Relocating to a new country often precipitates research around the question, “How to move abroad permanently?”

Moving abroad with any degree of permanence brings countless changes, and, particularly for high-net-worth Americans, it’s essential to plan each step with care. 

While moving abroad through DIY research and self-advocacy is possible, this approach isn’t always ideal, especially if your situation is complex, you have family or business considerations, or you’re navigating various financial obligations. 

Even if you’d like support when moving though, it’s hard to know where to start. 

That’s where the impetus for this moving abroad guide comes in: Below, we’ll focus on Americans moving to Europe and walk through four key professionals you may want to work with to plan your move. 

They’re listed in loose order, beginning with the professional with whom it usually makes the most sense to speak when you decide to make the leap and move abroad permanently. 

Note: If you know you would like to speak with a cross-border financial planning professional, be sure to check out our upcoming in-person events so we can connect the next time we're in your area!

International Immigration Attorney: The Foundation of Your Move

The first step in moving to Europe is often securing the right visa or residency permit, and this process can be overwhelming without specialized support. 

At a baseline level, an international immigration attorney can: 

• help you understand your visa options

• prepare the necessary documents, and 

• ensure your application complies with the regulations of your destination country. (1)

If necessary, they can also escalate questions or problems with your application within the court system to increase your odds of obtaining a favorable response. 

Not only does working with an international immigration attorney ensure that your visa application is ironclad, but when applicable, they can review the fine print for financial opportunities, too.  

Business immigration lawyers

If you are being relocated through your work, make sure to inquire about potential business immigration support. 

Some companies provide this as part of their relocation package offers for employees, so take care to ask during preliminary discussions about what your relocation package will include and what relocation assistance, if any, the company is willing to provide. 

Key Services Provided

For those relocating for work, an international immigration attorney can review your job contract to make sure it meets local labor laws and that your job title or employment terms align with the requirements for work visas in countries like France or Spain. 

Important callout: Immigration attorneys can also review documents such as work contracts to see if they’re optimally structured. Many countries in Western Europe offer generous tax breaks for highly skilled professionals who are transferring to work in their country as a means of incentivizing a move. 

If you’re moving for personal reasons—such as retirement—an attorney can guide you to the most suitable visa option, such as Portugal’s D7 Visa or Spain’s Non-Lucrative Visa, both of which are popular among retirees.

Importance of Early Engagement

Starting with an immigration attorney is beneficial because visa type and length of stay affect many other aspects of life abroad, from tax residency to healthcare access. 

Although some Americans manage the visa process independently, having an attorney often reduces uncertainty and provides crucial support especially when navigating nuances like local bureaucracy and changing visa requirements.

U.S. Expat Tax Advisor: Staying Compliant and Informed

Thanks to citizenship-based taxation, U.S. tax obligations don’t disappear when you move abroad. (2) For many Americans, particularly high earners or those with complex situations, consulting with a CPA specialized in working with U.S. expats prior to moving abroad is incredibly helpful. 

Working with an expert US tax planner ensures you remain compliant with the IRS and can prevent surprises down the road, particularly if you’re moving for the long term or have a business.

Key Services Provided

For salaried individuals, a tax advisor can help you understand how to qualify for the Foreign Earned Income Exclusion (FEIE) or determine how/if a tax treaty applies to your situation. 

For U.S. business owners, consulting with a U.S. business tax advisor becomes especially important as they can advise on necessary changes to your business structure and any adjustments to your reporting obligations. Many Americans are surprised to find that they may not be able to move abroad while maintaining a U.S.-based business or that they may need to change their U.S.-based entity to avoid paying excessive taxes. 

For example, let’s say you’re moving to France but have a U.S. business

Typically, you will need to close your U.S. business and open a business in France. This will require the support of two tax specialists, the: 

1. U.S. expat tax advisor: will help you close the U.S. company and report the French company to the IRS during your first filing year abroad), and the 

2. Foreign business tax advisor: responsible for recommending and setting up the best French entity for your business, and can handle business-related administrative processes throughout the year, including filing your foreign tax return.

A note on booking tax planning consultations

Selecting tax advisors is often one of the most challenging aspects of moving abroad. Due to the nature of their work, the complexity of U.S. tax filing needs, and the high demand for quality providers, it can feel like scheduling a consultation is throwing money into a void. 

To reclaim a sense of control, seek out providers who offer free discovery calls, and be sure to come prepared with questions to make the most of the short period of time. If you’re not sure what to ask, request a list of typical questions the tax advisor typically asks during consultations. 

Why Timing Matters

Ideally, you should speak to a tax advisor once your plans are confirmed to allow for tax planning within the year you move. The timing of a move is important to consider for tax purposes as it can determine to which country you owe taxes for that tax year. 

Taxes for expats can be complex, so addressing this aspect early can help avoid tax penalties and optimize your finances from day one.

Cross-Border Financial Planner: Managing Assets and Forward Planning

A cross-border financial planner is invaluable for individuals with substantial assets, investments, or dependent family members. Beyond tax compliance, they help ensure your financial plan aligns with your new life abroad, whether you’re planning to stay in one foreign country or remain mobile. 

Key Services Provided

A financial planner specializing in expat needs will work with you to: 

• review your current financial situation

• articulate your financial priorities and goals to date, then in the context of moving abroad, and 

• adjust your investment portfolio to align with cross-border regulations and optimize for your values and goals. 

For instance, in Europe, certain investment strategies that work perfectly well in the U.S. cease to be efficient in Europe. 

A classic example here is investing in foreign mutual funds

Investing in U.S. mutual funds is a well-known and approved practice, investing in foreign mutual funds typically results in unfavorable tax treatment by the IRS (PFIC classification).

Moreover, many Americans find themselves caught between a rock and a hard place because their ETFs and U.S.-based mutual funds become liabilities during foreign tax reporting season due to a disconnect between the documentation provided by U.S. banks and the documentation required by EU regulations. (3) A cross-border financial planner’s job is to guide you toward more suitable investment vehicles while helping you retain your U.S.-based assets.

Forward planning is also essential, especially if you:

• have children

• expect to be the beneficiary of a will

• are connected to a U.S. trust. 

A cross-border financial planner can support estate planning that takes both U.S. and European rules into account. 

For example, if you’re moving to Spain with children, a cross-border financial planner can ensure your accounts and asset base are structured optimally while complying with both U.S. and Spanish inheritance laws. This is particularly important if you're moving from a state with complex state tax residency rules, such as California.

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Selecting the Right Planner

Look for a U.S.-registered financial planner who understands the nuances of living in your destination country. Mentions of “fiduciary” or certifications in the field are also good signals that the planner has their clients best interests at the center of their planning, and have taken extra steps to ensure they’re offering top-notch service. 

This expertise ensures that your assets are managed correctly, and any potential issues with local regulations are addressed before they arise. 

A quick note on our team: At Chase Buchanan USA, we’re pleased to offer our clients insight to the expat experience from a personal perspective too. 100% of our team have lived outside of their home country, or currently do so. 

Currency Specialist: Efficient Money Transfers for Big Expenses

A foreign currency specialist can provide valuable, nuanced service if you’re planning a major financial transaction, such as: 

• purchasing a home or investing in a European property

• transferring a large sum into a foreign account to qualify for a visa

• selling a U.S.-based home with plans to convert and send the profit to your foreign bank

Currency specialists can lower the risk of making a large transfer at unfavorable conversion rates. They can also help you avoid excessive fees or unfavorable rates.

Key Services Provided

Currency specialists often offer services like rate locking, allowing you to secure favorable rates in advance. 

This can be helpful if you’re purchasing a home in Italy, for instance, and want to avoid sudden rate changes that might decrease the amount of euros you get for your American dollars. 

Specialists can also advise on avoiding intermediary fees and provide guidance on exchange timing to maximize your purchasing power.

When to Engage

You may only need a currency specialist at later stages of the move when making large transactions. However, contacting one early to understand your options can provide flexibility in your financial planning and prevent costly surprises.

Conclusion: Building Your Trusted Expat Team

Moving abroad permanently as an American involves many steps, whether you go the DIY route or choose to build a relocation team. 

With the right team of specialized experts, you can ease your transition, reduce stress, and avoid common mistakes. Of course, working with an immigration attorney, U.S. and foreign tax advisors, a cross-border financial planner, and a currency specialist is just the beginning. 

There are many other areas you may appreciate support in, such as choosing a school for your children, a language school for yourself, or relocating your pets. But, the four we’ve discussed in this article will lay the foundation for your move, ultimately helping you navigate the legal and financial aspects of expat life more confidently.

Start with professionals who align with your needs, and when you find a good fit, don’t hesitate to ask for referrals within their network. With the right team behind you, you’ll be well-prepared for your new life in Europe.

References

1. What Does an Immigration Lawyer Do? | American Public University

2.  Taxation - American Citizens Abroad

3. MiFID II | European Securities and Markets Authority

Disclaimer

This material is purely intended to be general and educational in nature, and should not be construed as specifically-tailored investment, financial planning, tax, legal, or other professional advice. Information and data contained herein is as-of the date of publication, and may be subject to change in the future without notice. Any investment performance referenced is purely past performance, which is no guarantee of any future performance. Nothing contained herein should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or other financial product or investment strategy. All investment, tax, and financial planning strategies involve risk that you should be prepared to bear. You are highly encouraged to consult with professionals of your choosing before taking any action based on this material.