The number of Americans giving up their citizenship and hightailing it for other countries looks to be on the rise again — maybe because offices processing the requests are getting to their pandemic backlogs and maybe for more serious reasons. As of May 15, a total of 5,315 US citizens renounced their US citizenship, a significant increase from the 2,390 US citizens who did so in 2022.
Numbers have been up for years, up to 5,344 in 2016, says Bambridge Accountants, a company specializing in preparing taxes for expats. The figure was only 1,534 a decade ago, when a Foreign Account Tax Compliance Act went into effect.
But relocating with a resident visa to another country is not as easy for some Americans as for others. Those over the age of 50 might find themselves shut out of residency in some of the world's most popular countries, such as Australia (unless of course you can meet strict criteria). Here are some countries still happy to become new homes to relocating people over 50.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now.