"There are a certain number of people who can work remotely and permanently," which has opened the doors to living abroad, said Boudreaux, who is a certified financial planner and a member of CNBC's Financial Advisor Council.
Roughly 9 million U.S. citizens were living abroad in 2020, according to estimates from the U.S. Department of State.
Income reporting requirements add complexityOne of the key things prospective American expats need to consider is the yearly tax filing requirements, Boudreaux said.
While living abroad, you must pay annual U.S. income taxes on worldwide earnings, including your salary, business profits, investment income and more.
The yearly tax reporting requirements have even led some expats to consider renouncing their U.S. citizenship, according to a 2022 survey from Greenback Expat Tax Services.