.
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Review investment options that align with your new country’s rules and access.
4. Healthcare & Insurance
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Check your health coverage – many U.S. plans don’t extend internationally.
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Consider international health insurance, disability coverage, or travel medical policies.
5. Estate Planning
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Different countries have different inheritance and property laws.
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Ensure your wills, trusts, and beneficiary designations reflect both U.S. and local requirements.
6. Lifestyle & Cash Flow
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Account for cost-of-living changes – some countries are more affordable, others more expensive.
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Factor in housing, schooling, and travel back home.
Final Thoughts
Moving abroad can be an exciting adventure, but it also adds complexity to your financial picture. The good news? With thoughtful planning, you can avoid surprises and make the most of the opportunities international living provides.
At Liberty One Wealth Advisors, our team helps clients navigate global transitions with clarity and confidence. If you’re preparing for a move – whether to Europe, Asia, or beyond – we’d be glad to help you build a plan that travels with you.
This material is for informational purposes only and should not be considered personalized financial advice. Please consult a financial professional about your individual situation.
