A strong exchange rate, affordable housing, and free healthcare are just some of the reasons leading so many American citizens to make the move across the pond. With a range of visas making emigrating easier than ever for expats in a variety of circumstances, thousands of US nationals are making Europe their new home, with Portugal, Spain, Germany, and France being some of the most popular relocation destinations.
For many, the choice available in European locations and countries is a very attractive prospect. With everything from alpine villages to sprawling metropolises to picturesque coastal towns, the continent has something to offer everyone, regardless of budget, lifestyle, or personal circumstances. Not only does this allow expats to choose a destination that suits them best, but it also means that a range of cultures, languages, and landscapes are usually easily accessible from that location, making travel and sightseeing a breeze. This is a particular selling point for digital nomads, who tend to move frequently whilst working remotely, making the most of the Nomad visas that so many European countries now offer.
Healthcare and security
Securing healthcare insurance through work or personal policies in the States is an absolute priority for most, as without it any treatment or medical attention can come at a very high cost. In Europe, almost all countries provide predominantly free healthcare, with only small payments being required for medication or supplementary treatment. For US expats, this accessibility to quality, affordable healthcare is a huge benefit, offering a security for themselves and their loved ones that is not available by default in America. This combined with the fact that many European towns are considered to be considerably safer than most US cities makes a move overseas seem logical where wellbeing is concerned.
As it becomes increasingly difficult to get a foot on the property ladder in the states, many first time buyers are looking to make the most of Europe’s comparatively affordable housing for both renting and ownership. Of course, as in the States, the cost of property depends on the country and location, with the UK being one of the most expensive countries when it comes to renting and buying. However, in countries such as Portugal and Spain, expats often find that they can afford much larger houses than they would be able to back home, meaning they have more disposable income to enjoy their new lives abroad.
Quality of life
The American working culture has a reputation for not affording employees a good work-life balance. Compared to the states, virtually all European countries offer, on average, shorter working days and more holiday. As increased flexibility in working patterns becomes more and more important to candidates, some working expats are finding more opportunities in Europe that are aligned with their priorities. More time outside of work means more opportunities to explore their new surroundings, immerse themselves in their community, spend time with family and enjoy a better quality of life.
How can Blacktower help?
If you’re a US citizen looking to move to Europe but are unsure where to start, Blacktower is here to help. We offer a range of expat-tailored services, including full financial reviews, tax planning solutions, currency exchange, retirement planning and we can work with you to transfer your financial arrangements overseas.
To arrange a complimentary, no-obligation consultation, click the link below.
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This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.