When you think of expats, the image of retirees basking in the Mediterranean sun might come to mind. But times are changing. Millennials and Gen Z are packing their bags, not for retirement, but for adventure, remote work and a lifestyle reboot. They’re not just moving to chase the sun, but also for better affordability, digital infrastructure and culture-rich living.
While this shift may have started with digital nomads, it’s now a broader lifestyle movement. Young professionals, freelancers and entrepreneurs are increasingly trading traditional 9-5 careers and high-cost cities for greater flexibility, freedom and a lower cost of living overseas.
So, where are younger generations emigrating? And more importantly, why?
In this article, we’ll explore the key motivations driving Millennial and Gen Z expats, and the popular destinations they’re choosing, with a close eye on living costs and how international money transfers can help manage the financial side of moving abroad.
Why younger expats are going global
Remote work, flexible careers and rising living costs at home have spurred a new generation of globally mobile individuals. From Lisbon to Seoul, Millennials and Gen Z are trading long commutes and sky-high rents for walkable cities, cultural immersion and affordability.
For many, the decision isn’t just lifestyle-driven, it’s financial. In cities like London or New York, rent alone can eat up more than 50% of your income. Compare that to places where the average cost of living is significantly lower, and the case for relocating becomes much clearer.
Additionally, countries around the world are introducing more visa options to attract younger remote workers, opening the door to living and working abroad without giving up your career. From digital nomad visas in Spain and Portugal to entrepreneur-friendly schemes in places like Malaysia, it’s becoming easier than ever to live internationally.
Urban exploration meets affordability
One common thread among popular destinations is a vibrant urban lifestyle, but without the price tag. Take Lisbon, Portugal, for example. With its growing tech scene, welcoming visa policies and average monthly costs around £650 for a single person (excluding rent), it’s an ideal base for digital nomads and entrepreneurs.
With its cobbled streets, Atlantic charm and year-round sunshine, Lisbon combines lifestyle with practical benefits. Co-working spaces are plentiful, English is widely spoken and you’ll find a thriving international community of young professionals and creatives.
Further east, Budapest is attracting younger expats who want European charm and a rich cultural backdrop. Here, a single person can live comfortably for around £1,100–£1,200 a month, and its café scene and co-working hubs make it an underrated gem for remote workers.
Low transport costs, a high standard of living and a buzzing arts scene add to the appeal, especially for those who want to enjoy European living without the Paris or Berlin price tag.
Asia’s digital dynamism
Tech-savvy members of Gen Z are flocking to Asia’s megacities, not just for career opportunities but for the culture and affordability. Bangkok continues to be a magnet for younger expats thanks to its blend of tradition and tech, with monthly living costs as low as £1300 (including rent.)
Street food, fast internet and a thriving expat scene make it particularly attractive to remote workers. In addition, Thailand’s long-stay visa programmes offer more stability for those who want to base themselves in the region longer term.
Meanwhile, Seoul appeals to Millennials chasing both a modern lifestyle and pop-culture scene. Expats typically spend around £1150 monthly, including rent, groceries and transport. For many, the lifestyle and career prospects justify the higher costs in Asia.
South Korea’s high-speed internet, emphasis on education and innovation, and vibrant nightlife all help make Seoul a standout for younger expats looking for a fast-paced but rewarding place to live.
Latin America’s growing appeal
For those looking west, Mexico City has emerged as a hotspot for the younger generations. With a vibrant arts scene, food culture and co-working spaces, it offers great value for money. Living costs here are around £565 per month (excluding rent).
The city offers a rich cultural experience, from Aztec history to modern art, and has become a hotspot for young creatives and freelancers, particularly from Europe and North America.
In Medellín, Colombia, the rise of remote work has transformed this former backpacker hub into a hotspot for young professionals. With spring-like weather year-round and costs around £650 monthly, it’s easy to see why younger expats are calling it home.
The city’s investment in safety, infrastructure and innovation, including its pioneering metro-cable system, has turned Medellín into one of Latin America’s most exciting relocation destinations.
Managing your money across borders
Moving abroad isn’t just about booking a flight, it means managing finances in two currencies, navigating new banking systems and dealing with fluctuating exchange rates.
At TorFX, we help make the financial side of expat life simple. Whether you’re transferring savings to set up in your new home, sending money back to the UK or covering monthly living expenses abroad, we provide competitive exchange rates and personal account managers to guide you through the process.
For expats sending regular payments (like rent, tuition fees or family support), our forward contracts allow you to lock in a rate for up to two years, helping protect against currency volatility. That means greater budgeting confidence, especially when living overseas long-term.
In additional you won’t be charged transfer fees, so more of your money reaches its destination, whether you’re settling down or living abroad temporarily.
Is a new expat life right for you?
With inflation biting and flexibility becoming the norm, younger generations are taking a hard look at how, and where, they want to live. The rise of global nomadism isn’t just a trend, it’s a shift in how we think about work, home and lifestyle.
If you’re considering your own expat adventure, managing your money effectively is just as important as choosing the right city. At TorFX, we’re here to help you every step of the way, whether it’s a one-off transfer to get you set up or regular payments to support your life abroad.
Ready to make your move? Speak to our expert team and see how we can help you transfer smarter!