How Far in Advance Should You Plan Your Overseas Move?

“So when should I start planning for my move? Is it too early?”

The gentleman across the table from me at International Living’s recent Go Overseas Bootcamp in Tampa was asking the right question. He was five years from retirement and wanted to start laying the foundations for a global lifestyle.

Too often, people plan “in reverse” … they move overseas, only then to discover the things they should have prepared for. Things like taxes, estate planning, and the like. So his instincts were right.

The problem, however, is that everything is a moving target these days.

One theme that came up repeatedly in questions from the audience in Tampa was regulatory unpredictability. Attendees were contending with changes in visa rules, tax policies, and similar requirements that seemed to pop up almost monthly. How does one plan for a future if that future keeps changing?

Let’s look at some recent developments that illustrate this issue.

A little over two years ago, Germany finally accepted dual citizenship. Previously, anyone with German ancestry had to renounce existing citizenship to become German.

This week, after the far-right party Alternative for Germany (AfD) won nearly 50% of the vote in state elections In Saxony-Anhalt, the ruling Christian Democratic Union party reportedly began drafting a wholesale reversal of the new citizenship rules. Dual citizenship is back on the chopping block. Stiff language and financial requirements are back on the table.

This is a pattern we’re seeing elsewhere in Europe. Portugal recently doubled the time you need to spend in the country as a resident in order to acquire citizenship—from 5 years to 10. This was a direct response to the rise of the populist, anti-immigrant Chega party. Italy’s ruling populist government did the same thing, accompanied by a radical overhaul of ancestral citizenship rules.

Meanwhile, in Greece, the government has proposed to raise the property transfer tax for non-EU citizens by a whopping 500%. If you buy a €250,000 property to get residence-by-investment (a Golden Visa) today, you’ll pay a tax of about €7,500. Starting in July next year, however, that skyrockets to €37,500.

So, how does one plan a future that keeps changing? Here are some practical ideas.

First, keep your subscription to International Living current. Social media influencers may be good at presenting lifestyle opportunities abroad—but they don’t keep track of details the way we do. When changes are on the horizon, you’ll learn about them here first.

Second, start your planning with the countries and visa programs that fit your circumstances, not the other way around. There’s nothing worse than getting everything set to move to a particular country, only to find at the last moment that the rules have changed, making it impossible. With help from knowledgeable insiders like me, we can identify a range of options that meet your income, tax situation, and lifestyle.

Third, be prepared to change your plans and timelines if policy changes are looming. For example, if you’re considering a Greek Golden Visa, you can avoid being taxed an extra €30,000 if you act now instead of pondering it for the next nine months.

I told the fellow who asked about the appropriate timeline for planning to look at it this way…

There are two sets of things you need to take care of. One is your overseas destination. The other is your affairs back home in the US or Canada. Start with the latter. If you know you’re going to be moving, start rationalizing your finances, your property ownership, and other things that will change once you move abroad.

But when it comes to planning for your ultimate destination, be prepared to turn on a dime… with help from International Living and people like me.