I like to save money, and one the biggest ways to save money is literally leaving the US, i did that in 2021 and move to Puerto Rico from New York and saved a lot of money, and then I moved to the Dominican Republic 2023 roughly. I like it hear a lot.

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1. Cost of living and moving
• My advice is this, if you are going to be moving somewhere, be careful with what you bring with you
• Sometimes you are better off just repurchasing things or just flat out getting a fully furnished apartment
• But lets run the numbers
For people trying to Own and People trying to Rent
• question can non residents own property ( yes )
• Price range by area but the average is about 50k-100k
• Question what are the best areas | Medellin, Bogota and Cartagena
For people trying to rent
• $300-700 it all depends on how many rooms and so on
Utilities
Food
Transportation
• this is one massive factor, because of importation, you can always expect to pay more for a car in other countries

2. Taxes
• non-residents get taxed at a flat rate of 35% this could change don't forget
• This is lower than California which has an average of 42% but really that depends because its on a step up basis
• But its definitely higher than if you lived in a state with no state taxes like Texas or florida
But their is two more taxes we often miss
• sales tax is 19% compared to California which is the highest at 7.25%
• The reason is because although taxes seem high, in a lot of countries people dont pay taxes and theirs a lot f corruption, so the best way to tax teh people is via when they buy things
• Gringo tax: this is the extra money people try to charge you for being a foreigner and them thinking you have a lot of money ( know your prices before you negotiate )
Imagine you go to a restaurant:
• you might get hit with a mandatory tip of 10-15%
• And then taxes of 19%
• That’s how they get you

3. Quality of life
• only 4% know how to speak English
• Time to fly over and cost of a ticket ( obviously depends on where you are flying from )
• Average salary: 4.6M per month or 1,058 dollars USD
Why is this important
• well this means you need to know Spanish or at least some to get around
• It’s not that long or as expensive trips for visits back to the US
• And lastly it tells you how much money the people make and how much money you can kind of have and be just fine ( that’s something i like comparing )
For example:
• if you make 4K in the US per month and feel like you barely have enough
• You know that the average person in the US makes the same and feels the same
• But in Colombia that’s 4x what they make, so you can do a lot better quality of life wise

4. Crime rate ( gated communities )
• 20% higher than the US
• Violent crimes are also higher than the US
• But i will say this, it all depends usually on where you live and places you frequent
I learned those lessons before moving to Puerto Rico
• everyone told me that it’s violent and so many get handled
• But living their was a completely different experience

5. Personal opinion
• it all depends on where you live
• visit before moving
• And you have a visitor visa that last about 90 days for free ( use that to see what you think )
So will i be moving to Colombia
• the answer is i already got my Colombia here in DR
• But i will be visiting Colombia God willing
• And I’ll probably go to Medellin


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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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