Arnold U. Says:
I want to move overseas soon, but I’m not quite at retirement age. Can I keep earning after I move? What’s the best way?
IL Executive Editor Jennifer Stevens Says:
Hi Arnold,
If you still need to generate an income while living abroad, you’ll have to keep in mind that most countries don’t want you to take a job away from a local. Only certain residence visas allow you to work—and usually it’s certain types of work. So that’s something you’ll need to consider when you’re deciding where to go and which visa to apply for.
Many countries have put “Digital Nomad”—or similar-type—visas in place that can allow you to work remotely and gain permanent residence. You’ll find some recent coverage on this subject from Jeff Opdyke here.
You could work remotely with your current job.
In many jobs you essentially sit at a desk and interact with colleagues or customers via email, phone, instant message, or other online communication. Face-to-face time is rare. If that describes your job, why not do it from a location overseas? With high-speed internet available just about everywhere, it’s not difficult. What about meetings? You could join in via video conference with software like Skype or through a teleconference line.
You could work online as a freelancer.
You could take the skills you have now and start offering your services as a freelancer or consultant. You’ll be working with clients around the world online. You could even take on a new skill. Some examples of good freelance careers include proofreading and editing, content writing for websites, copywriting (which is advertising writing), graphic design, website design, and many more. You could also be a virtual assistant, which is like being an administrative assistant but remotely—helping someone organize their business and schedule.
Our friend Winton Churchill is an expert at online freelancing. You can pick up his freelancing guide, 21 Days to Your Freelancing Success, on the IL Bookstore here.
You could start an online business.
Again, you could take something you’re an expert on or have an interest in and transform that into a business selling products online. For example, you could sell e-books on Amazon.com, books you write or public domain works you find. You could also sell products as an affiliate, which means you advertise products on behalf of a larger company and when you make a sale you get a commission, which means you never actually have to physically ship the products or handle refunds or customer service—simple. You could also create your own digital products like guides, or videos, or online courses based on an interest or expertise. These products you would sell to customers as digital downloads from your website or platforms like this. Or you could create a dropshipping business (that’s an online retail shop). Ian Bond shows you how in his 21st Century Storefront program, on the IL Bookstore here.
You could start a brick-and-mortar business.
If you’ve always dreamed of owning a restaurant or beach bar paradise, or a clothing boutique, or an ice cream place…or any of a number of other businesses, you should be aware that in many countries, the cost to start and operate a business is much lower than in the U.S. And there is less red tape.
Rent out your home.
One easy way to make an extra income, or in some cases cover all your expenses, is by renting out your home in the U.S. short term through sites like Airbnb or long-term to renters who take out a year or multi-year lease. It’s easiest to have a property manager handle bookings, checkins, and maintenance on the property. They’ll get a cut of the rental income in exchange for their services.
This is just a sample of the options open to you for funding your life overseas. We have a full range of income solutions products (including Jeff Opdyke’s personal finance publication Global Intelligence Letter) that could help you, available right here.
Got a Question?
Send your thoughts to mailbag@internationalliving.com. We’ll post and respond to as many of your emails as we can right here in the e-letter.