Countries That Will Pay You to Become a Resident
Have you ever fantasized about moving to a new country but didn’t pursue it because of the high costs? What if you could not only move abroad without going broke, but actually get paid to become a resident?
While it sounds too good to be true, there are several countries offering financial incentives if you are willing to pack your bags and embark on a new life there.
From direct cash payments to free land to tax breaks, some governments are creatively trying to entice new residents to relocate as a way to boost their populations, fill critical labor shortages, and stimulate their local economies with new taxpayers and consumers.
The size of the incentives can really add up too, potentially covering a substantial portion of your moving and living expenses abroad.
While eligibility criteria, obligations, and fine print vary widely between programs, the prospect of getting your relocation costs covered and having extra capital to build your new life abroad makes these relocation incentive programs intriguing options worth understanding.
Let’s examine some of the best places currently offering deals for new residents and what you need to do to collect.
Why Do Some Countries Offer Financial Incentives for New Residents?
Most countries and communities offering paid residency programs share common goals for wanting to attract newcomers:
Increasing Population Numbers – Many rural towns and regions in countries like Italy, Spain, Scotland and Japan have aging populations and declining birth rates. Offering incentives helps drive interest and new residents to these areas to balance the demographics.
Filling Labor Shortages – Some countries need to fill critical gaps in their workforces and skills bases necessary to fuel economic growth. Incentives that encourage professionals and young families to relocate permenantly help build their labor pools.
Economic Growth – Bringing in new residents creates more taxpayers, consumers, home buyers, entrepreneurs, and investors. This stimulates local economies and creates more business opportunities and jobs. More people means more growth.
New residents can take advantage of these innovative financial incentives when they align with a region’s demographic and workforce targets. But keep in mind you’ll likely need to make a substantial commitment to live there for a number of years to cash in.
Next let’s look at the types of incentives offered for new residents.
What Types of Incentives Do Countries Offer?
If you decide to uproot your life and move abroad, what types of deals and assistance could you expect from residency incentive programs?
Direct Cash Payments – Some areas literally pay you to move there, offering new residents lump sum cash bonuses upon arrival. These range from a few thousand dollars up to $10,000 or more. The money is yours to spend freely once you become a resident.
Tax Breaks – Special tax incentives and credits provide new residents huge savings over a number of years. These may include things like property tax discounts, income tax deductions, investment tax credits, and waived consumption/VAT taxes.
Free Land – Trying to attract farmers, entrepreneurs and homesteaders, some rural communities offer free plots of land – even free small houses already built on the land – if you move there and commit to residency terms.
Business Grants – Grants to help cover specific costs like relocation fees, building renovations/construction, equipment purchases or operating expenses are common. These can provide up to hundreds of thousands of dollars.
Relocation Assistance – Some areas provide job placement services, language training, administrative support in getting visas/permits, and even free airfare and moving services to relocate families and belongings abroad.
The mix of financial and logistical support can really help ease the transition and get your new life up and running as you put down roots in your new home country.
Next let’s look at which countries and communities currently offer the most lucrative packages.
What Countries Offer the Best Financial Incentives Right Now?
If you’re sold on the idea of moving abroad for the money, where are some of the top destinations offering the biggest financial incentives today?
Chile – Chile’s “Startup Chile” visa program provides qualifying entrepreneurs with a 1-year residency visa, along with access to a wide range of benefits including:
- $30,000 equity-free seed capital
- Free office space
- Help with filing incorporation paperwork and opening bank accounts
- Discounted airfare and affiliated services
This innovative incentive program aims to attract early-stage startup founders looking to launch their ventures in Chile^1.
Italy – Trying to reverse declining population trends, hundreds of small towns and villages across Italy offer incentives up to €30,000 (around $32,000) if you relocate there, including:
- Direct cash bonuses for renting a home
- Tax credits for buying/renovating property
- Discounts on daycare and tuition costs
- Waived municipal taxes for new residents
- Business setup grants and incentives
Saskatchewan, Canada – The Saskatchewan Immigrant Nominee Program (SINP) offers permanent residency and cash bonuses to skilled workers and entrepreneurs willing to relocate there. Incentives include:^2
- Up to CA$75,000 lump sum payment
- Free job-search and relocation assistance
- Tuition rebates for post-secondary education
Vermont, USA – Part of Vermont’s Remote Worker Grant Program, new residents relocating to Vermont for remote job opportunities can qualify for up to $7,500 in relocation assistance including:^3
- Up to $5,000 reimbursement for qualified moving costs
- Up to $2,000 in grants covering 1 year of co-working space memberships or other work-related expenses
These are just a few of the many options globe-trotting remote workers have today to get their adventure funded and facilitate their transitions abroad. The hardest part may be deciding amongst all the intriguing destinations vying for new residents!
Next let’s discuss what hoops you need to jump through to collect on these incentive offers.
What Are the Requirements to Receive These Incentives?
While the financial incentives to move abroad sound enticing, you knew there had to be some strings attached, right? Countries offering these programs do have requirements you must meet in order to collect funds or other benefits. Some key criteria to be aware include:
Minimum Stay Durations – To prevent people from just temporarily moving abroad just to cash in, most incentive programs require commitments to reside there for minimum timeframes, usually between 3 to 5+ years. You may have to forfeit incentives if you leave earlier.
Home or Land Purchases – Some rural communities require new residents to purchase real estate in order to receive benefits. This guarantees long term residents that will help keep the municipalities alive. Property purchase prices still tend to be low.
Bringing Dependents – Countries want whole families to relocate, not just individual workers who may eventually return home. Programs favor those willing to have children and get them enrolled in local schools.
Arrival Timeframes – Applying too far in advance before actually moving may disqualify you from locking in certain guaranteed incentives that communities can later revoke. Research timing specifics.
In-Demand Skills/Backgrounds – If targeting employment needs, countries establish lists of eligible skills and professions they aim to attract most. Terms perpetually evolve based on economic needs.
Business Plans – Entrepreneur focused programs require viable business plans you intend to implement locally to qualify for start-up grants and other incentives.
Always investigate the full eligibility terms, obligations, duration commitments, and application procedures for any specific relocation deal catching your eye. Criteria and fine print varies widely across different countries and communities offering incentives.
Next we’ll look at the potential magnitude of financial support you could collect.
How Much Money Could You Potentially Get?
If you meet all the eligibility conditions and are willing to commit to residency terms, what’s the actual magnitude of cash and financial perks you could collect from abroad incentive programs?
While amounts vary, between direct payments, tax savings, free land, waived fees, reimbursed moving costs and more, you could potentially accrue tens of thousands of dollars or more in total incentives.
For instance if accepting Italy’s offer to move to a small village in need of residents:
- A €10,000 cash payment would cover your rent for 2 years
- Waived municipal taxes could save you €3,000 a year
- Income and investment tax breaks could save tens of thousands over time
Meanwhile through Chile’s entrepreneur program:
- $30,000 in seed funding could cover product development and sales costs
- Savings from free office space might tally $18,000+ over a full year
So while you won’t necessarily get cut a huge check as soon as you arrive, once you calculate the present value of long term tax savings, waived fees, reimbursements and direct payouts, the total 5-figure incentives you receive could deliver very attractive returns on investment over the duration of your required stay.
Just be aware that with lucrative incentives also come obligations and strings attached. Let’s discuss potential “catches” to watch out for.
Are There Any Catches or Downsides?
While getting paid to move abroad sounds like a sweet deal, participating in relocation incentive programs does come with some catches and downsides to consider:
Taxes Owed – Cash grants and reimbursements provided are considered taxable income, both by your home country if applicable and the country paying you the incentives. Make sure to set aside money to cover taxes owed.
Other Obligations – As mentioned before, most programs require minimum stay commitments of 3-5 years or more, otherwise you may need to pay back a pro-rated portion of funds received if you leave early.
Unexpected Expenses – Relocating abroad comes with all kinds of inherent expenses like shipping belongings, buying furnishing, traveling home periodically, etc that may not all be covered by incentives provided. Budget accordingly.
Culture Shock – Assimilating into a very different culture with an unfamiliar language, food, customs and norms will inevitably involve culture shock. Some experience more difficulties adjusting than others.
Bureaucracy Challenges – Dealing with all the governmental red tape related to visas, permits, finding housing, utilities, banks, healthcare, taxes and more can be immensely frustrating and time consuming. Patience and persistence are key.
So while financial incentives allow you to make your move abroad much more comfortably, don’t expect the overall transition to be stress-free. Prepare for paperwork headaches, occasional homesickness, putting yourself out there to make new friends in your adopted home, and budgeting more than the tangible relocation reimbursements provided.
In the end however, becoming immersed in an entirely different culture and way of life often ends up being the most pricelessly rewarding return on investment!
Key Takeaways on Countries That Will Pay You to Move There
If the prospect of getting your relocation costs covered while being immersed in a new culture abroad intrigues you, here are some key takeaways:
Substantial Incentives Available – Between direct cash payments, reimbursements, tax savings and waived fees, relocation programs offer thousands of dollars in total incentives – sometimes more than enough to cover your moving expenses.
Vet Programs Thoroughly – Don’t get swayed by potential money alone. Carefully vet programs’ legitimacy and all eligibility terms, stay commitments required, bureaucratic challenges expected, and timeline specifics before applying.
Be Flexible and Patient – Understand that despite financial assistance offered, assimilating into a new country still demands perseverance through culture shocks, frustrating administrative processes, homesickness and unexpected costs. An openness to embrace change will serve you best.
While not without their quirks and obligations, residency incentive programs open doors for adventure and new beginnings that would otherwise be cost prohibitive for many to pursue.
If willing to adapt to change and savor total cultural immersion, getting paid to live abroad could end up being one of the most fulfilling growth experiences of your lifetime!
Now head out there and claim those checks waiting for you overseas! Good luck and safe travels.