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Moving Abroad For Work: How To Manage Your Finances
Relocating to a new country to start a business or get an exciting new role is an exhilarating process, but you need to make sure that you’re fully prepared.
There’s a lot to think about when moving to a new country, and one of the most important factors is your finances.
Managing your money is hard enough without factoring in the various rules and regulations that ex-pats around the world must comply with.
To help, we’ve put together this practical guide to managing your finances when you’re moving abroad.
Research The Financial Rules In Your New Home Country
The first step when you move to a new country is to conduct thorough research into the financial rules and practices in the country that you’re moving to. Find out about the governing bodies that regulate the finance sector in the region and then check out their rules and regulations. Remember that the rules will be different for you, as you’re an ex-pat rather than a citizen, so make sure that you read the relevant information and try to absorb as much as possible.
Get A Bank Account At A Local Branch
International banks or online banking solutions are useful, but it also helps to have a local account that you can use for everyday spending. Check out local banks and find a branch that is near to you and offers you the services that you need. As an ex-pat with a visa, you should be entitled to open an account, but the benefits you get might vary, so explore all the options available to you before you make your decision. While a local bank account is important, you should also keep your accounts open in your home country and monitor your accounts regularly to make sure that your money is safe.
Collaborate With International Tax Experts
Dealing with new tax rules and multiple jurisdictions can be challenging, but it doesn’t have to be if you work with international tax experts. Everfair Tax specialises in tax services for ex-pats, particularly US taxes, so you can save time and ensure that you always pay the right amount of taxes. Working with international tax advisors allows you to ensure that you’re always compliant with relevant tax laws and optimise your assets to ensure you make the most out of your tax allowances.
Stay Up To Date With The Latest Financial Developments For Ex-Pats
Financial rules and regulations are constantly evolving, and new budgets are launched each year that contain information on new grants and tax brackets. As a result, it’s not enough to simply do a quick Google search for financial rules and then forget about it. Your finances could change, and you could be entitled to more or less support in the future. That means you need to make sure that you keep an eye on financial developments and changes to the tax laws in your region to ensure that you’re always up to date.