Summary
Define your moving objectives
The process of deciding how to move to Europe begins with determining which European country you want to live in.
One first thing to take in mind is that every European country has its list of laws and regulations regarding. Eventually, those who are US or UK citizens can enter the Schengen area as a tourist with just their passports. Other regions âcitizens have to go through a visa application procedure.
Another factor to consider is the culture of the destination country. For this one, you have to research in your favor to find which country suits you most. Do you like the fashion and art in France, or do you prefer the dynamic atmosphere of Spanish music, art, and festival?
One critical consideration is determining how long you intend to stay in Europe. If you are interested in living in Europe as a digital nomad, working remotely in a café in Paris, or alongside the beautiful coast in Greece, consider selecting the European countries that currently provide digital nomad visas.
On the contrary. If you wish to live in Europe permanently, you'll be required to have a long-term resident visa. Applying for a long-term residency visa will follow complicated procedures, including financial proofing and clear criminal records. Keep in mind that the answer to this question is critical since it will determine which residency visa path you take for your move.
Select your residency status.
Residency status will help you narrow your target country down. Therefore, you must decide on the best strategy to obtain residency in Europe. As mentioned above, US and UK passports are allowed in Schengen Area for up to 90 days, later than that will require you a residency visa.
In general, European countries provide various options for Americans seeking residency. One option is to be hired by a company in your chosen nation, which would then sponsor your work permit. However, this residency route is not common and fraught with difficulties. You must not only get recruited but also navigate the complexities of obtaining a work permit.
Fortunately, several European nations provide pathways to residency for those who can already take care of themselves financially. This could include existing passive income streams like pensions, rental income, investments, or dividends. These are called retirement visas and you don't have to be retired to use them.
Another growing route is digital nomad, being a remote worker for an overseas employer. This is typically covered by the digital nomad visas policy in Europe. Finally, another route to residency involves investing in the target country, such as real estate or investment funds. You can take advantage of this investment to gain residency. These are referred to as Golden Visas. To be eligible for a Golden Visa or Golden Passport in Europe, you must make a substantial investment, ranging from hundreds of thousands to millions of euros. It can be overwhelming given the amount of money involved and the fact that the investment is in a foreign country.
Portugal is considered to be open to a lot of residency programs in Europe. You can gain considerable flexibility through digital nomad visas or golden visas, and they allow you to move in and out whenever you choose, without being constrained by the standard minimum physical stay requirement of 183 days. Additionally, with Portugal Golden Visa, you simply need to be in the country for seven days every year to keep your residency privileges.
Once you've decided on the appropriate residency path for you, ensure the application requirements. Also, allow plenty of time for the application to be submitted and accepted before arranging your relocation. The process can take many months depending on the country.
Recognize the Tax Implications
Long-term relocation to Europe is likely to have tax implications for you. You must be completely aware of this before proceeding with your move. In most European nations, applying for residency and 183 days physically remaining in the country automatically makes you a tax resident. Additionally, several countries will have NHR (Non-Habitual Resident) Programs to entice foreign professionals and retirees to come to the country and live or work. The notable one is from Portugal â which allows movers from abroad to have reduced taxes on income. Depending on your circumstances, you may wind up paying a preferable tax rate.
Estimate the financial situation
First of all, before you move, check that all of your bank accounts have Internet banking enabled. Remember, when moving to Europe, youâll also have to deal with money in many currencies: Euro, Pound Sterling, or Swiss Franc, âŠ
Whatever your circumstances, you will almost certainly need a cross-border bank account to exchange your home countryâs currency. We recommend these banks that allow cross-border accounts. Furthermore, these accounts are ideal if you operate remotely with clients all around the world. They can pay and make you "like a local citizen" with their money:
- Revolut: Revolut provides a multi-currency account that enables users to keep and manage funds in over 30 currencies, as well as make international payments and transfers.Â
- N26: N26 provides a Eurozone account, which lets customers keep and manage funds in Euros while incurring no foreign transaction fees when spending or withdrawing cash within the Eurozone. But keep in mind that N26 provides euros only.
Wise: Wise (formerly TransferWise) is a multi-currency account that allows users to keep and manage funds in over 50 currencies, as well as make international payments and transfers with minimal fees and competitive exchange rates. Â
Sort Through Your Assets
What to do with your stuff is an important aspect of the process of relocating to Europe. Some people see a foreign transfer as a chance to reduce their belonging. Sell your items before your move on eBay or any e-commerce platform, or simply donate them to friends or Goodwill.
Though if you desire to keep your stuff for your move to Europe, it is essential to research and finds a high-quality storage facility to put your belongings in during your relocation. Additionally, most of Europe's customs policies allow you to import one container duty-free, but you must establish your resident status to qualify. We recommend you use a trustworthy global shipping company like DocShipper â we provide the expertise and resources to ensure a simple and seamless experience whether you are moving your household belongings, transferring your business, or exporting products worldwide. Get in touch with us to make your moving process smooth and comfortable.
Your current property: Rent out or sell?
If you own property in your home country, you should establish a strategy for dealing with it when you relocate to Europe. If you want to relocate to Europe for the long term or permanently, selling your home is the best option.
Another option is to rent it out. You may handle this with long-drawn tenants or with short-term tenants using platforms like Airbnb or Flatio.Â
And if you choose the latter, we suggest hiring a property management company to control all of the intricacies while you're moving and living in Europe. Furthermore, review your contract to determine in the case of having a lease agreement, how long your notice before relocating to Europe.
Buy appropriate Travel Insurance
Nearly every European residence visa application needs travel insurance. The insurance coverage must cover you across the Schengen area. It should cover emergency medical care and body return in the event of death. Once you get an official resident permit in several European nations, like Portugal, you may receive state healthcare.
If you're going on a 3-month European tourist journey to experience different nations, obtaining insurance isn't necessary. However, it's a great option to acquire it anyhow for extra peace of mind.
Some insurance providers can be counted on such as SafetyWing, Allianz Global Assistance, Travel Guard, âŠ
Create a Virtual Mailbox
Although it is important yet not many people take care of this issue seriously. You should have physical mail from institutions and services in your native country, even if you have relocated to Europe. Example: student loan letters, IRS letters, and other types of debts. You'll need the means to receive physical mail when living overseas to ensure you don't miss any critical letters.Â
One method is to create or hire a virtual mailbox service. These services provide you with a mailing address in your own country. They can scan and upload every letter for you so it can be read online. Meanwhile, you can also ask family or friends to receive your physical mail while you are abroad.
Remember to renew your credit card
When it comes to renewing your bank cards and credit cards in your home country, you'll probably discover that your bank will only send physically new ones to your home via postal mail. That's why you should try to renew these as early as you can before moving to Europe, especially if they're about to expire.
In the worst-case situation, you can change your banking address to a friend's or family member's residence (if you live in the USA). They can then receive critical correspondence, such as new bank cards, on your behalf.Â
Driver license: watch out for the expiry date
Same as your credit card, another vital item to renew before moving to Europe is your driver's license. When you move to a European nation, you must normally switch your driver's license to a local one within a specific number of days following your official arrival. In Portugal, for example, it is 90 days.
If your driver's license expiry date during this period without being exchanged, you may have to repeat your driving test in your new nation. Be aware of this and conduct the appropriate research for your destination country before relocating.
Find your community in your located destination
Last but not least, find yourself a community or group of people in your destination country. It might be difficult to adjust to new culture, language, and surroundings when you relocate to another nation. This may sometimes result in feelings of loneliness and isolation, especially if you have no family or friends in your new place.
It is advantageous if you are relocating to Europe with someone you are familiar like partners or family members. Even yet, the value of making new human relationships should not be underestimated. That is why you should look for a strong community of like-minded people in your new area. One easy community to be in is your home nationality community, which helps you overcome the language barriers. Additionally, it is critical to find enjoyable endeavors while you are not working to settle in quickly and decrease the possibility of culture shock.
Visit the Facebook and Meetup.com groups in the selected nation or city to see what's going on. International is also beneficial. Nomad Soulmates is worth a look if you're alone and a digital nomad.
