Moving Abroad for Taxes and Lifestyle (Ep. 38)
Can living abroad really lower your tax bill, or is it more about lifestyle?
In this episode, Adam Scott, CFP®, explores the allure of relocating to places like Portugal, Italy, Greece, and even Puerto Rico. He explains ways to reduce your taxes by moving abroad, but that for some gaining residency and improving lifestyle often outweighs tax savings. Adam shares insights, examples, and strategies to consider before packing your bags.
Key points covered:
- How U.S. taxation on worldwide income makes reducing taxes abroad more complicated
- Why tax treaties and foreign tax credits prevent most cases of double taxation
- Lifestyle and residency factors that often drive the decision more than tax savings
- Details on the foreign earned income exclusion and where it applies
- A preview of next episode topics: Puerto Rico, the exit tax, and moving between U.S. states
- And more!
Connect with Adam Scott, CFP®:
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