If you became a newly cast millionaire, where would you migrate? Due to inertia, I bet most of you will stay in their place. Many of us are afraid of change, which is why we stay in work of hatred and suffer from a breakdown of our marriage.
But how about taking risks and moving to another country. After all, your money exceeds 94% of the U.S. population and 99% of the world’s money. Live a little bit!
Depending on where you will move to when you become a millionaire, it depends on where you are currently living, how well you are currently blissful, and the stage of life you are in. Let me share where I was going to move to when I was young. Then we will get big data.
My 30s Migrant Migrate
If I could rewind to 2012, when I left work and didn’t have children yet, I would stay in Malaysia for a year and then in China for a year. During middle school, I lived in Kuala Lumpur a blast and always fantasized about what life would be if I actually had some money. The people are great, but the food is hands-on, ranking in the top three in the world in my book.
At the same time, I first visited China in 1997, when I was a junior in college studying abroad for six months. At that time, the country was experiencing an economic boom, which was very obvious. But when I had a job offer to work and helped run a glasses parts manufacturing company in Shenzhen in 1999, I set out for a safer Wall Street job.
By returning to China, I will be unsure and unsure as it remains unchanged, not 22 years old and improved my Mandarin. Then I will try to be entrepreneurship so that I won’t look back on life with regret because I don’t try. With millions of dollars in investment, I can try new ideas at will. I’m sure I could easily be a social newcomer, partly because.
My 40s Migrant Migrated
Today, if you lure me out of vibrant San Francisco for $10 million, I would obviously move to Oahu. I have been to most states in the United States and over 60 countries so far, and it is also clear to me that living in Hawaii offers one of the greatest qualities in life.
As a bonus, you may even live longer, Hawaii is the highest life expectancy state in Hawaii, at the time of 79.9 years. Once you win the financial lottery, your health can no longer sit down. Your goal should be to live healthy as long as possible to enjoy your wealth for a longer time.
Sadly, my desire for adventure and exploration has diminished. For all young people, use your motivation while still being motivated. Ultimately, you won’t want to live in youth hostels and backpacks around the world.
Today, I mainly want to live in a year-round sunny and comfortable weather. I like to be outdoors and move my body in some capacity every day. Also, I wanted to be with my parents in the late 70s.
Millionaires move around the world
According to the 2025 Henry Private Immigration Report, more millionaires have moved than ever. The UAE attracts the most millionaires, followed by the United States, Italy, Switzerland and Saudi Arabia.
Instead, Britain lost the most millionaires, followed by China, India, South Korea and Russia.
What’s going on? The answer is a country’s tax policy. Given a millionaire who earns the most and has the most assets, they also tend to face the highest tax rates. Therefore, one of the easiest ways to minimize taxes is to relocate to a country with lower taxes, preferably a higher quality of life.
UAE is attracting millionaires, and Britain pushes them away
If you are a high net worth individual looking to optimize your taxes and lifestyle, it’s easy to understand why the UAE is one of the most important destinations. The UAE has become a magnet for migrating millionaires thanks to zero income tax, long-term golden visas, and a luxurious lifestyle in strategic global locations.
So far, most of the millionaire immigrants have come from India, Russia, Africa and the broader Middle East. However, more British and Europeans are expected to follow tax policies in places like the UK, becoming increasingly disadvantageous.
In particular, Britain is rapidly losing its appeal. The government is gradually phased out its long-term “non-representative” identity, which is used to protect foreign residents from paying taxes on overseas income. This change alone may drive many wealthy residents to consider relocation.
Add to the Labor plan to put a 20% VAT on private school tuition, and you have another reason to let wealthy families look elsewhere. It is natural to explore life where life may be more popular as the government continues to raise the cost of accommodation.
It’s hard to save taxes by moving to Americans
If you are a wealthy American who wants to move abroad to lower your tax bill, this is the reality: The IRS doesn’t care about where you live. As long as you hold a U.S. passport, you owe global income no matter your actual location.
This makes the United States one of the few countries in the world that are based on citizen taxation. In other words, even if you move to tax haven, the United States still wants your financial pie.
That said, there are multiple ways to reduce your tax liability, but there is no way to eliminate your tax liability.
Foreign earned income exclusion (FEIE)
For 2025, foreign earnings exclusions allow you to pass the Physical State Test qualification (330 full-day overseas in a 12-month window) or a true residence test, excluding the maximum income of $130,000. If you are married and you are all eligible, then this could be $260,000 in income avoiding federal income tax.
But remember that this exclusion only applies to your income – your W-2 salary or freelancer/contractor income. It does not apply to investment income, rental income, dividends or capital gains. So if your wealth is largely passive, then FEIE won’t help much.
Foreign Tax Credit (FTC)
If you live in a country with higher taxes, the Foreign Tax Credit allows you to offset U.S. tax liability based on income taxes you pay abroad. This is especially useful for those who have a large amount of passive income.
However, you can’t dip twice. If you use FEIE to exclude income, you cannot claim FTC with the same income. While the FTC can greatly reduce your tax bill, it rarely lowers it to zero, especially if you live in a low tax jurisdiction.
National taxes are still lurking
Some states, such as California, do not give up easily. They will chase you like the predator in one of my favorite movies. Unless you completely conclude contact (no property, no driver’s license, no voter registration), they may still argue that you should also owe state income taxes. This is a great reminder, just because you move doesn’t mean the country lets go.
Want real tax freedom? Give up citizenship
If you want to contact the IRS completely cut, there is only one way: Give up your U.S. nationality.
However, before you book a St. Kitts one-way ticket, please know the consequences of this move. If your net worth exceeds $2 million or your average income over the past five years is above a certain threshold (above about $200,000), you may be owe export taxes. This tax treats all your assets as potential capital gains tax that triggers unrealized gains as it was sold the day before you gave up.
You will also waive the right to live and work freely in the United States, face banking and travel restrictions, and lose certain opportunities for legal protection. Once you give up, you won’t go back.
For most people, especially those with deep roots or business interests in the United States, abandonment is a nuclear option rather than a clever tax optimization move. It is much easier to move to one of the state-free income tax states.
Living in the best place can be bought
Every time we move, I feel sad to leave my friends behind, but it’s also exciting to see new areas of the world. This exposure gives you an opinion. You start to appreciate your place to live – and more importantly, you start to understand the possibilities of other places.
It’s a fun thing: Even if you work remotely and have millions of investments, you won’t actually move to a new country to live a better life. It’s hard to leave your comfort in familiar comforts – your routine, your friends, your community. If you have kids, it becomes even more difficult because you don’t want to disrupt their sense of stability.
Think about it. When they can enjoy life in Honolulu, Hawaii, the irrational multimillionaire volunteers to spend the winter in Canada’s cold Winnipeg or Duluth, Minnesota. However, many millionaires stayed. Why? Because they have established deep roots in the community. This connection is greater than the climate and even saves taxes.
When you are young and still building wealth, go to any of the best opportunities. But once you have financial freedom, don’t forget to upgrade your environment. The money you can buy in the best places to live – not just for comfort, but for the quality of life.
Reader, if you were to inherit $1 million or $10 million, where would you move? Why? If you currently live in the UAE or the UK, I would love to hear what your lifestyle and tax experience looks like. Would you recommend it to others who are looking for financial freedom or a better quality of life?
Reevaluate your portfolio before relocation
If you are considering moving, or just sitting in a time of a large amount of cash surprise, it is worth a second opinion on your finances. A wise move is to use Empower’s free financial inspection.
If you have $100,000 or more between a taxable account, IRA, savings, or 401(k), Empower Advisor can help you discover hidden expenses, discover unbalanced distributions, and determine ways to improve risk-adjusted benefits. This is an irrelevant way to emphasize your strategy, especially if you are considering a dumbbell portfolio or moving more assets internationally.
Before moving your life or money, make sure your portfolio is working hard.
This statement is provided to you by Financial Samurai (“Promoter”), who has entered into a written recommendation agreement with Empower Advisory Group, LLC (“EAG”). Click here to learn more.
Your roadmap for wealth – no matter where you live
Consider moving in search of a better lifestyle, lower taxes or more freedom? Make sure you are in good financial condition before moving.
In my USA Today national bestseller Millionaire Milestone: Simple Steps to Seven NumbersI broke down my practical, step-by-step strategy for building wealth from scratch. Whether you’re still wearing down the $100K of your first dollar or strategies around multi-million dollar decisions such as geo-arbitrage and tax efficiency, this book can provide a clear path forward.
Money will give you choice. And, once you have a choice, you can live where you really want.
Get your copy now and start moving with confidence.
Subscribe to Financial Warriors
Listen and subscribe to the Financial Samurai Podcast apple or Spotify. I interviewed experts in my respective fields and discussed the most interesting topics on this website. Thank you for your stocks, ratings and reviews.
To speed up your financial freedom journey, join more than 60,000 people and subscribe Free Financial Samurai Newsletter. Financial Samurai is one of the largest independent personal finance websites established in 2009. Everything is written based on first-hand experience and expertise.
