With housing costs on the rise and a politically charged election approaching, many Americans are contemplating a move abroad. The first debate between President Joe Biden and Republican nominee Donald Trump saw a significant surge in inquiries about relocating overseas, as reported by immigration attorney Jean-Francois Harvey of Harvey Law Group. “People are seeking a Plan B due to concerns about political instability,” Harvey notes.

The idea of relocating overseas is becoming more feasible, as many countries not only welcome Americans but also offer a much more affordable cost of living compared to the U.S. “I can get you a visa for Spain in a few weeks,” Harvey assures. Spain, he says, is one of the countries where real estate is cheaper than in the U.S., and there’s a good chance of obtaining permanent residency.

Various pathways such as golden visas (investing in real estate for residency), ancestry, and different types of visas—from digital nomads to long-term visitors—provide Americans with legal entry into other countries. “People are realizing that in many parts of the world, you can buy prime coastal and city properties for much less than comparable homes in the United States,” says Kathleen Peddicord, CEO and founder of Live and Invest Overseas. “A modest budget can secure a comfortable home, while a larger budget can afford luxury that’s unattainable in the U.S. right now,” she adds.

Criteria for Moving Abroad

Most countries require proof of a reliable passive income source, such as a pension, dividends, royalties, rental income, or Social Security payments to cover your expenses without straining the local job market. Some countries offer residency through investment, either in funds or by depositing a certain amount in a local bank, though passive income is usually preferred. “The concern is that bank or investment money could be lost, but a pension or reliable passive income continuously funds living expenses,” says Lief Simon, founding partner at Live and Invest Overseas.

Harvey suggests that prospective countries should have stable real estate prices, a low cost of living, a stable political and economic environment, easy commutes to the U.S., and a significant English-speaking population.

Pathways to Property and Residency

Golden visas have been a popular method for Americans to buy real estate abroad and gain long-term or permanent residency. However, many European countries have rolled back these programs after locals were priced out of the market. Some, like Greece, have increased their golden visa requirements, while others, like Spain, Portugal, and the Netherlands, have removed real estate as a qualifying criterion.

Despite these changes, there are still many opportunities to buy real estate abroad for living or rental purposes. Here are seven countries where Americans can buy affordable real estate:

Panama

Both Harvey and Live and Invest Overseas highly recommend Panama as a top destination for real estate investors and those seeking a change of scenery. “Panama is increasingly popular,” says Harvey. “It’s easy for Americans to travel to and from.”

Panama offers pristine beaches, a large English-speaking expat community, and no visa requirement for visiting. To apply for residency, you need a local immigration attorney and proof of $1,000 monthly income. “Buyers from Argentina, Colombia, and Venezuela have kept the Panama City market stable and growing over the past decade, even as other regional markets have struggled,” according to Live and Invest Overseas.

Spain

Spain is another country with an easy visa process, offering temperate weather, a low cost of living, beautiful beaches, and access to the rest of Europe. “Spain welcomes foreign property buyers, with generally no restrictions,” says Sophia Titley, senior editor at Live and Invest Overseas.

The best residency option is the Non-Lucrative Visa (NLV), requiring proof of about $2,600 monthly income, health insurance, no criminal record, and proof of residence.

Get your free guide “Passive Real Estate Investing For Busy Professionals”

Hungary

Renowned for its stunning architecture and vibrant cultural scene in Budapest, Hungary is also an excellent real estate market, says Harvey. Hungary has reinstated its golden visa program, offering work and residence rights for 10 years with a $270,000 real estate fund investment. Alternatively, you can buy property worth around $543,000.

France

Harvey recommends avoiding Paris for better deals. “In the countryside, you can find beautiful villas for much less than an apartment in Paris,” he says. However, Live and Invest Overseas still sees value in Parisian real estate for long-term wealth storage. Foreigners can get mortgages at low rates of around 2%, and France has a straightforward Long Stay Visa program.

“The basic requirement is self-sufficiency without local employment,” says Titley. To buy a home, foreigners face no unique restrictions and can make a verbal offer, sign a binding compromis de vente, pay a deposit, engage a notary, and sign the deed of sale.

Belize

Belize, known for its white beaches and spectacular barrier reef, is a prime destination for snorkeling, diving, and fishing. “On the mainland, you can experience lush tropical rainforests and mountains,” says Live and Invest Overseas. Belize is just a two-hour flight from Miami and is an English-speaking tax haven, with no tax on foreign income.

Titley recommends the Corozal District near Mexico, where homes range from $100,000 to $200,000. The cost of living is low, needing about $2,000 monthly income for a comfortable lifestyle. The Qualified Retirement Program allows those over 35 with $24,000 annual income to settle long-term.

Click here to learn more and subscribe to the newsletter

Thailand

Phuket, Thailand, is a surprising yet highly recommended location by Harvey. Despite the 2004 tsunami, the island’s affected areas have been rebuilt resiliently. Thailand has about 50,000 American residents, and Aaron Henry, owner of Bangkok marketing firm Foundeast.com, praises the superior healthcare system, no property tax, and exceptional quality of life. Foreigners can own condos or portable houses, though not land.

Philippines

Harvey highlights the Philippines for its purchasing power, stable government, and affordable housing. With a large American expat population, the country has low income requirements for various Special Resident Retiree’s Visas and low real estate investment requirements for residency.

Wise notes that in the Philippines, a one-bedroom apartment in the city rents for $325 monthly, compared to $1,708.27 in the U.S., with overall living costs 52% cheaper. Foreigners can own condos, apartments, or buildings but not the land they occupy.

By considering these countries, Americans can find more affordable real estate options and a better quality of life abroad, while also securing residency through various pathways tailored to their needs.

For more information you can read the original article here Realtor.com

Share this: