Financial Tips for Relocating Abroad2018-05-022018-01-04https://ilovemoving.com/wp-content/uploads/2018/09/logo-ilove2-1.pngI Love Movinghttps://ilovemoving.com/wp-content/uploads/2017/10/finance-1.jpg200px200px
Moving abroad can be quite a hassle when it comes down to finance. To avoid these problems, I Love Moving has created a list of tips for you to help ease the adjustment process of your relocation.
Create a plan
It is extremely important to develop a financial plan that will include all your sources of income, and expenses. If you are in the look out for employment at your new location, then be sure to plan out all the expenses you may have so that you won’t waste all your money before your first paycheck. Take into consideration, not giving pup the home you own immediately, because you never know if things may not work out overseas. This is a good way to earn money by renting it out and putting your household goods in storage.
Managing your Career
It’s a good idea to take a leave of absence from your current job until you have fully settled into your new home. This is especially a good idea if the leave is paid and offers job protection. If you are working for a global company, try requesting global projects you can have something to do with your new location. If your new destination is looking to launch a new business, try considering this and giving it a try or test out your luck by gaining an advanced degree at a local University.
Most countries see marriage as a sacred pact which is why they offer couples maximum benefits and protection for each party. If this is not your case than try registering as a civil or domestic partnership before leaving home. This will give you all the financial protection you need from problems that can arise overseas. It is also a good idea to create a cohabitation agreement that will clearly state the living and financial arrangements you have agreed upon.
Get to know your new financial environment
It is necessary to make a routine for your financial transactions such as foreign exchange, moving money, and paying bills at your new location. In many developing countries some transactions can require an in person visit and long wait times. Be aware of the fact that not all countries offer joint bank account for married couples. Sometimes it is difficult to enter into joint bank accounts because countries don’t want the U.S. government to have access to their financial details.
It is a good idea to get some professional advice on worldwide income. Know all tax filing requirements and liability on your designated destination. It is also important to consult with an immigration attorney to help you understand local immigration law, including visas, work permits and your rights as a foreigner.
In conclusion, these are some of the many ways you can protect yourself from all the dilemmas you may have in the future with finance at your new destination. The minute you feel that you are prepared to embark on your journey overseas, give I Love Moving a call to start scheduling your move!