| Last Friday I rolled off a high-speed train from London to Paris and straight into the living room of a friend doing what a lot of Americans are dreaming of right now: moving to Europe. My friend has been “auditioning” cities across the continent, staying in Airbnbs for weeks at a time to see what he thinks. After enough trial and error, he’ll make a call on where he wants to be long term. The experience made this story about Americans exploring a move overseas ring even truer. So for this week’s newsletter I’m aiming to give you a sense of how to do it. Residency requirements Sure, an American from California can decide to stay in New York for as long as they want. But that’s not the case for the same Californian looking to relocate to Paris without a visa or passport. “You need to have a legal way to stay in the country,” said New York-based Judi Galst, managing director of private clients at Henley & Partners USA, a firm that helps people get alternative residencies and citizenships. American citizens without visas can stay in Europe for only 90 days within a 180 day period. Any longer and you’ll need a visa, residency or passport. Anyone who’s been to a cocktail party in the past few years has probably heard about so-called golden visas, also known as “residence by investment.” Several European countries offer them to people who make significant investments in their countries. But the rules around them are constantly changing. Here’s a guide if you’re interested. (And if you have a couple hundred thousand dollars to spare.) Otherwise, there are other cheaper routes to get residency or citizenship, but they can be more difficult logistically. One is by descent: Many countries offer citizenship rights to the children or even grandchildren of their citizens, no matter where they were born. You might be surprised by your rights. Alternatively, you can also try to get a work permit from an employer willing to sponsor you, or look into special visas for students, retirees and even digital nomads. Just a note: There are a lot of websites out there trying to take advantage of your European dreams, so tread carefully. The most legitimate sources of information tend to be from government websites, but the paperwork is pretty onerous. Also: Not all visas lead to long-term residency or citizenship. This is an area where experts say you need to do your homework. Beyond currency conversion Next, one of the first questions a lot of expats will ask is how in the world they are going to move their cash. But, as David Kuenzi, director of international wealth management at Creative Planning in Madison, Wisconsin, put it: “Getting money over there is the least of your problems.” Most US banks and other third-party sites allow account holders to make international wire transfers. (And tip: It’s best to convert in tranches over time to limit your foreign-exchange risk.) But what’s harder is coming up with a financial plan for your life in a foreign country, without damaging your prospects stateside if you decide to return. Kristopher Heck, founding partner and chief investment officer at Tanager Wealth Management in London, says Americans need to remember that the tax, financial and estate-planning rules abroad can be very different to what they’re used to. Capital gains taxes may be higher in a new country, so you might want to think about rebasing your portfolio before moving abroad. Cost of living can be higher in many parts of Europe. And you need to make sure that you understand how, in a worst case scenario, your estate might be taxed in a new jurisdiction; it’s not always the same as it is in the US. With that in mind, Kuenzi said aspiring expats might consider what my friend is doing now: “Living” abroad temporarily to see how a location suits before making any sudden moves, like selling the house or car. Understanding a new place’s customs — before you move — could end up saving you a lot later on. My takeaway? Life abroad can feel like a fantasy. But it requires some preparation to get right. — Charlie Wells P.S. Send questions about your own financial dilemmas or questions to bbgwealth@bloomberg.net. We may get expert answers for you, and feature your question and the answer in an upcoming newsletter. Thirty-year bond yields this week traded above 5% in the US. That is not far from their highest point since 2007. From the US to Japan, long-term borrowing costs for the world’s biggest economies are surging as investors question the ability of governments to cover massive budget deficits. Investors are warning that governments can’t keep borrowing at the pace they did when interest rates were close to zero, particularly since trade tensions and sticky inflation have diminished the probability that policymakers will dramatically ease monetary policy. Bitcoin surpassed $111,000 for the first time. Traders are increasingly bullish on the prospects of the biggest cryptocurrency amid mounting institutional demand and support from Donald Trump’s administration. A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for digital-asset firms The biggest gainers and losers on the Bloomberg Billionaires Index through close of trading Wednesday: Francoise Bettencourt Meyers was the biggest gainer in dollar terms. Bettencourt Meyers controls one-third of L’Oreal, the world’s largest cosmetics maker. The firm’s shares are up some 20% this year, and this week Bettencourt Meyers clocked a $4 billion gain, bringing her net worth to $91.8 billion. Elon Musk lost the most in dollar terms. The world’s richest man lost $9.3 billion, taking his wealth down to $370.2 billion. Musk is CEO of publicly traded Tesla, the world’s most valuable carmaker. Tesla shares are down some 15% this year. Developer RXR Strikes Deal to Buy NYC’s 590 Madison for About $1.1 Billion  Photographer: Yuki Iwamura/Bloomberg RXR, the Manhattan property developer led by Scott Rechler, agreed to purchase the office tower at 590 Madison Ave. for nearly $1.1 billion, according to a person familiar with the matter. The company is buying the building close to Central Park from the State Teachers Retirement System of Ohio, the person said, asking not to be named citing private details. A spokesperson for RXR declined to comment, as did a representative for Eastdil Secured, which is handling the sale of the tower. A spokesperson for the State Teachers Retirement System of Ohio didn’t immediately respond to a request for comment. The building, on Madison Avenue between 56th and 57th streets, has been on the market for several months. The property was long known as the IBM Building, when the technology firm had offices in the skyscraper, but IBM has since relocated in Manhattan. Hong Kong’s Rich Families Sell Their Own Dwellings to Repay Debt  The sea-view villa at 188 Victoria Road in Hong Kong. Photographer: Handout/Source: Savills Hong Kong’s rich families are learning about the unpredictability of market downturns. Now some have to sell the homes they live in to cut debt. This week, a sea-view villa previously owned by wealthy businessman Chan Ping Che was listed by receivers for HK$430 million ($55 million). Meanwhile investment firm Gale Well Group Ltd.’s Chief Executive Officer Jacinto Tong sold his penthouse apartment for HK$138 million last month, according to land registry filings. Read the full story here. This week, we’re looking for people who are recent graduates struggling to find jobs in the current labor market. Some of our best journalism at Bloomberg Wealth comes from your own stories and we want to hear from you, your friends or clients. Please email bbgwealth@bloomberg.net if you’d like to get in touch. | 
