147: Do you really have to take a pay cut to move to Europe?
One of the biggest things I hear from Americans who want to move abroad is this: I would love to move to Europe but I cannot afford to take a pay cut to move to Europe.
Honestly? They are not completely wrong. Moving from New York to Portugal and taking a local Portuguese job probably means a lower salary. But that is not the only way to build a career in Europe. Several strategies exist that allow Americans to move abroad and make the same amount or even more than they were making in the US.
Today I am walking you through six concrete strategies. You do not necessarily have to choose between making good money and living in Europe. Being strategic about where your income comes from is the key.
The Myth About Money and Moving to Europe
Before diving into the strategies, it is worth addressing the myth directly.
The myth is not that everyone can make as much money in Europe as in America. Moving to Europe automatically meaning you sacrifice your career and income is the real myth. Those are two very different statements. Once you understand the difference, the whole conversation shifts.
Thinking differently about where your income comes from might be necessary. But with the right approach, choosing between money and Europe does not have to happen.
Strategy 1: Keep Your US Salary While Living Abroad
This is probably the biggest opportunity available to Americans who want to move to Europe without a pay cut.
Already working for an American company? Your first question should not be what European job can I get. Ask yourself whether you can take your existing career abroad instead. People are working remotely for US companies while living in Europe right now. Remote does not automatically mean work from anywhere in the world though. Employer policies, tax, payroll, and immigration rules all matter. Still, exploring this with your employer before looking elsewhere is always worth doing.
Who This Works Best For
This strategy suits people in software engineering, product management, marketing, sales, customer success, finance, design, consulting, recruiting, project management, data analytics, and certain healthcare or technical roles.
The key mindset shift is simple. Do not quit your $120,000 job and move to Europe hoping to find another $120,000 job. First investigate whether you can bring that job with you. That employer conversation might be easier than expected.
Strategy 2: Work for a Multinational Company
This is one of the most overlooked strategies for moving to Europe without a significant pay cut. In my experience it is also one of the most effective.
Think about companies with offices in both the US and Europe. The UK, Ireland, Germany, the Netherlands, Switzerland, France, and Spain all have strong concentrations of multinational employers. Joining a company in the US first and then transferring internally to a European office is often more achievable than people realize.
Why This Is Easier Than You Think
Getting an internal transfer is often significantly easier than convincing a random European company to sponsor you from scratch. A track record, existing relationships, and knowledge of the company culture all give you a real advantage when making the case for a relocation.
Already at a multinational company? Start by looking internally before looking externally. Find out whether internal transfer programs exist or whether European roles are available. Ask whether the company has an entity in the specific country you want to move to. Making this work might be closer than you realize.
Strategy 3: Target Europe’s High-Paying Industries
Here is where the idea that European salaries are universally low really falls apart. Because they are absolutely not.
The latest figures based on OECD data show that Switzerland, Iceland, Luxembourg, Denmark, and the Netherlands are among Europe’s highest average wage countries. Certain industries within those countries pay extremely well.
Industries Worth Targeting
Tech roles in software engineering, AI, cybersecurity, data science, product management, cloud, and technical sales tend to command strong salaries. Finance roles including investment banking, private equity, asset management, wealth management, fintech, and risk can also pay very competitively. Healthcare and pharmaceutical roles, engineering positions in energy, automotive, aerospace, and manufacturing, and consulting across strategy, management, and technology round out the higher-paying fields.
Senior Roles Are Especially Portable
The further you get in your career, the more portable your earning power becomes. A senior product manager, marketing director, sales executive, or experienced consultant is not competing for the same labor market as an entry-level European candidate. Strong senior experience tends to transfer well and command competitive compensation across borders.
Strategy 4: Choose Your European Country Strategically
Where you move matters enormously if maximizing income is a priority. Not every European country pays the same way. Choosing your location strategically can make a significant difference to your financial picture.
Countries Worth Considering for Higher Salaries
Switzerland consistently tops the charts for average wages in Europe. Average gross wages sit around 107,000 euros based on recent OECD data. Zurich, Geneva, and Basel are particularly attractive for high earners in finance, tech, and consulting. Being one of the most expensive countries in Europe is the important caveat though. Salary alone does not tell the whole story.
The Netherlands is worth highlighting strongly for Americans. Amsterdam, Rotterdam, Utrecht, and Eindhoven have robust international job markets with strength in tech, finance, engineering, marketing, and international business. Ireland is another strong option. English as the primary language, major US tech companies, and well-established pharma and finance sectors make it a very accessible entry point. Dublin in particular has a dense concentration of multinational employers.
Germany rounds out the list with strong opportunities in Munich, Frankfurt, Berlin, and Hamburg. Engineering, automotive, tech, finance, manufacturing, and consulting are all well represented there.
What About Southern Europe
Portugal, Spain, and Italy are hugely popular with Americans for good reasons. Incredible lifestyle, rich culture, and often a lower cost of living make them appealing. Maximizing income from a local employer is harder in these countries though. Average salaries tend to be lower than in Northern Europe. That does not make them the wrong choice. Your income strategy just needs to account for that reality.
Strategy 5: Do Not Confuse Salary With Purchasing Power
This might be the most important conceptual point in this entire post. Comparing salaries between the US and Europe trips up a lot of Americans for this reason.
Someone might say I make $120,000 in New York and could only make 80,000 euros in Madrid. On the surface that looks like a significant pay cut. The real question though is what does your life actually look like on each of those salaries?
The Full Financial Picture
A fair comparison requires looking at salary minus taxes, minus housing, minus transportation, minus healthcare, minus childcare if applicable, and minus all other lifestyle costs. Running those numbers honestly often reveals a very different picture than a simple salary comparison suggests.
Earning 70,000 euros in a European city with lower housing costs, free or low-cost healthcare, and excellent public transportation can mean living far more comfortably than earning over $100,000 in an expensive American city. Purchasing power is what actually determines your quality of life. A raw salary number does not tell the whole story.
Strategy 6: Make Money From America While Living in Europe
This approach is entirely different and one of the most exciting options for the right person. Rather than finding a European employer or transferring within a company, you build a business or freelance practice with clients based in the US or other high-paying markets while living in a more affordable European country.
What This Can Look Like
Freelancing options worth considering include marketing, design, copywriting, consulting, development, coaching, photography, video production, and virtual assistance. Online business models like courses, memberships, digital products, newsletters, and social media management for US-based brands are all viable paths too.
No longer being limited to the salary structure of the country where you live is what makes this strategy particularly powerful. Charging rates that reflect the market you are serving rather than the market you are living in becomes possible. Building a client base in countries where your services command higher rates can create an income that genuinely exceeds what a local hire in most European cities would earn.
Real examples of people doing this exist. One case involved an American who relocated to Eastern Europe, built a marketing consultancy, and grew her income from $42,000 to $54,000 while dramatically cutting housing costs. That combination created a financial reality very hard to achieve while staying in the US.
One important caveat: visa and tax rules matter enormously here. Moving to Europe and immediately starting to freelance without confirming your immigration status permits it is not an option. Research the specific rules for your chosen country before committing to this path.
You Might Even End Up Making More Money Abroad
This is the part that surprises most people. Genuinely though, it is possible.
Rather than the typical equation of US salary plus US cost of living, or European salary plus expensive European city, a third option exists. High or international income combined with a lower cost of living in an affordable European location creates real financial advantages.
Portugal, Spain, Italy, Croatia, Slovenia, Czechia, Poland, and Hungary all offer significantly lower costs of living than major US cities. Maintaining an income based on US or international market rates while living in one of those countries can make the financial math work strongly in your favor.
Which European Country Is Right for Your Income Goals
Here is a quick breakdown based on your priorities.
Maximum salary as your top priority means focusing on Switzerland, Luxembourg, Denmark, the Netherlands, and Norway. Working for a US company with European offices points toward Ireland, the UK, the Netherlands, Germany, and Switzerland. Balancing high income with lifestyle suggests Switzerland, the Netherlands, Denmark, Austria, and Ireland. Lower cost of living combined with foreign income means exploring Portugal, Spain, Italy, Croatia, Slovenia, Czechia, and Poland.
These represent different strategies rather than a simple ranking. Europe is not one labor market. Wages and opportunities vary enormously by country and by industry.
Who Should NOT Expect to Make US Money in Europe
Being honest here makes everything else more credible. Pay cuts are genuinely more likely in certain situations.
Working in a highly US-specific profession, being early in your career, being in a local service industry, depending on a local employer in a lower-wage country, or being in a profession with heavily regulated credentials that do not transfer easily all point toward more realistic expectations of lower pay. Planning accordingly is the smart move in those situations.
Moving to Europe is not the wrong choice in any of these cases. Being honest about the financial picture just means being prepared rather than caught off guard.
Final Thoughts on Whether You Have to Take a Pay Cut to Move to Europe
Taking a pay cut to move to Europe is not necessarily required. Being strategic about where your income comes from is what matters most.
Instead of asking how much someone in your role makes in Spain, try these questions instead. Can I take my current job with me? Can I transfer within my company? Can I work for an international company? Can I target a higher-paying European market? Can I work remotely for international clients? Can I build a business? Can I live somewhere where my income goes further?
Moving to Europe does not mean choosing between money and the life you want. Finding the right strategy for your specific situation is the real goal. Once you find it, the whole thing becomes so much more possible than you might have thought.
Still figuring out which European city fits your lifestyle and income goals? Take the free quiz at jordangiberson.com/quiz
Grab the free guide, the 5 Exact Steps to Move Abroad, at jordangiberson.com/guide
Wondering what your first 30 days abroad will actually look like? Read this next: The First 30 Days Living Abroad: What Nobody Tells You and Exactly What to Do
