The Beginnings Of An Escape Plan

Ever since the current administration was (re)elected, we have wondered what we would do if the worst-case scenario played out.  The Wife was adamant that we needed to have at least a concept of a plan.  I was hesitant, thinking we should stick it out.  I felt that leaving the country would be wrong when so many people do not have the luxury of that option.  The last eleven weeks, especially the last one, have shifted my way of thinking.  I still think we should stay, but I am now a little more amenable to making a contingency plan.

First of all, we can't stay in America so we have to consider where we would go.  During the COVID pandemic the Wife put in the time and paperwork to become a citizen of Luxembourg through her ancestral connections.  This means she, as a European Union (EU) citizen, can live anywhere in the EU.  I, on the other hand, am not an EU citizen but, As I am married to an EU citizen, I can become a permanent resident of Luxembourg, similar to having an American green card.  Residency allows me to live in Luxembourg indefinitely, but I cannot move to other EU nations.  I would still be restricted to 90 to 180 days, depending on the country's rules, just like any tourist.

I still need to investigate how to transfer our American retirement funds to EU/non-American financial institutions. I don't think there is a way to do this without incurring a large tax bill. Currently, this isn't an issue as the money can stay in America. However, if things really go all authoritarian, I could see restrictions on moving funds out of the country becoming a problem.  Until then, I have moved all our stock holdings to cash to protect our assets.

There is still a lot more to plan but let's hope this stays a hypothetical plan that never needs to be exercised.