When Should You Think About Emigration? Right Now!
The average person only considers moving when they are unhappy. This is understandable. However, taking a proactive approach to deciding where to live can make all the difference. When you’re unhappy, you’re often in a weak or vulnerable position, making it harder to execute big moves.
For example, you might be unhappy because you’ve lost your full-time job and are now relying on gig work. If you plan or act while you’re still employed, your options are far greater. You can leverage your current job and fresh references to secure employment in your new home country. Gaps in your resume can raise red flags for potential employers, but if you already have a job, it’s often easier to land another.
Planning ahead allows you to make the best decisions rather than leaving your fate to chance. Let’s consider real estate. If you’re serious about emigration, you wouldn’t waste time buying a property in your current country. If you already own property, you might consider selling it and switching to renting. Selling rashly could mean paying early termination costs on your mortgage or selling at a low point in the market. By planning ahead, you can time your sale to maximize returns. For example, in Canada, December and the winter months are typically slow seasons for real estate.
Take myself as an example. I owned 2 properties in Canada. If you sell them both in the same year, your taxable income for that year will go through the roof. I sold one property in 2022 and the other in 2024 which was the optimal result for my personal tax situation.
Emigration requires extensive research and can take years to execute. The best time to start planning was yesterday. The next best time is now! Even if you’re happy (or at least content) with your current situation, consider whether you’re adventurous enough to start a new life elsewhere down the road. Emigration could also serve as your Plan B if you anticipate your current home country deteriorating over time.
Many Steps! The Journey of a Thousand Miles Begins with a Single Step
Researching your target country alone can take a significant amount of time. You’ll need to familiarize yourself with the latest immigration rules, learn how to open a bank account, and explore countless other details. On this site, you’ll find content outlining the specific steps you need to take before emigrating. This article is just an introduction to why planning ahead is absolutely essential.
Consider making a trip to your target country to experience life there firsthand. Don’t just be a tourist—try to visualize day-to-day activities like taking public transportation, shopping at local supermarkets, or exploring potential neighborhoods. If possible, connect with a real estate agent or a local resident who can provide insights into what life is really like.
Get Your Personal Finances in Order. Time is Money. Money is Time.
You need to know your net worth and how much cash you can (or want to) bring with you. You also need to plan how much time you’ll need to establish yourself in your new country and whether you should consider moving back if things don’t work out after a certain period. In the Finance section of this site, you’ll find detailed content on how to manage these aspects.
On the asset management side, you might want to consider liquidating your assets. While stocks can be sold with a few clicks through your brokerage, real estate can take months—or even a year—to sell, depending on the market. Timing is crucial. Don’t forget to account for any potential tax impacts on your liquidation of capital, as most countries have a capital gains tax.
The Immigration Process Also Takes Time
While you can control your own timeline, you don’t control how quickly the immigration office of your new home country will process your visa application. Similarly, when working with specialists like tax accountants or immigration consultants, you may be at the mercy of their schedules.
Most immigration schemes set out specific time requirements. For example, some countries require you to stay X years as one of the conditions for obtaining permanent residency. Full citizenship often has its own set of requirements.
Murphy’s Law: Assume the Worst. Give Yourself More Time to Fix Issues.
As a rule of thumb, assume that everything that can go wrong, WILL go wrong. This is known as Murphy’s Law. From personal experience, even simple tasks like updating my tax residency with my bank took over 20 calls and numerous forms (apparently, it’s not a common request, and the staff messed up several times). The sooner you start, the more time you’ll have to address both expected and unexpected challenges.