Archive Page 19

March 2023

The best place in the world for working expats? The UAE says its the UAE – Arabian Business

Lifestyle is the prime motivation for 36% of respondents who have relocated to the UAE – a proportion higher than any other global market surveyed.

The main source of income for people in the United Arab Emirates (UAE) is oil and gas. The UAE is one of the world's largest oil producers and has significant reserves of natural gas as well. The oil and gas industry is a major contributor to the UAE's economy and accounts for a significant portion of the country's GDP. In recent years, the UAE has also diversified its economy and developed other sectors, such as finance, tourism, real estate, and construction.

Dubai, in particular, has become a major business and tourism hub.

Top Three places where the most US Expats are outside of the USA

According to the US State Department, the three countries with the most US expats are:

Mexico - There are approximately 1.5 million US citizens living in Mexico, with many of them retired and living in beach towns.
Canada - There are an estimated 1 million US citizens living in Canada, with many of them drawn by the country's high quality of life and universal healthcare system.
United Kingdom - There are an estimated 212,000 US citizens living in the UK, with many of them working in industries such as finance, media, and technology.

Related: The Association of Americans Resident Overseas estimates 8.7 million Americans (excluding military) currently living in 160-plus countries.

The Island of Bermuda

Bermuda tops the list for most expensive places in the world for Expats

Famous for its pink sand beaches, this island is a British Overseas Territory, which means that it is a self-governing territory but under the jurisdiction and sovereignty of the United Kingdom. It is only 20.6 square miles (53.3 square kilometers) in size with a 2021 estimate population of approximately 62,300 people.

The primary four reasons Bermuda is an expensive place to live:

Isolation: Bermuda is a small island in the middle of the Atlantic Ocean, which means that most goods and services have to be imported from other countries. This can lead to higher prices for goods and services due to transportation costs.
High Cost of Real Estate: Bermuda has a limited amount of land available for development, and as a result, the cost of real estate is very high. This high cost is passed on to renters and buyers, making housing one of the most expensive aspects of living in Bermuda.
Tourism: Bermuda is a popular tourist destination, and the tourism industry is a major source of revenue for the island. However, the demand for tourist services can lead to higher prices for goods and services that are popular with tourists.
Cost of Labor: Bermuda has a high cost of living, and this is reflected in the cost of labor. Many industries, such as construction and hospitality, rely on foreign workers who are paid higher wages to offset the high cost of living.

Overall, the combination of limited space, high demand for goods and services, and a high cost of labor all contribute to the high cost of living in Bermuda.

Some basic info for Americans wanting to move to Italy

According to the US Department of State's Bureau of Consular Affairs, there were approximately 140,000 American citizens living in Italy as of 2021. This number includes not only expatriates but also military personnel, government employees, and tourists.

What does it cost in Italy to live?

The cost of living in Italy can vary widely depending on the city or region, lifestyle, and personal preferences. However, some of the general expenses that you can expect to encounter in Italy are:

Accommodation: Renting an apartment in a major city like Rome or Milan can cost around €1,000-1,500 per month. Outside of the city centers, rent can be lower, around €600-800 per month. Buying a property can be more expensive, with prices varying depending on the location. [2021 estimates]
Food and drink: A typical meal in a mid-range restaurant can cost around €15-20 per person. Grocery shopping for a week for one person can cost around €50-60. Alcohol prices can vary widely, but a beer or glass of wine can cost around €4-6 in a bar or restaurant.
Transportation: A monthly public transport pass can cost around €35-50, while a single bus or metro ride can be around €1-2. Taxi fares start at around €6-7 and can be more expensive for longer rides.
Utilities: Monthly expenses for electricity, gas, and water can be around €100-150 depending on usage.

Generally, the cost of living in Italy can be higher than certain other European countries, but it can still be affordable for those on a budget. It's also worth noting that living costs can be significantly lower outside of the major cities.

Important link: US State Department Fact Sheet for Italy

Owning and buying property when you're an Expat in the Czech Republic

Story at Prague Morning

Article talks about dealing with bureaucracy, the rental market, and the advantages of the low down payment rates. Article also talks briefly of the Czech Republic as a popular location for international businesses and how expat salaries can go further in the country than, say, France or the UK.

Why are these countries popular with expats?

A simple list of locations and why they attract expat communities.

Mexico: Mexico is a popular retirement destination for many North Americans due to its proximity, warm climate, affordable cost of living, and access to quality healthcare.

Costa Rica: Costa Rica is known for its natural beauty, stable political environment, and high quality of life. It also offers affordable healthcare and a relatively low cost of living compared to the USA and other developed countries.

Panama: Panama offers a low cost of living, tropical climate, and a friendly expat community. It also has a retiree visa program, which offers discounts on many goods and services.

Portugal: Portugal is popular among European expats for its mild climate, beautiful beaches, and affordable cost of living. It also has a high standard of healthcare and a welcoming expat community.

Spain: Spain is popular for the warm climate, beautiful cities, and delicious cuisine. It also offers a high quality of healthcare and a relatively low cost of living.

Thailand: Expats copme for the low cost of living, warm climate, and friendly culture. It also offers affordable healthcare and a vibrant expat community.

Ecuador: Ecuador offers a low cost of living, warm climate, and beautiful scenery. It also has a retiree visa program, which offers discounts on many goods and services.

You want to live in Greece and you have $300K, what can you do?

Story at New York Times

Article notes that using a paid-for residency system like the "golden Visa" means notign the deadline for the "old price" of €250,000 and the new price of €500,000 that is coming in.

The right apartment would also be their ticket to Greek residency. As American citizens, they couldn’t move to a country in the European Union, which limits tourist visas to 90 days. But if they spent 250,000 euros, or about $267,000, in cash on Greek real estate, they would qualify for a five-year renewable visa, known as the golden visa, so they could live in the country year round. (Beginning in May, buyers will have to invest €500,000 in some parts of the country, including Athens, to qualify for the visa.)

Also note: according to the US Department of State's Bureau of Consular Affairs, there were approximately 36,000 American citizens living in Greece as of 2021.

Comparing the cost of living between the United States and Greece

By the Editors at Where To Flee

Compare:
Wichita, Kansas annual cost of living $11,201
Athens, Greece annual cost of living $12,708

This cost of living comparison does not take into account the variations between specific cities or regions within Greece to the United States. In general, the cost of living in Greece is clearly lower than the United States. A simplified comparison would be that the cost of living for a month in Wichita, Kansas is roughly equal to similar costs in Athens, the Greek capitol. (This article at salary.com says that the annual living cost for Wichita, Kansas is $11,201. The annual cost for Athens is $12,708 according to livingcost.org ) Bear in mind that rent and general costs of living in Athens are considerably higher than the rest of Greece, not counting prime tourism hot spots like Mykonos island, for example.

Rent costs in Greece vs United States:

1 bedroom apartment within city €409.10 ($437.28)
1 bedroom apartment outside of city center €348.07 ($372.09)
3 bedroom apartment within city €704.48 (#753.09)
3 bedroom apartment outside of city center €643.04 ($687.41)

Source: Numbeo

While Greece is lower in cost for housing and food (whether for the kitchen or a restaurant meal) and for the use of public transportation likes buses and subway systems compared to the United States, Greece can cost more for maintaining a car because fuel and taxes are higher on average than the United States.

More Rent and owning a home data for Comparing the cost of living between the United States and Greece

The five highly-rated cities "that expats love"

Moving to a new location with children - article at BBC News

Some of the countries the BBC News article looks at are: Estonia, Japan, and Netherlands.

In effort to boost tourism, Hong Kong government to give away 500,000 free airline tickets – CNBC News

Want to stay in Greece longer than the 90-day period allowed US Citizens? – US Embassy - Greece

US passport holders can go to Greece with a 90-day stay automatically, but longer stays require some paperwork. There are a number of categories of VISAs with longer stays for US Citizens. The Embassy page describes the basic possibilities.

If you go abroad from USA, you need to know the tax burden – AOL

Because the United States taxes its citizens wherever they are around the globe (which isn't the norm) it's important to not run afoul of the IRS. Living elsewhere by whatever means means reporting it (FACA) whether you use foreign banks or not.

The AOL article gives a step by step overview of the "problem" of declaring appropriate income and bank balances.

The expat worst? Johannesburg? – Iol.co.za

Americans searching for homes in "Plan B" countries continues – Mansion Global

Countries discussed are Spain, Greece, and around both the Caribbean and Mediterranean

The need to hurry for investment residency into Greece and Portugal – The Portugal News

Lifestyle expectations in Singapore on $6,000 for expat worker – The Independent

The changing VISA rules for expats in Indonesia – The Star

Bali Indonesia

Foreigners who have lived in Indonesia for years or decades are anxious about new visa rules that will kick in later this month, which require retirees to hold substantial funds in the country.

Cities that aren't expensive, unless you're an expat – Washington Post