You need to consider the local cost of living, your expending style and your buying power expressed locally. You can play with this cost of living index Cost of Living Index By Country, base is New York 100. You live in Australia and your purchasing power is similar to NY, in this case 1 million is not enough, in Thailand, just as an example, with the same value you'd live like a king.
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this article has all the details for US residents if you want to be free of the tax net and expatriate. I have not been to either place mentioned. -
...Let’s address the conventional track first. There’s lots of information online about getting citizenship (and thus a passport) from any number of nations. Search for “immigration to _______” and you’re off to the races. It’s generally much easier if you’re already married to a national of that country, but you’ll still probably need to move to that country for six months or more. Another route is citizenship through ancestral claim. That too varies from country to country, but if you can produce birth records for your parents (and sometimes grandparents), then you may be on your way. The super slow conventional way is – while you’re still a U.S. citizen – to immigrate to that country and go through the full residency and naturalization process. This path takes many years…three, five, sometimes much longer depending on the country. The best way to research these conventional options is to read online, write down any questions, and then contact an immigration attorney in the capital city to get your questions answered.
Now onto the fast track. Most people who feel motivated to expatriate don’t want to spend years trying to do so. Although it’s quick, convenient and legitimate, the fast track is not cheap. It’s called economic citizenship. That means purchasing a passport directly through a government’s economic citizenship program. There used to be several countries that offered this path. But over the years the U.S. has successfully pressured nation after nation to shut down the programs. Only two countries are still standing. The first is the Federation of St. Kitts and Nevis. The second is Dominica (not to be confused with the Dominican Republic). For people anxious to break free of the U.S. government’s grip, these economic citizenship programs are a Godsend. That’s why I fear they won’t last....