Emigration is NOT for Everyone. If Not Today, Consider It as a Long-Term Goal.
It would be irresponsible to say something like “emigration is for everyone.” It obviously is not. If you can’t even afford a plane ticket, then sadly, it’s not an option for you. Let me be straightforward: having more money means having more options. Besides needing funds to sustain yourself while establishing your footing, most countries have minimum financial requirements to qualify for their immigration schemes.
If your country is experiencing war or you’re being politically persecuted, emigration becomes a necessity. However, even in these situations, having money still matters. This website is not geared toward refugees or people seeking political asylum, as this is outside my area of expertise.
Even if you don’t have sufficient funds today to emigrate, it’s still good to plan the process and consider your options for the future. In my own case, leaving Canada didn’t make sense until recent years. But I’m glad I made a plan to leave long before. You can at least plan and work toward it. While saving money, you may develop other options. Countries may also change their immigration requirements, making previously unfeasible options now plausible.
The Optimal Case: The 7-8 Figure Net Worth Entrepreneur
My site isn’t specifically geared toward 7-8 figure business owners. If you fall into this category, you’ll likely hire a professional consultant. However, I call this group the “optimal case” because they have compelling reasons to emigrate. As business owners, they may have connections or dealings in other countries, making residency in those countries advantageous.
High-net-worth individuals (HNWIs) also have tax incentives to move. As a Canadian, I can confidently say that Canada’s tax regime is one of the most oppressive in the developed world. Taxes are heavy and levied on almost everything. Once your net worth passes a certain threshold, moving may make sense. If you look at the wealthiest Canadians, you’ll find that most don’t reside in Canada! They’re on the list only because they hold Canadian passports. They are wealthy BECAUSE they don’t stay in Canada.
This group also meets the requirements of many immigration schemes. Countries often offer residency or citizenship by investment. Governments worldwide are eager to attract wealthy business owners who can generate jobs and tax revenue. In exchange, they grant residency or citizenship.
Emigration for the Average Working Person
Most people aren’t 7-8 figure business owners. If you’re part of the working class, your income comes from employment. A key consideration for emigration is your employment prospects in your target country. Research and even apply for jobs before making the move to test the waters.
I’m all too familiar with the Canadian immigration trap. Many immigrants arrive with high hopes, only to find their dreams shattered as they realize their only options are driving Uber or working in restaurants. If you leave a country like Canada, you could face the same issue. Consider your age, experience level, and the demand for your skills in your target country.
Take Canada, for example. Since the pandemic, there’s been a shortage of healthcare workers. The government has provided expedited pathways for foreign workers with in-demand skills.
Doing your own research is crucial. In most countries, it’s illegal to work unless you have a work visa or citizenship. Some countries issue an open work visa, allowing you to find an employer after arrival. In others, you need an employer to sponsor your work visa. Just because you get an open work visa doesn’t guarantee you’ll find the employment you want.
Although I owned a business, I consider myself working class due to my professional accounting background. I never quit my job to manage my business. I can tell you firsthand that business is fundamentally unstable. My wealth primarily came from working, saving, and investing wisely in the stock market. So, don’t be discouraged if you’re working an average job. Slow and steady often beats fast and furious.
Many working people invest in stocks or real estate. Stocks pay dividends, and real estate can generate rental income. You can also sell property and reinvest in stocks or other passive income sources. Having passive income provides a cushion. If your passive income is stable and substantial, you might not even need to work in your new home country. However, most people aren’t in this situation.
This site isn’t primarily about investments, but I’ve included content on investment strategies, as emigration requires a minimum level of wealth accumulation. This is highly relevant to working-class individuals who need to build wealth first.
Emigration for the Retiree
Many people retire outside their home country. For example, some move to lower-cost-of-living countries in Southeast Asia, where their money goes further, allowing them to retire earlier or enjoy a higher standard of living that would not be possible in their current home country.
Another example is snowbirds. Canadian winters can be harsh, so some people stay in Canada during the summer and move somewhere warm during the cold months. If you live in another country, you can also consider escaping your least favourite season by setting up a nest in another country. Often, this isn’t true emigration, as they retain residency in Canada.
Investment topics are highly relevant to retirees, as the goal is to build a nest egg large enough to live off passive income. Other considerations include healthcare and social issues, as you’ll need to plan for day-to-day life in your new country.
Emigration for Families
If you’re married with children, your situation becomes more complex. In addition to the factors discussed above, you’ll need to consider education and whether your spouse is open to moving. This decision is highly personal and must be made as a family rather than as an individual.