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10 October, 2017
Moving abroad comes with a lot of financial considerations. On top of the actual cost of moving, acquiring appropriate visas, and ensuring all your affairs are in order, there is the act of ensuring all your finances are reported accurately to the correct sources.
Depending on your citizenship status and the laws of both the country you’re moving to and the country you’re moving from, your tax requirements will vary. Here are some tax guides for specific countries, which will be a useful start for expats trying to determine their tax obligations.
Of course, investments always add complications to taxes, and this is exacerbated by international moves. But it’s not enough to consider your country and expat status when seeing how investments affect your taxes. You also must consider the industry of your investment. For example, real estate investing has different rules than other types of investments. So you’ll have to become knowledgeable of the specific laws regarding your types of investments in each country you’re involved in. Political changes like Brexit can also drastically affect laws regarding investments, though sometimes the impact is not as large as expected.
If you’re moving abroad, it’s important to talk to financial experts familiar with the laws of all countries involved. It’s recommended to talk to financial advisors in both the country you’re moving from and moving to, and making sure the information you receive is consistent. Dealing with experts experiences with working with expats is extremely useful. Talking with business associates or personal connections who have expatriated could be useful as well.
You’ll want to start the process of organizing your finances as early as possible. This will allow you to make the most of tax deadlines and figure out what to move immediately and what to move later for maximum financial benefit. Certain accounts and investments can remain untouched, while others will have to be filed or claimed differently.
You’ll also want to consider how the tax laws of your new country will affect how your assets get divided in the case of your death. This could greatly impact how you decide to invest, especially if you have children or other beneficiaries.
What are your experiences with taxes in multiple countries? Share in the comments!
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