‘I’m so much happier now’: Mom, 33, ditched North Carolina for beach life in Jamaica, cutting her living costs from $3,000 to $1,900 a month. How to decide if a similar move is right for you

According to her article for CNBC Make It, in 2017 Tiffany Grant was working as an HR specialist while raising her kids and trying to pay off over $50,000 in debt. Four years later, she was a full-time entrepreneur and visited Jamaica — her father’s homeland. She wrote she “fell in love with everything about it.” After some consideration, she decided to move with her two youngest children.

Though she lives in a three-bedroom house in one of the most expensive neighborhoods on the island, her expenses are significantly lower than in the U.S. ($1,900 per month versus $3,000). Her veranda serves as her office, allowing her to work outside every day, and she’s only a 10-minute drive to the beach. The result? “I’m so much happier now,” she wrote.

Pros and cons of moving abroad

With consumer prices elevated in the U.S., some Americans are considering a move abroad to live their best life without breaking the bank. And depending on where you move, the cost of living could be cheaper — in some cases significantly more affordable. If you can work from anywhere while earning the same salary you would in the U.S., you can stretch your dollar much further.

But for many like Grant, moving isn’t just about money. It’s about finding a better work-life balance or sense of community that was missing at home. In Jamaica, “there isn’t the hustle mentality and the constant stress and anxiety that is so prevalent in the U.S.,” she wrote. She’s been embraced by the community, and her children thrive and spend more time outdoors — instead of on their screens.

But moving abroad also has drawbacks. Aside from leaving loved ones behind, adapting to a new way of life, and sometimes experiencing loneliness, a lot of paperwork is involved — from getting a visa and opening a bank account to applying for a tax number. The move itself can be expensive, including transporting your belongings from the U.S. and paying for short-term accommodations while looking for a new home. If you can’t work remotely, you’ll need to find a new job, which will require having savings set aside to help you during the transition.

Visa, tax and medical care considerations

Before you book a one-way ticket out of the U.S., you’ll want to do your homework. When deciding on a new country of residence, several cost-of-living calculators can give you a sense of how much money you’d need to maintain the same standard of living in a different locale.

Once you decide on a destination, you must consider immigration laws. You’ll need to apply for the appropriate visa or residence permit from the authorities of the country you plan to move to (with work visas, they may prioritize their citizens first for specific jobs). Some countries offer digital nomad visas, which allow you to work remotely.

You’ll also need to consider the tax implications of a move abroad — keeping in mind that every country is different. The U.S. taxes by citizenship, not residence, which means you could end up being subject to double taxation (paying taxes to your new country of residence as well as Uncle Sam). The IRS’s Foreign Tax Credit or Foreign Earned Income Exclusion may help reduce your tax exposure; also, dozens of tax treaties exist between the U.S. and other countries that could reduce rates or provide exemptions. It can be complicated, so you may want to consult a qualified cross-border tax expert.

Then there’s health care. Depending on your new country of residence (and your employment situation), you may receive coverage from the country’s national healthcare plan, which could require monthly payments. You may also want to look into purchasing an international health insurance plan.

Once you’ve considered the pros and cons of a move abroad, you just might find yourself following in Grant’s footsteps.