You can do similar in Europe as well. At least when I was there, many of my colleagues at Schneider Electric were contractors making decent money (even for US rates).

Actually being a contractor in a country with good social safety net is even better... as you're employment isn't responsible for healthcare benefits* , your options are much better.

* France has a public/private deal where you (or your employer) can pay extra for better service, but the baseline social safety net is quite ample.