More and more people are packing up and moving abroad. We’re all searching for better work opportunities or a better standard of living. Sometimes, we just want to live in a warmer climate! Whatever the reason, moving the family abroad is a big undertaking. Today, we’ll help you get the finances in order.
They say that moving house is the most stressful thing you can do in life. Well, wait until you move abroad! With an entirely new banking system, new currency, and new taxes, you’re thrown in at the deep end. Don’t worry, we’re here to take you through the journey, step-by-step. Let’s take a look at some of the basics.
Pay off your debt before you leave
One of the most crucial things you can do is give yourself plenty of notice before you leave. Six months is a good amount of time to get your affairs in order and start planning the big move. One key piece of advice here is to pay off your debts in your home country. First of all, fleeing the country when you have debts will look very suspicious indeed. Be prepared to answer lots of questions if you do this! Secondly, you’re setting up a new life and financial structure elsewhere. You don’t want old obligations following you around the globe.
Research your destination
Ensure you fully understand the new country and indeed the city you are moving to. What are their rules and customs? Do you know the language, and are you ready to assimilate into a new way of life? If you’re not bound by a job, why not scour the globe for new locations to live? For example, entrepreneurs like Snehdeep Aggarwal are now building cities from scratch. They take the best parts of all the great cities to create something new. Wouldn’t it be fantastic to live in a purpose-built city? These are all the options you should be researching.
Open a foreign bank account
Before you arrive in your new destination, it’s worth opening an international bank account. It gives you a firm base in the new country before you arrive, and instant access to your money. However, it’s easier said than done. Thanks to intertwining tax laws across borders, it’s a tricky business. Ask your existing bank about their connections abroad, and extend your existing account first. If that’s not possible, approach a new international bank with all the information you need to open an account.
Buying real estate
Of course, if you’re moving abroad, you’ll inevitably go through the real estate process. It’s an entirely different experience to buying property domestically, so conduct thorough research. Speak with a reputable realtor in your destination country to understand the market. Get to know how the tax system works and what steps you’ll need to take along the way.
Setting up home in a foreign country is a daunting experience. There are lots of webs to unravel, but it’s an eye-opening experience, that’s for sure. If you have some experience in this area, we’d love to hear your thoughts and opinions.