It is important to plan for the unexpected when moving abroad. Here are ten tips to consider before making the move.
Do your homework before you make the move, not after. Visit expat community resources and forums on the internet to get a feel for the area. Do as much research about your destination as possible.
2. Financial Requirements
Read up on taxes and other impacts to your finances the move will make. Different countries have different tax policies, so do not assume your benefits or retirement income received will remain the same. Have a plan B if things go wrong.
3. Local Laws and Customs
Read up on local customs and regulations. They may differ tremendously from what you are used to.
Once you leave a country, you are not covered by your insurance carrier in most circumstances. If you are staying within the European Economic Area (EEA), there are exceptions and you will need to look into them.
5. Independent Legal Advice
Before buying property abroad, seek legal advice from an attorney in that country. Do not rely on what a real estate agent or property developer tells you.
6. Impulse Buying
Ensure you are familiar with local protocol before you purchase a property. Do not be rushed into a decision; visit the area and other properties nearby.
7. Tax Regulations
Be sure to know the type and amount of any taxes you will be paying as well as their propensity to change, particularly property taxes. You can not take real estate with you if things change.
8. Exchange Rates
If the country you are moving to uses a different currency, be aware of the exchange rate and its susceptibility to change.
9. Notify Your Home Country
Notify all the government departments necessary of your intention to move out of the country.
As much as possible integrate yourself into the local community. Do not isolate yourself and make every effort to learn the local language and customs for a successful move abroad.
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