Buyer trends
Enticed by Lifestyle, Americans Increasingly Buying Abroad
Americans are increasingly considering moving abroad (and spending more time there, too)
Last year marked the first in recent US history that net migration was negative, meaning more Americans left the country than new people came in, according to calculations by the Brookings Institution. Already about 5.5 million Americans live abroad, according to 2024 data from the Association of Americans Resident Overseas, but some consultants estimate it’s closer to nine million.
What started for some as an opportunity to live abroad during the pandemic or explore the globe as a digital nomad has expanded for many as a full-time relocation option. Whether they’re Americans looking for a more affordable cost of living, families vying for quality international schools in cities where their kids feel safe, or soon-to-be retirees who want a slower pace of life, a wide range of people are making the move abroad permanent.
Canada, Mexico, and the United Kingdom are prime destinations. Australia and Germany are also strong contenders. Between 800,000 and 1.6 million Americans now live in Mexico, according to Mexican and US government sources. Mexican immigration authorities have also noticed an uptick in residency permits since the pandemic.
• 2026 Global Survey
of agents say they have seen more americans buying properties abroad.
Alternative Lifestyle
Buyers in Mexico are getting younger, says Juan Diaz Rivera, Managing Partner of The Agency San Miguel. He focuses on San Miguel de Allende, a city in Mexico’s central highlands in the state of Guanajuato. “It used to be people in their 60s making a retirement move. Now it’s younger families putting their kids through school and looking for an alternative lifestyle,” he says. People are looking for gated communities for safety but also exploring off-grid alternative housing opportunities such as homes in agricultural and eco-friendly communities, he says.
Some of his previous clients initially would buy a pied-à-terre in the center of San Miguel. Now, new clients are buying houses in the countryside to enjoy outdoor living permanently. “We were seeing digital nomads; now they’re upgrading to full relocation,” he says.
Politics is a main driver for a number of his clients. Out of 42 current active American buyers he has, between 32 and 35 are looking to get out for political reasons, he says, including fear of growing restrictions for the LGBTQ+ community in the United States. “A huge majority of the people coming don’t subscribe to the political views of the United States; they don’t feel included,” he says. “They come to San Miguel for a different experience.”
Outdoor Living
Like Mexico, Costa Rica has also historically drawn a number of Americans. While the majority used to purchase homes to retire in or as a holiday spot, many more are now looking to move when they’re younger to start a new life. Andrés Riggioni, Managing Partner of The Agency Costa Rica, says US demand has evolved in the past five years from short-term vacationers to primary residents spending part of the year there. “They’ll develop a routine, spend five months here, six months in France, or split their time up in two or three different trips,” he says.
The nation used to attract retirees coming for affordable housing and a stable economy, he says. Now real estate isn’t as inexpensive anymore, and people come looking for better lifestyle options and quality schools. The country is on Forbes’ list of preferred places for Americans to relocate to, in part due to its good access to quality healthcare and an already strong international community.
Costa Rica has one of the strongest US expatriate populations in Central America, with about 120,000 US citizens living there in 2024, according to the US State Department. Buyers appreciate the country’s omnipresent natural features and favorable weather. They also look for wellness and unique amenities to install in their homes, Riggioni says, such as yoga decks, spa areas, and horse paddocks. “People coming [are looking] to integrate nature into their homes... mountain and ocean views,” he says. “You can get that throughout the country.”
High-Low Net Immigration Projections to the US
(Per million) 2025 (estimated), 2026 (projected)
Brookings, January 2026.
International schools, including ones adapted to the US curriculum, such as the Costa Rica International Academy in Guanacaste, are also bringing in families. Besides the quality of life, Costa Rica is tax-friendly, says Riggioni, as the government doesnʼt levy a tax on foreign income. And the visa process is often quite smooth and fast.
A number of Americans come on an investor visa, which requires a US$150,000 investment in local real estate or in a local financial asset, and grants permanent residency. The “pensionado” visa is for retirees and is also popular. It’s valid for two years and costs a mere US$250 to US$500 in application fees.
Investing in real estate is also a preferred option for Americans targeting Panama, says Victoria Levitam C., Managing Partner of The Agency Panama. The nation is still developing its infrastructure, but it shares similar natural beauty and lifestyle features to its northern neighbor, Costa Rica.
Panama offers a high quality of life, great healthcare, and an easy visa process for retirees. People can come in through the qualified investor program, which requires a US$300,000 real estate investment.
Levitam says she’s noticed an increase in interest ever since the government of Panama started investing more heavily in infrastructure to develop urban areas beyond Panama City, the capital, as part of a five-year billion-dollar plan launched in 2025. That program is likely to contribute to economic growth and the construction of well-connected and modern cities.
Panama enjoys a few large metropolises with great restaurants, shops, and schools, according to Levitam. The country’s currency is pegged to the US dollar, and the dollar is legal tender, making it a stable financial environment to invest in. The country is one of the fastest-growing economies in Central America, with the tourism industry rapidly expanding there.
Levitam has found as a result that a number of Americans are looking to purchase property in the center of the capital, Panama City, to rent out, as well as in the two constructed private Ocean Reef Islands. “Panama isn’t just selling lifestyle anymore, but building infrastructure,” she says. Still, the lifestyle is a pull for many. “You’re in this bubble with a warm local community; you can connect to everything, but you’re also submerged in nature,” she says.
A Flexible Routine
Part of the rise of Americans buying homes abroad is the increase in direct flights to vacation destinations.
United Airlines is one of the US airlines that recently announced new nonstop flights. The company launched its largest international route expansion in history, introducing service to 10 new destinations for 2027. New routes are focused on coastal, regional, and island vacation spots for travelers wanting to bypass overcrowded capital cities. They include direct flights from large US cities to Olbia in Sardinia, Ibiza and Valencia in Spain, and Grand Cayman in the Cayman Islands.
Fleur Coleman, Managing Partner of The Agency Cayman Islands, says the higher number of direct flights available has contributed to making the nation a primary residence for a number of buyers. “The Cayman Islands used to be a place for second and third homes; now it’s become more of a home base,” she says. “If you’re flying from Miami, Dallas, Chicago, Los Angeles, or New York, you can get here by the afternoon and be on the beach with a cocktail in your hand within the hour.”
Besides the flights, the island’s safety, beauty, great schools, and the ability to get permanent residency with a US$1 million investment are all factors in Americans’ increased interest in the British Overseas Territory. There are no day requirements to become a permanent resident, so people can get a visa without having to live on the island full time. An entire family can access permanent residency with a US$2.4 million investment. “People make the investment, they don’t always live full time but want to be able to move over when they want,” says Coleman. “It’s ticking the box for so many Americans who want to get out of the United States,” she says.
Exclusive Lifestyles
Across the pond, Salvatore Baldinu, Managing Partner of The Agency Sardinia, says he has noticed rising demand from American buyers, including well-traveled entrepreneurs, looking for a base in Europe. He says the Italian island combines high-quality amenities and natural beauty with a “more human pace of life.” The new nonstop flight from John F. Kennedy International Airport in New York to Olbia launched this year by Delta Air Lines has helped drive queries.
He also noted that American buyers increasingly know about Sardinia, either through friends or through social media, and look to buy properties in the well-known locations by the coast, such as by the Emerald Coast, as well as in the more secluded areas inland. “American buyers are attracted both to modern homes and to more authentic properties that have been built or restored in keeping with local traditions and identity,” he says. “Locations that are less well-known are attracting greater attention because they offer a different balance of exclusivity, lifestyle, and value, as well as the opportunity to experience Sardinia in a more authentic way,” he says.
Europe continues to attract Americans, despite growing restrictions on visas and tourist taxes in some cities. That’s according to Alistair Barton, Managing Partner of The Agency Costa Blanca North, focused on the coastal area in southeastern Spain surrounding Alicante. He says demand that started in the pandemic hasn’t ebbed in Costa Blanca, as people come for the lifestyle, slower pace of life, and international schools. “Americans always feel that Europe offers something a bit more” than what they know in the United States, he says.
The influx of Americans has continued despite the end of Spain’s so-called golden visa in January 2025, which used to grant permanent residency—and a path to European Union citizenship—to those purchasing a local property for €500,000. Most people now come through the digital nomad visa, which lets non-EU remote workers and freelancers get a three-year residence permit.
Whether in Alicante or along the coast, diverse properties are available, says Barton, from historic country homes to modern coastal penthouses. Clients who enjoy outdoor activities, including hiking or island hopping to Ibiza or Mallorca, find everything at their doorsteps. Excellent infrastructure including a coastal highway and quick access to Madrid, Barcelona, and the Balearic Islands—makes the area easy to navigate. Before purchasing, Barton advises prospective home buyers to look for trusted real-estate agents and legal advisors. He warns that Spain’s unique purchasing process can be challenging on one’s own. “Things are a bit different here than they are in the United States,” he says.
“You can get here by the afternoon and be on the beach with a cocktail in your hand within the hour.”
fleur coleman
managing partner, the agency cayman islands
Real Estate as an Investment
While some US buyers look for radical changes to their lifestyles, others look for investment opportunities. And while nations such as Italy, Spain, and the Cayman Islands still offer ways to earn a healthy return on a rental property, newer markets can offer more attractive propositions.
That’s what Wissam Saab, Managing Director of The Agency Saudi Arabia, is counting on. Saab has noticed a rise in American inquiries ever since a groundbreaking law came into effect this January in Saudi Arabia, allowing non-residents to own real estate in specific regions, including in Jeddah, the nationʼs second largest city, and in Riyadh, the capital. The measure is part of the Kingdom’s Vision 2030 strategy, which aims to attract foreign investment into the nation and support urban development. The new law also grants faster access to “premium residency,” a long-term resident visa, which comes with tax, business, and relocation benefits. “People want to buy,” Saab says. “Senior executives already present in the region are looking to purchase their long-term rentals.”
Investment opportunities are also what’s driving US demand in Belize, according to Dean Astren, Managing Partner of The Agency Belize. Astren says the Central American nation’s real estate market has transformed over the past five years, as global hotel brands such as Hyatt and Marriott build large resorts there, direct flights emerge, and infrastructure for retirees and families expands. “Five years ago, most Americans coming here were really just looking for simple two-bed houses to capture a little bit of that tropical dream,” he says. “Now, they come looking for an investment property and short-term rental income with multiple units,” he says. ■
• market insight
before you buy abroad
HIre Local experts
Expert agents agree that seeking specific local advice is essential before purchasing a property abroad. Nations vary in their purchasing processes and different land titles and legal frameworks can make purchasing without seeking advice challenging. To avoid bad surprises, hiring an expert real-estate agent and seeking legal advice are key. Looking for counsel from a local immigration lawyer is also advised, as a number of specific investor visas can be valuable and are often tied to a specific house purchase and purchasing amount.
Plan for your family
If you’re planning to relocate with your family, make sure to seek advice on immigration visas for the whole family and look early at areas with quality international schools. Some regions, such as Costa Blanca in Spain or the Cayman Islands, have a limited number of spots. “If you’re thinking of moving, look at schooling options and apply early,” says Fleur Coleman. “That’s something you’ll want to prioritize even before relocating,” she says.
