Americans leaving the United States - Best place to move to from the USA Which country have you visited and wanted to move there, like tomorrow? There are many countries out there that you can move to. You may choose to move to another country because you just want a change in lifestyle. If you’re considering leaving the USA and are looking for the best country to move to, Optimise Accountants is your go-to guide and advisor. With an array of options, the decision on “where can I move to” can be exciting and daunting. We specialize in helping you find the easy countries to leave from the USA, taking into account tax implications, living standards, and the seamless transition of your finances. Moving to a new country is a significant life decision, and it’s crucial to choose the country for Americans to relocate to. Our team at Optimise Accountants understands the complexities involved in such a journey, especially concerning finances and taxes. Whether you are looking for the best places for retirement, work, or just a change of scenery, we provide personalized advice tailored to your unique situation. Feel free to use our free online IRS tax calculator tool Great countries to relocate to US citizens choose to live abroad for various reasons, from the desire for adventure to the pursuit of better living standards or more favourable economic conditions. Here’s a list of five countries that American citizens often relocate to, along with the reasons why they are popular choices: Canada Cultural Similarity: find the cultural transition to Canada relatively easy due to language and social customs similar to those in the US. Healthcare: Canada is known for its comprehensive healthcare system, which attracts those seeking public health options. Proximity: Its geographical proximity allows for easier visits back and forth between the two locations. United Kingdom Language: There’s no language barrier, which makes the transition smoother. Work Opportunities: The UK offers numerous career opportunities, particularly in finance, technology, and the arts. Education: The UK boasts some of the world’s leading universities, drawing American students and academics. Mexico Cost of Living: The lower cost of living allows for a comfortable lifestyle at a fraction of the cost. Climate: With diverse climates, you can choose a region that suits their preference for weather. Expat Communities: Well-established American expat communities exist, especially in cities like San Miguel de Allende and Lake Chapala. Australia Outdoor Lifestyle: Australians are known for their love of the outdoors, which appeals to those who enjoy nature and sports. Economy: Australia has a strong economy with job opportunities, particularly in sectors like mining, tourism, and education. Language and Culture: The lack of a language barrier and a culture that celebrates diversity makes it an easy transition for many. Germany Economy: As Europe’s largest economy, Germany offers robust job opportunities, especially in engineering, manufacturing, and IT. Quality of Life: Germany is known for its high standard of living, excellent public transportation, and strong social services. Central Location: Living in Germany allows easy travel throughout Europe, appealing to those looking to explore These countries offer a blend of lifestyle, economic, and social benefits that attract Americans looking to relocate abroad, whether for a short-term adventure or a long-term change of scenery. There are many other countries for you to consider but this list gives you a good start. IRS tax filing reporting on worldwide income when you relocate to another country When considering the best countries to relocate to, you must know key dates and tax forms crucial for US expatriates. For example, the Foreign Bank Account Report (FBAR) is due by April 15, with an automatic extension to October 15. The FBAR is a critical form for US citizens living abroad, reporting foreign financial accounts exceeding $10,000 at any time during the calendar year. Living overseas will also require you to file their 1040 tax returns to the Internal Revenue Service (IRS) by June 15, extended from the normal deadline of April 15. You can also file IRS Form 4868 to extend tax filing to October 15. Similarly, Form 8938 might be necessary if you have significant assets abroad. At the same time, the Foreign Earned Income Exclusion (FEIE) on Form 2555 allows you to exclude a certain amount of your foreign earnings from US tax. In the UK, understanding the Self Assessment tax return deadline, which is January 31st following the end of the tax year, is vital to avoid penalties. No matter the country that you move to please remember to file your taxes with the IRS. FAQ: Places to move to What are the tax implications of moving to another country ? You must still file taxes when moving abroad, reporting your worldwide income. The place you relocate to may have a tax treaty to avoid double taxation. You should also consider the tax residency rules of your new home country and how they affect your tax obligations. How can Optimise Accountants help me with the transition? We provide comprehensive tax planning to ensure you take advantage of the tax treaties and exclusions available to expatriates. We'll guide you through the necessary tax forms and deadlines to keep you compliant with American and foreign tax laws. What are some of the most tax-friendly places for citizens to relocate to? Places such as Portugal, Malta, and Panama are often considered tax-friendly for expatriates, offering programs like the Non-Habitual Resident regime or the Friendly Nations Visa, which can provide tax benefits. How does the Foreign Earned Income Exclusion (FEIE) work? The FEIE allows you to exclude a certain amount of your foreign earnings from taxable income. For 2021, the exclusion amount is up to $108,700 per person. You must pass the Physical Presence Test or the Bona Fide Residence Test to qualify. Can I still access my retirement accounts from abroad? Yes, but there may be tax implications and your new country of residence. We'll help you understand the tax treatment of your retirement accounts and the best ways to access them while living abroad.