Leaving the USA for Good: Your Top Questions Answered

Introduction

More and more Americans are considering leaving the United States permanently to live abroad. Whether motivated by a desire for adventure, better quality of life, lower cost of living, or disillusionment with life in America, moving to another country is a major undertaking that requires careful planning and research.
This post will address some of the most common questions people have when contemplating leaving the USA for good.

Maintaining Ties to the US

Can I keep my US citizenship if I move abroad permanently?

In most cases, yes. The US allows dual citizenship, so becoming a citizen of another country does not mean you have to give up your US citizenship.
However, some countries may require you to renounce other citizenships to become a naturalized citizen there. Research the laws of your destination country.

Do I still have to file US taxes as an expat?

Yes, the US taxes based on citizenship, not residency. As a US citizen you must file an annual return reporting your worldwide income, even if you live abroad full-time.
However, you may qualify for the Foreign Earned Income Exclusion and Foreign Tax Credit to reduce your US tax burden. Consult a tax professional specializing in expat taxes.

Can I still collect US Social Security benefits overseas?

In most cases, yes, although there are a few exceptions for certain countries. Your benefits can be deposited directly to a bank account in your new country of residence.
Be aware that some countries tax Social Security as income. Research the tax laws and any Totalization Agreements between the US and your destination country.
Residency and Citizenship Abroad

What are the easiest countries to get residency in?

Some of the countries with the most straightforward residency options include Mexico, Panama, Costa Rica, Portugal, Spain, Germany, Czech Republic, and Thailand.
Residency is often granted based on income/savings, retirement status, real estate purchase, or in some cases simply proving you can support yourself. Research the specific visa options for your country of interest.

How can I get citizenship in another country?

The most common pathways to citizenship abroad are through ancestry, marriage to a citizen, extended legal residency (naturalization), and economic investment.
Some countries like Dominica and St. Kitts & Nevis offer "citizenship by investment" programs where you can obtain a second passport relatively quickly by investing a large sum of money.
Finances and Logistics

Can I have bank accounts in both the US and abroad?

Yes, it's legal and often recommended to maintain a US bank account for receiving Social Security, pension payments, investment dividends, etc.
However, some US banks are closing expat accounts due to onerous foreign reporting requirements. You may need to switch to an expat-friendly bank or credit union.
It's also wise to open a local bank account in your new country for day-to-day living expenses and to establish financial ties there.

What should I do with my house or belongings in the US?

If you own a home, you'll need to decide whether to sell it or rent it out. Consider capital gains taxes, property management, and whether you want to retain a foothold in the US.
For belongings, you can sell/donate what you don't need, put essentials in long-term storage, or ship them to your new residence abroad. Get quotes from international moving companies.
Healthcare Abroad

Will my US health insurance cover me in another country?

Most likely not, unless you have a special international or travel health insurance plan. Standard US health insurance provides limited or no coverage outside the country.
You'll need to purchase expat health insurance or participate in your new country's public health system if you qualify. Research the specific healthcare options in your destination.
Can I still use Medicare if I live overseas?
No, Medicare does not provide coverage outside the US except in very limited circumstances near the borders of Mexico and Canada.
Consider signing up for Medicare Part A as a fallback option since it's premium-free for most people. But in general you'll need to find alternative health coverage abroad.

Conclusion

Leaving the United States to live in another country is an exciting but complex process that involves many considerations, from citizenship and finances to healthcare and logistics. While this post covered some of the most frequently asked questions, there is no one-size-fits-all answer, as each person's situation is unique. The best advice is to carefully research your options, consult with legal and financial professionals, and connect with other expats who have already made the move to learn from their experiences. For more information and resources on moving abroad, check out [list some websites or books]. With proper planning and an adventurous spirit, you can successfully make the transition to your new life abroad.

Appendix
References:
https://www.americansabroad.org/dual-citizenship/
https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad
https://www.ssa.gov/international/payments.html
https://www.investopedia.com/articles/personal-finance/010416/6-easiest-countries-get-citizenship.asp
https://www.artoncapital.com/global-citizen-programs/
https://www.wsj.com/articles/expat-bank-accounts-are-being-closed-what-can-you-do-1444924683
https://www.greenbacktaxservices.com/blog/top-tax-tips-for-renting-your-home-while-living-abroad/
https://www.medicare.gov/Pubs/pdf/11037-Medicare-Coverage-Outside-United-States.pdf