Yes, I believe with strong certainty that many of them will relocate to foreign countries.
First Reason: it is often much cheaper
My uber rides in Colombia and the Dominican Republic are EASILY one third the price of what they cost in the United States. Likewise, with rent. Labor is cheap so virtually any service is much less expensive.
Most of the United States and northern Europe is cold and rainy. Many remote workers will move in search of the climate of their choice.
The Women: Better Choice in Dating
Many people who have secured a work-from-home job will attempt to cash on in the “dating arbitrage” that happens when a developed-world man moves into a developing-world country. The fact is that women tend to give men more credit and interest when they come from countries like the United States, Canada, the UK or Germany. Many women in the third world look up to Western men. If you don’t know this yet, well, you just don’t know it yet. Young men seeking a wife will also be inclined to look for a potential partner where their salary goes further. Many remote workers are retaining at least 80% of their existing salary. Many are not having their salaries cut at all. A $40-70,000 USD salary allows one to live like a king in most parts of South and Central America, for example. The results are the same in many other parts of the world as well.
Many Near Retirement Were Already on Their Way
The move to spend the majority of one’s retirement years in countries like Ecuador and Colombia has been in motion for some time. The remote work wave will just accentuate this already existing trend. It is no secret that people on a fixed income are having trouble dealing with the cost of living in the United States. A few cursory searches on Google or Youtube will turn up hundreds of sites and channels devoted exclusively to the topic of which country to choose when retiring. It is no secret that Colombia has outstanding medical care at extremely affordable prices.
Tax, Legal and Data Privacy do NOT Limit Most Remote Jobs to US Physical Presence
As a web developer I was offered a job with a company that had a requirement that all work be performed on their own, secured company laptop. Further, they weren’t going to let me take it out of the country. I am aware that there are a good number of remote jobs where the employer demands that it be remote WITHIN the United States. However, most don’t have this requirement, or won’t care to enforce this provision. Further, if one uses a VPN, this restriction can be bypassed regardless of what the official policy is. I would not do that, and don’t have to in my current job. However, it is a consideration.
Many People WANT the Exciting Experience of Living Long-term in a Foreign Country
Nothing gives perspective on one’s own society like mastering a foreign language and then LIVING for a number of years in a foreign country whose native language is not one’s own.
Many People PREFER Different Cultural Environments
I’ve lived for nearly 12 years overseas. During my early thirties I adored the youthful vibrance of Rio de Janeiro. The “Cariocas”, as the denizens of Rio are called, have a special sort of personality and in those days I really preferred it to hyper-tense politeness of Seattle, Washington.