Expert Advice

As the new year unfolds, many people are inspired to pursue significant life changes, such as moving abroad. With the growth of remote work, innovative visa programs, and attractive tax incentives for digital nomads, investors, and families, the possibilities for international relocation have expanded. However, moving abroad is a privilege limited to those with the right passports, as many nationalities face barriers. For those fortunate enough to have the option, choosing a new country requires thorough research and planning. Moving involves more than just dreaming—it requires considering tax implications, work visas, healthcare, and quality-of-life factors. A valuable resource is the annual Expat Insider survey by InterNations, which gathers insights from nearly 12,000 expats from 177 nationalities in 181 countries. This survey evaluates various aspects of expat life, such as quality of life, ease of settling in, working abroad, personal finance, housing, and language. Retirees can also benefit from resources like Live and Invest Overseas, which ranks top retirement destinations. The 2024 index names Valencia, Spain, Braga, Portugal, and Mazatlán, Mexico, as the top three spots. Considering the impact of your move on your host country is crucial, especially in places experiencing significant immigration from the US and other wealthy nations. Megan Frye, a relocation consultant in Mexico City, emphasizes the need to be aware of migration policy inequities and their effects on local communities. While many destinations cater to expats, this list highlights key countries based on quality of life, affordability, safety, and cultural and outdoor activities, focusing primarily on US citizens.

Portugal

Pros: Affordability, quality of life, mild climate, and excellent healthcare make Portugal attractive. It is also one of the safest countries in the world. Cons: Recent changes to the Golden Visa program and backlash against expats in Lisbon are challenges.

Spain

Pros: Spain offers modern cities, charming towns, high-quality healthcare, and vibrant culture. It is also LGBTQ+ friendly. Cons: The language barrier outside major cities and adapting to Spanish schedules can be difficult. Political divisiveness is also a concern.

Netherlands

Pros: Known for its cycling culture, excellent education, and the 30% tax ruling for highly skilled workers. Cons: High living costs, high income taxes, and gloomy weather are drawbacks.

Germany

Pros: Germany boasts a strong job market, universal healthcare, and family-friendly social benefits. The freelancer visa is relatively easy to obtain for US citizens. Cons: Bureaucratic challenges, limited convenience services, and a tight housing market in cities like Berlin are issues.

Italy

Pros: Italy offers cultural richness, excellent healthcare, and a friendly atmosphere. Cons: Employment opportunities are limited, and navigating legal processes can be challenging.

France

Pros: Universal healthcare, work-life balance, and strong social benefits make France attractive. Cons: High taxes and the language barrier outside major cities can be challenging. For each of these countries, various visa options and processes exist, from digital nomad and entrepreneur visas to retirement and investment programs. It’s essential to carefully plan and consider all aspects before making the move.

Foreigners aiming to achieve residency status in Europe can do so by undergoing due diligence and purchasing residential or commercial real estate valued at €500,000 or more. However, the investment requirement can be lowered to €280,000 if the property in question requires reconstruction and is located in a sparsely populated area of the country. As of January 1st, 2022, foreigners are prohibited from buying housing in Lisbon, Porto, and coastal resort towns. Investments can be made in properties located in the Azores, Madeira, or inland regions of the country. Rising Property Prices in Portugal Property prices in Portugal are on a continuous upward trajectory, increasing by an average of 7% per year, according to PwC analysts. Lisbon boasts the highest property prices, with costs reaching up to €10,000 per square meter. Property Taxes in Portugal When purchasing real estate, buyers are subject to taxes and fees amounting to 12 to 15% of the property’s value. The primary tax expense is the transfer tax, which varies based on the property’s value, type, purpose, and location. – Primary Residence: No transfer tax is applied to the first €92,407 of the purchase price for properties designated as primary residences. Beyond this amount, the tax rate increases. – Annual Council Tax: Property owners are required to pay an annual council tax ranging from 0.3% to 0.8% of the appraised property value. For properties undergoing reconstruction, a preferential tax regime is often available, exempting buyers from both the transfer tax and annual council tax. Maintenance Costs Maintaining an 85-square-meter apartment in Portugal typically costs between €65 and €170 per month. Conclusion Investing in real estate in Portugal offers potential residency benefits and a growing market, though it comes with significant tax obligations and maintenance costs. Understanding these financial commitments is crucial for prospective buyers.

The Appeal and Challenges of Overseas Property Ownership Owning a home in a foreign country is an enticing idea, offering a new lifestyle, a change of scenery, and immersion in a different culture. However, as many Americans have found, buying property abroad can come with unexpected and complex challenges.
Read more

Let’s delve into the intricacies of the Viager System, a unique method of property ownership in France that offers both buyers and sellers distinctive financial opportunities.

Understanding the Viager System: An Overview
Embark on a journey through the captivating realm of French real estate as we explore the Viager System, a fascinating approach to buying and selling homes in France. This system presents an extraordinary chance for homeowners to unlock equity from their property while offering potential financial advantages for buyers. Let’s delve deeper into this distinctive avenue of homeownership and investment.
Read more

As of 2024, Portugal stands out as one of Europe’s premier destinations for digital nomads. This popularity is driven not only by its pleasant climate and the availability of a digital nomad visa but also by the diversity of its top cities for remote work. Situated on Europe’s western edge with an extensive coastline along the Atlantic Ocean, Portugal is renowned for its breathtaking beaches, exceptional surfing spots, delectable seafood, renowned Port wine, and charming cities. It’s no wonder that numerous digital nomads flock to Portugal for remote work opportunities. Key to the digital nomad lifestyle is finding a city that meets all the necessary criteria for remote work, from accessibility and coworking spaces to affordability. Portugal boasts several cities that cater exceptionally well to digital nomads, making it a prime destination for those seeking to work and explore simultaneously. The Nomads Embassy team spent a month traversing Portugal, identifying the most suitable cities for digital nomads. Armed with firsthand insights and recommendations, this guide aims to assist you in selecting your ideal base during your stay in Portugal. Why Portugal Stands Out for Digital Nomads Beyond offering some of Europe’s best cities for digital nomads, Portugal entices remote workers for a variety of reasons: – Affordable Living: Compared to many Western European countries, such as the United States and Canada, Portugal offers a more affordable cost of living. On average, a single person can live comfortably for around €1,567 per month, inclusive of rent for a one-bedroom apartment in the city center. – Cultural Diversity: Portugal hosts a thriving international community, with 800,000 foreigners residing in the country as of 2022—double the number from a decade ago. This diverse environment provides digital nomads with opportunities to forge global connections and immerse themselves in varied cultures. – Excellent Transportation: Portugal features an extensive and efficient transportation network, including a reliable railway system that facilitates travel across the country. For instance, it takes just three hours by train to journey from Lisbon to either Porto or the Algarve. In major cities like Lisbon and Porto, reliable metros, trams, and buses ensure easy navigation. – Ideal Climate: Particularly in southern regions like Lisbon and the Algarve, Portugal boasts superb weather conditions. Winters are mild and sunny, making it a desirable winter retreat for digital nomads seeking a pleasant climate year-round. – Digital Nomad Visa: Portugal’s official digital nomad visa is another major draw. This visa allows remote workers meeting specified income criteria to reside in Portugal for one to two years, with the option to extend. Families are also eligible, and after five years of continuous residence, visa holders can apply for permanent residency. Best Cities for Digital Nomads in Portugal 1. **Lisbon:** Portugal’s capital and home to approximately 16,000 digital nomads as of 2023, Lisbon boasts a vibrant atmosphere with abundant cafes, restaurants, nightlife, coworking spaces, and a diverse expatriate community. Its reliable public transportation and over 300 days of sunshine annually make it a top choice despite being among the more expensive cities. 2. **Porto:** Portugal’s second-largest city, Porto, charms with its historic churches, museums, and delectable cuisine. More compact and affordable than Lisbon, Porto offers a rich cultural experience and excellent public transport options, including metro, trams, buses, and regional trains. 3. **Coimbra:** Nestled between Lisbon and Porto, Coimbra features a historic university and a serene ambiance. Its medieval architecture, riverside cafes, and cultural events make it perfect for digital nomads seeking a quieter pace of life without sacrificing community and amenities. 4. **Setúbal:** Just a short train ride south of Lisbon lies Setúbal, a picturesque fishing town known for its authentic Portuguese charm, fresh seafood markets, and relaxed lifestyle. It offers a few cozy cafes and modern coworking spaces, ideal for those preferring a slower, coastal lifestyle. 5. **Braga:** Located northeast of Porto, Braga captivates with its medieval architecture, cathedrals, and scenic landscapes. It offers a blend of history, outdoor activities, and a tranquil environment, making it suitable for digital nomads seeking a balance between work and leisure. 6. **Lagos:** In the Algarve region, Lagos appeals to digital nomads with its stunning beaches, rock formations, and welcoming expat community. It’s a quieter option during winter, perfect for focused work amid natural beauty and a laid-back atmosphere. 7. **Portimão:** Also in the Algarve, Portimão boasts pristine beaches, exceptional seafood, and vibrant nightlife. It offers a relaxed lifestyle suitable for young digital nomads or families, with ample outdoor activities and a friendly local community. 8. **Madeira:** Although not a city but an island, Madeira entices with its breathtaking landscapes, temperate climate, and the world’s first digital nomad village. Ponta do Sol in Madeira offers community events, coworking spaces, and a tranquil setting for remote work and exploration. Portugal’s appeal as a digital nomad haven is undeniable, with its diverse cities catering to various preferences and lifestyles. Whether you prioritize cultural richness, affordability, or natural beauty, Portugal’s cities offer a compelling mix for remote workers seeking a fulfilling work-life balance.  

Italy, celebrated for its rich culture, breathtaking landscapes, and mouthwatering cuisine, has always been a coveted destination. For those contemplating a move to Italy and possessing the financial means to invest, the Italy Investor Visa Program could be your gateway. This comprehensive guide will walk you through the entire process of relocating to Italy through this program, detailing each step, and showcasing how you can move to Italy by investing in innovative Italian startups.

Understanding Italy’s Investor Visa Program

Italy’s Investor Visa Program is designed to attract global investors and entrepreneurs. It provides a clear pathway for non-European Union (EU) citizens to obtain a visa and subsequent residence permit in Italy in exchange for making specified investments in the country. This initiative allows you to enjoy the unique Italian lifestyle while contributing to the nation’s economy.

Diverse Investment Options

One of the program’s key attractions is the variety of investment options, which can be tailored to your financial capacity. Here’s a closer look at these options:

1. **Start-ups**: Invest in innovative start-up companies in Italy. Although there isn’t a fixed minimum amount, the investment must be considered “innovative.”
2. **Government Bonds**: Invest a minimum of €2 million in Italian government bonds, a secure and straightforward option for risk-averse investors.
3. **Companies**: Invest a minimum of €500,000 in an Italian company, contributing to economic growth and potentially yielding dividends.
4. **Philanthropic Donations**: Make donations for cultural, educational, or migration management purposes, with the amount varying based on the specific initiative supported.

Italy’s Thriving Startup Ecosystem

Italy’s startup scene has been quietly booming over the past decade, offering numerous innovative opportunities across diverse industries. Some notable successful exits include Yoox Net-a-Porter Group and Musixmatch, highlighting the global appeal of Italian tech startups.

Key Channels for Discovering Startups

– **Incubators and Accelerators**: Prominent institutions like H-Farm, Luiss EnLabs, and PoliHub nurture entrepreneurial talent, offering fertile ground for investment.
– **Coworking Spaces and Startup Hubs**: Dynamic networks such as Talent Garden and Impact Hub Milano provide environments conducive to innovation and collaboration, making them excellent places to find promising startups.

Step-by-Step Application Process

1. **Preparation**: Gather necessary documents, including certified Italian translations of financial statements and a comprehensive business plan.
2. **Submit Application**: Use the Investor Visa Program’s online platform to submit detailed personal information and specify your investment type.
3. **Evaluation**: A dedicated committee reviews your application to ensure compliance with legal requirements and the validity of your investment option.
4. **Visa Pre-Approval**: Upon approval, receive a Certificate of No Impediment (“nulla osta”), permitting you to apply for an investor visa at the Italian Embassy or Consulate in your home country.

Securing Your Visa and Residence Permit

1. **Visa Application**: Apply for your investor visa at the Italian Embassy or Consulate within six months of receiving your nulla osta.
2. **Entering Italy**: Upon arrival, apply for your investor residence permit at the local Questura within eight working days.
3. **Integration Agreement**: Sign an “accordo di integrazione” with Italian authorities, committing to integrating into Italian society.

Executing Your Investment

Execute your investment within three months of arrival in Italy, ensuring it meets program requirements. This could involve providing documentation for securities purchases, bank deposits, or donations, depending on your chosen investment option.

Maintaining Your Investment

Sustain your investment for the duration of your residence permit, with opportunities for renewal in three-year periods by demonstrating continued compliance.

Conclusion

Italy’s Investor Visa Program is an exceptional opportunity to establish residency in Italy while contributing to its economy. With flexible investment options tailored to your financial capacity and aspirations, this program is your gateway to enjoying la dolce vita. If you’re ready to embark on a journey filled with culture, history, and exquisite cuisine, this program awaits you. Buon viaggio!

Working abroad is increasingly popular for those seeking higher income, new experiences, or cultural immersion. For expats within the EU, London ranks highest in cost of living, with an average monthly expense of nearly €3,258, followed by Dublin at €2,908, according to bunq, Europe’s second-largest neobank. Their study compared costs in 27 EU capitals and the UK, including rent, transportation, coworking spaces, and utilities.

Most Affordable EU Capitals for Expats

1. Bucharest, Romania
– Average Monthly Cost: €935
– Rent for One-Room Apartment: €417

Bucharest tops the list as the cheapest EU capital for expats, with a low average monthly cost covering rent, public transportation, and utilities.

2. Budapest, Hungary
– Average Monthly Cost: €1,091

Budapest ranks second, offering a low cost of living for expats.

3. Athens, Greece
– Average Monthly Cost: €1,191

Athens is the most affordable southern European capital for digital nomads and expats.

Most Expensive EU Capitals for Expats

1. London, UK
– Average Monthly Cost: €3,258 (with coworking spaces), €3,014 (without coworking spaces)

London remains the most expensive, with substantial costs for both living and coworking spaces.

2. Dublin, Ireland
– Average Monthly Cost: €2,910 (with coworking spaces), €2,590 (without coworking spaces)

Dublin follows closely behind London in terms of high living expenses.

3. Luxembourg City, Luxembourg
– Average Monthly Cost: €2,544

Luxembourg City is also among the most expensive, but offers free public transportation since 2020.

Other Notable Cities

– Amsterdam, Netherlands: €2,368
– Berlin, Germany: €2,150
– Paris, France: €2,140
– Lisbon, Portugal: €1,685

These cities are popular with digital nomads but come with higher-than-average living costs.

Cost of Coworking Spaces

– Luxembourg City: €400/month
– Dublin: €317/month
– Copenhagen: €316/month
– London: €244/month (above EU average of €213)

Bucharest offers the most affordable coworking spaces at €132/month, followed by Warsaw (€138) and Tallinn (€140).

Public Transportation

Luxembourg leads with free public transportation. Prague and Warsaw offer the next most affordable options at €21 and €25 for a monthly ticket, respectively. Berlin is average at €49, while London (€181), Dublin (€155), Copenhagen (€101), and Paris (€84) are more expensive.

The Unforeseen Realities of Digital Nomadism
The onset of the global pandemic has presented a distinctive opportunity for a particular group of professionals whose occupations are adaptable and can be carried out from virtually any location. These individuals, often labelled as digital nomads, have ventured to various exotic destinations worldwide, sharing their experiences on social media platforms. However, the actuality of this lifestyle has proven to be more complex than it initially appears. The liberty to work from any corner of the world comes with its own array of challenges, ranging from logistical hurdles to feelings of isolation.
Read more

Italy has emerged as the most affordable place for British expats to relocate, according to a recent survey by Your Overseas Home. Europe remains a favored destination for Brits moving abroad, offering proximity to the UK and a variety of stunning locales.

Top Affordable European Countries for Expats

1. Italy
2. Greece
3. Portugal
4. France
5. Spain
6. Germany

Italy tops the list due to its low cost of living, covering essentials such as groceries, travel, housing, leisure, and healthcare. The country is known for its picturesque lakes and lush vineyards, all just a short flight from the UK.

One standout feature is Italy’s €1 home scheme, particularly popular in Sicily. This initiative allows buyers to purchase dilapidated properties for just €1 (around 87p), on the condition that they renovate them within a specified timeframe and use them for residential or tourism purposes. Renovated properties under this scheme can be worth up to €30,000 (around £25,000).

Experts at Your Overseas Home noted, “Sicily, known for its affordable properties, has seen around 20 towns participate in the €1 home scheme, including Mussomeli, Salemi, Sambuca, San Cataldo, Leonforte, and Troina.”

This trend highlights Italy’s appeal among expats, offering a blend of affordability and scenic beauty. Meanwhile, expats in Europe reflect on their experiences and what they miss about the UK, underscoring the personal sacrifices and gains involved in such a move.