Financial Concerns of Moving Abroad

By jwatkins, 10 November, 2016

Moving abroad is a multi-step process with so many individual aspects to consider that it can quickly seem daunting. Below are some of the less obvious financial concerns you’ll want to consider when moving abroad.

Insurance Coverage

Of course, home insurance, car insurance, and health insurance will all changed based on your new home, car, employment, and country. What some people fail to consider is how moving abroad affects life insurance policies. This is especially important for seniors retiring abroad, but should be considered by everyone. Of course, the answer depends on which country you’re moving to and the policies of your life insurance provider. It’s definitely an important item to look into.

You’ll also want to look into the insurance laws of the country you’re relocating to. Perhaps the car insurance requirements are stricter, or non-existent. Perhaps your new area of residence has different home owner insurance or renter’s insurance requirements. Look at all your monthly bills and ask the question: how will my move affect this payment? Then find the answers. You’ll be much more financially prepared.

Business Concerns

If you own a business or work for yourself, you’ll have to look into licensing laws, business fees, and of course, business taxes. Requirements vary based on location and industry, so you’ll have to do a bit of homework. If you take payments from customers, you’ll be happy to know that PCI compliance is an international standard, though you’ll want to look into other payment security requirements you may be subject to.

Education Carry-over

If you’re working on a degree, you’ll want to make sure you can continue that program while abroad. If you already have a degree, as long as it’s from an accredited university, your diploma will still be valid. What might change, however, are what jobs that degree qualifies you for. So be sure to look at employment requirements for your target job opportunities and make sure you don’t need to seek new certifications in order to be qualified.

Of course, college degrees can be flexible in their applicability. For example, If you have a degree in public administration, you can seek both public work and private work that applies the same skills. Of course, you’ll want to be sure you’re aware of the applicable public policies in your new country. You’ll also want to check the wage range for positions you’re seeking, as compensation can vary even in the same industry, depending on location.

These are just a few of the financial considerations to make when moving abroad. Do you have more tips for future expats? Share in the comments!