Moving abroad is an exciting adventure, but it comes with significant financial considerations.
This comprehensive guide will help you understand the various costs associated with international relocation and answer the question: “How much money do I need to save to move abroad?”
I’ll break the potential costs down by category – not all of them will apply to you. All prices are approximate, and provided in USD (US Dollars).
Spoiler: I recommend minimum savings of $10,000 for a single person ($30,000 for a family).
Visa and Immigration Fees
Visa and immigration fees can vary widely depending on your destination country, the type of visa you require, and the complexity of the application process. Below is a breakdown of potential costs to help you plan:
Common Visa Types and Costs:
- Tourist Visa: $30–$200. Typically valid for short stays (1–3 months).
– Note: Some countries offer visa-free entry for certain nationalities. - Work Visa: $100–$3,000+
– Costs depend on the country and industry.
– May require sponsorship from an employer, which could cover part or all of the cost. - Student Visa: $50–$500
– Often less expensive than work visas.
– Additional costs may include proof of financial support or health insurance. - Permanent Residency: $1,000–$3,000+
– Example: U.S. Green Card application fees start at around $1,225.
– Includes application fees, biometrics, and legal assistance (if needed). - Family/Spouse Visa: $200–$2,000+
– Fees vary depending on the country and whether additional documentation (e.g., proof of relationship) is required.
Total Estimate:
- Basic visa applications (tourist/student): $50–$500
- Work visas or permanent residency applications: $1,000–$5,000+
Additional Costs:
- Application Fees: $50–$500 per application
– May include processing fees or administrative charges. - Biometric Fees: $50–$150
– Required for fingerprinting and photographs in many countries. - Legal Assistance (Immigration Lawyer): $500–$5,000+
– Optional but recommended for complex visa applications or permanent residency processes. - Language Proficiency Tests: $200–$300
– Required for certain visas (e.g., IELTS or TOEFL for English-speaking countries). - Medical Examinations: $100–$500
– Mandatory in some countries to prove fitness to travel or work.
Country-Specific Examples:
- United States:
– H-1B Work Visa: $460 (application fee) + employer legal costs ($1,500–$4,000)
– Tourist Visa (B-2): $185 - United Kingdom:
– Skilled Worker Visa: £625–£1,423 ($750–$1,700), depending on duration
– Health Surcharge (mandatory): £624/year ($750/year) - Canada:
– Express Entry Permanent Residency: CAD $1,365 ($1,000 USD)
– Work Permit: CAD $155 ($115 USD) - Australia:
– Temporary Skill Shortage Visa (TSS): AUD $1,290–$2,645 ($850–$1,750 USD)
– Permanent Residency: AUD $4,240 ($2,800 USD)
Hidden Costs to Consider:
- Translation Services: $20–$50 per page for translating documents into the required language.
- Courier Services: $20–$100 for sending documents to embassies or immigration offices.
- Travel to Consulates/Embassies: Costs vary depending on proximity; may include flights or hotel stays if required in another city.
- Visa Rejections: Application fees are often non-refundable if your visa is denied. Reapplication may incur additional costs.
It’s essential to research the specific requirements of your destination country and start saving early to cover these expenses.
Moving Costs
International Shipping (of your belongings):
- Average cost range: $2,500 to $20,450+
- Factors affecting cost: Shipment volume, Destination, Services required
- Sea freight (cheaper but slower): $3,220 to $20,450+
- Air freight (faster but more expensive): Varies, generally higher than sea freight
Moving Container Costs:
- Average cost: $4,150
- Can reach up to $9,100 or more for larger shipments
Home Size and Moving Costs (approximate):
- 1 Bedroom: $3,500 – $5,500
- 2 Bedrooms: $5,000 – $7,500
- 3 Bedrooms: $7,000 – $10,000
- 4+ Bedrooms: $10,000 – $15,000
Popular International Routes (from the US):
- UK: $5,000 – $8,000
- Canada: $3,000 – $5,500
- Australia: $7,000 – $12,000
- Germany: $6,000 – $9,500
Initial Accommodation Costs
Temporary Housing:
- Average cost per month: Varies widely by location
- Serviced apartments (usually furnished): Often cheaper than hotels for stays over 30 days
- Short-term rentals: Prices greatly vary by city and country (see: Numbeo for the latest data).
- Long-Term Housing: Expect to pay 1-3 months’ rent as a security deposit
– Average monthly rent greatly varies, from $200 in India to $2,400 in Singapore and over $3,000 in expensive destinations such as San Francisco or New York.
Insurance Costs
International Health Insurance: Average annual cost: $5,200.
Insurance Cost varies by age (typical breakdown):
- 18 to 29: $2,404
- 30 to 39: $3,401
- 40 to 49: $5,795
- 50 to 59: $7,274
- 60 to 69: $8,295
- 70 plus: $10,734
Travel Insurance:
- Average cost: 6-7% of total trip expenses
- For a $5,000 trip: Approximately $264
Transportation Costs
Shipping your car:
- Average cost: $5,000+
- Additional expenses: Import taxes (vary by country), Environmental approval fees (if applicable)
Flight Costs:
- Average one-way flight: $1,400 per person
- Pet transportation: In cabin: $300, Cargo: $1,000
Miscellaneous Costs
Currency Exchange:
- Consider exchange rates and transfer fees
- Use specialized transfer services for better rates (I recommend Wise)
Customs and Import Taxes:
- Generally around 2% of the value of transported goods
- Varies significantly by country
Document Fees:
- Passports, visa applications, background checks, etc.
- Budget $200-$500 for various document fees
Vaccinations and Health Checks:
- Costs vary by destination and required vaccinations
- Budget $200-$1,000 per person
Opportunity Costs
- Potential loss of income during transition period
- Career advancement opportunities in home country
- Retirement and pension considerations
Unexpected Costs
Delays and Storage:
- Temporary storage fees: $100 to $450 per month
- Extended hotel stays due to delays finding long-term housing at your destination (this can really add up!)
Language Courses (If needed for work or integration): $500-$2,000
Emergency Fund: I recommend 3-6 months of living expenses in savings
How Much to Save?
The total amount needed varies greatly depending on your specific situation, but here are some general guidelines:
- Minimum savings: $10,000 – $15,000 for a single person
- Recommended savings: $20,000 – $30,000 for a more comfortable transition
- Family move: $30,000 – $50,000+
Major factors affecting your savings goal:
- Country of origin and destination
- Family size
- Lifestyle expectations
- Job prospects in the new country
- Length of stay (temporary vs. permanent move)
While it’s impossible to provide an exact figure that applies to everyone, this guide should help you estimate the costs for your specific situation.
Remember to research your destination country thoroughly, as costs can vary significantly from one location to another.
It’s always better to overestimate your expenses and have a substantial emergency fund to ensure a smooth transition to your new life abroad. Good luck!