Digital Nomad Visas offer straightforward residency options around the world, and sometimes even get paired with special tax deals. But did you know that you don’t have to go abroad to benefit from working remotely? Today we look at five places in the US that will actually pay you to move there – in the form of financial incentives for new residents…
Relocating can come with a host of potential benefits, ranging from enhanced quality of life to radically reduced accommodation costs – and even substantial state tax savings.
Since the pandemic, we’ve heard from many of our readers who moved elsewhere in search of more freedom, lower living costs and access to better opportunities.
Some moved to benefit from lower state taxes or greater homeschooling freedom.
Others moved to the countryside – or even to places like Costa Rica and Mexico – in order to skirt the oppressive mandates and city dramas where they lived.
Simultaneously, attracting new, younger residents is vital for any town or city to flourish.
But upping sticks – even to move across state lines – is not exactly a trivial decision, and so an increasing number of states, towns and cities are offering juicy financial incentives to lure new residents.
Here are some of the top ones we found…
Places offering financial incentives for new residents in 2023
1. TULSA, OKLAHOMA: The Tulsa Remote program offers $10,000 in cash and additional benefits to remote workers – either US citizens or green card holders – who relocate to Tulsa.
However, you can’t already be living in Oklahoma, and you have to apply for the program before purchasing or renting a home there. Importantly, you have to be employed remotely for a company located outside of Oklahoma on a full-time basis …
2. ALABAMA (SHOALS AREA): Remote workers are increasingly spoilt for choice when it comes to these types of relocation incentives. Alabama, too, is looking to attract digital workers, and its Remote Shoals program offers $10,000 in cash for qualifying applicants who move there.
You’ll have to move to an eligible city in the Shoals area – including Florence, Muscle Shoals, Tuscumbia and Sheffield – within six months of being approved. You’ll get to bank 25% ($2,500) of this incentive up-front, followed by an additional 25% after six months, and the remaining 50% ($5,000) after completing one year there.
Like with many competing relocation incentives, you’ll have to be at least 18 years old and eligible to live and work in the US when applying. You’ll also have to be earning a minimum annual income of at least $52,000.
Plus, you’ll have to be employed full-time, on a remote basis, by a company outside of Colbert and Lauderdale Counties.
3. WEST VIRGINIA: Is outdoor living your thing? Thanks to a program called Ascend West Virginia, moving to one of several participating mountain communities in the state could earn you $12,000 in cash… And free access to a coworking space.. Plus $2,500 in vouchers for outdoor recreational gear rentals and related activities.
In the first year of moving there, you’ll receive $10,000 in monthly installments (i.e. $833 per month). And after completing your second year of living there, you’ll receive an additional $2,000 bonus.
You must be at least 18 years old, and be a US national (or have a green card) to apply. In addition, you must either work remotely or be self-employed outside of West Virginia (with the ability to work remotely) on a full-time basis.
You must also be able to relocate there within six months of being accepted.
4. ROCHESTER, NEW YORK: If you’re a remote worker currently living within 300 miles of downtown Rochester, New York, the Greater ROC Remote program wants YOU… to move there.
The program will pay up to $10,000 to cover your relocation expenses, and you can apply for an additional $9,000 grant if you’re buying a home there.
You’ll have to be 18 years or older, and be allowed to live and work in the US. Crucially, you already have to be employed full-time as a remote worker.
And again, you’ll have to be able to relocate within six months of being approved under the program.
5. HAMILTON, OHIO: The Hamilton Community Foundation offers up to $10,000 in financial assistance to recent college graduates who move to Hamilton.
The Talent Attraction Program (TAP) Scholarship is a “reverse scholarship”, which offers recent graduates assistance with student loan debt. Successful applicants may receive a total of up to $10,000 (at a rate of $300 per month).
However, if you cease employment, or move out of a designated neighborhood before the total funds have been disbursed, you will forfeit the right to any future payments.
To be eligible for the TAP Scholarship’s benefits you must:
- Have graduated, within the last seven years, from a STEAM program (Science, Technology, Engineering, the Arts, or Mathematics).
- Not currently be living in any of the designated areas in Hamilton, but you must plan to move to one of several eligible locations in the city.
- Be employed within Butler County, or employed full-time in a remote professional position.
And if none of these tickle your fancy, there are a fair number of other alternatives.
In next week’s episode, we’ll also unpack some of your international options, too…
For those with a sense of adventure, the world is brimming with new experiences and potential avenues for growth. Moving to the featured locations may not be for everyone…
But if you’re young(ish), employed remotely, recently graduated or simply looking to get out of your comfort zone, a deal-sweetened move to one of these destinations could be well worth the effort.
Simon Black is an international investor, entrepreneur and permanent traveler. His daily letter is both educational and entertaining, and we suggest that those who want unbiased, actionable information about global opportunities sign up for Sovereign Man’s free, actionable newsletter at http://www.SovereignMan.com.
From Simon Black of SovereignMan.com
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