12 Things To Leave Behind When You Move Abroad part 2 – Part one is here.

Benefits of Relocating Abroad

If you are planning to have an international experience, you might want to consider what will happen after your job contract end. Will you go back home or stay abroad?

The obvious answer would be that it depends on the lifestyle you are used to, but other factors may influence your decision. Finding a new place to live is not easy, but if you follow our advice, you can move abroad with these seven benefits.

1.    Personal Experience

Some people say that the most important thing in life is to gain experience and travel as much as possible to live unforgettable moments. Moving abroad is an international experience that you will never forget, also giving your personality a boost and making you grow as a person.

2.    Language Learning

Language learning is important, especially if you want to move abroad in the future and need to adapt quickly. If you learn the country’s language you will be moving to, it will be easier for your integration and life in general. You can practice on Duolingo and join an international community to help you.

3.    Make New Friends

When you move abroad, your lifestyle changes completely. You will be surrounded by people from different countries who know about different cultures than your own to learn a lot more about the world.

Of course, making new friends is one of the most enjoyable parts of this experience, and you will probably end up with friends from different countries who will be able to recommend other places abroad.

4.    Career Opportunities

The job market is very competitive in every country, so if you want to stand out, it’s better to get international experience. This way, you enhance your resume because your skills are much more marketable.

Meanwhile, you will find out what the job market is like in different countries and areas, helping you decide where you want to work.

5.    Personal Development

Another great benefit of moving abroad is that every day you are in a new place, it’s like opening your mind to different experiences and people. You will learn much more about yourself when you are forced to adapt to another place, culture, language, etc., so this experience can be even better than therapy.

6.    Financial Benefits

Many people think that moving abroad will be very costly and require a lot of money, but this is not always the case. If you want to save money when relocating, you can buy a plane ticket with points or look for a place that requires less money in general. Besides, if you have a job in the new country, they will most likely pay for your moving expenses.

7.    Fun Experiences

While the experiences mentioned above are all good and worth it, there is always fun to be had when you move abroad too. You can travel more often because flights are cheaper from some countries, so you have no excuse to miss out on all the fun. Plus, you can meet friends in other places and visit them, so you will never run out of things to do after you move abroad.

7 Things to Pack While Relocating Abroad

Taking a move to another country is a big deal. You have different things to take care of, and packing is just one of them. Sometimes, it can be overwhelming when you look at your home, and you need to pack all that up into boxes, which will then fit in the moving truck. In order to make this task more straightforward for you, here are seven things you should pack while relocating abroad.

Your Passport

You need that no matter what! No, but really, it’s the most important thing that proves who you are and where you come from. If somehow your wallet gets stolen or lost, at least the passport is safe. However, if you have lost your passport, read our blog post on how to get a new one.

Address Book

Since you will live in another country, it’s safe to assume that you will have friends coming over for visits or stay in touch. Keep them close by with the address book! You don’t want to look up their number every time you call, right?

Your Pet’s Papers

Moving abroad with a pet is not easy at all. You have to do the same as what you did when you packed your clothes and important documents, but with your animal friend. First, call a veterinarian and ask about the necessary paperwork needed for relocation. Then, visit a pet store and get everything your animal might need for a few days until everything gets settled.

Your Favorite Pillow

If you have been used to sleeping on your favorite pillow for years now, the chances are that you will not be able to sleep well without it when moving abroad. It’s probably something you don’t want to spend a lot of money on, so pack it up and take it with you.

Your Kitchenware

We all have our favorite mug for coffee in the morning or that one plate we use more than anything else. If there’s some particular utensil you like using when cooking, make sure to pack it up along with all your pots, pans, kitchenware of any kind.

A Picture of You

This one is somewhat of a dark secret amongst moving expats. It may seem silly to take a picture of yourself before leaving, but there’s more to this than just vanity.

If for some reason, the time comes and you need to go back home, you won’t want to miss that opportunity. You can come back anytime, actually, but if they ask for proof of which you are, it’s probably the only thing that will make them believe you!

Your Favorite Books

People say that moving abroad is one of the best things you can do in life. However, not having your favorite book with you while you are transitioning to a new culture might be very discouraging at times.

Frequently Asked Questions about Relocating Abroad

Why do people move abroad?

People move abroad for many different reasons. Some people want to explore distant lands, some want to spend more time with family, and some need a change of scenery. No matter why you’re moving abroad, plenty of questions come up when you’re planning an international move.

How soon should I begin preparations?

Some people start preparing to move several months ahead of time, while others make arrangements when they’re closer to moving day. If you already have a place to live abroad and your job is ready for you when you arrive, then it may be easier for you to make last-minute plans.

What do I need to relocate?

It depends on where you’re going. Some places require inoculations; others may need you to provide proof of income. You’ll also need a passport, visa (if required), and other pertinent documents. If you’re moving with family members, you’ll need to look into your particular situation’s requirements ahead of time.

Conclusion

Living in a new country as an expat is a fascinating and rewarding experience. You learn about and experience a new culture while earning money and seeing the world. On the flip side, it’s essential to know the things to leave behind while traveling. This article explains it all!

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Living overseas is one of the most memorable and exciting moments in one’s life. While relocating to your favorite destination, it’s crucial to understand that investment is necessary.  How many of us haven’t dreamed of moving abroad at some point? For some, it’s the fresh air and the activities there.

Of course, some may prefer to relocate permanently. Whatever the reasons may be, moving away from your home country can be a fantastic experience. It may lead to a lower cost of living, new career opportunities, and even the chance to embrace a new culture. Well, are that enough reasons to relocate?

We can say that’s not enough! This is because; there are many reasons to relocate abroad depending on your package or plans. However, when you move abroad, you can also face a host of challenges, including how to manage your investment. Well, we are sure investment shouldn’t be the first priority, right?

If that sounds like a Yes, you’re right. And if you answered no, you’re also right! I’m sure you might be wondering why yes, and No. interesting! Many Americans living abroad have found that they get caught up and cashless after few years of relocating abroad. Why do you think this problem is rampant among expatriates?

On the other hand, some of the things to look out for before traveling to a country include; securing a good job, a high standard of living, a low cost of living, and many others, to mention a few. Not to rush, we will walk you through the top seven reasons to relocate abroad. Would you love to know more? Read further!

Top 7 Reasons to Relocate Abroad Today

It’s no doubt that many people have the dream of living in another country. And with good reasons, there are many benefits attached to moving overseas. Aside from the fact that it gives you the opportunity to leave your past behind and reinvent yourself, below are the endless reasons to relocate.

1.    Character Building Option

If you want to feel what moving overseas looks like, the first thing you should after is your character. Interestingly, that’s the exciting part. This means if you want a new you, moving to another country is a great way to do it. Moreover, travel and change of place impart new vigor to the mind.

2.    Enhancing Your Career and Vision

If your ultimate aim is to improve your job prospects, always know that living abroad can revolutionize your career. Aside from this fact, you could reinvest yourself with an entirely different career or quickly progress up a ladder that’s not available to you in your home country. Also, by moving to another country, your international experience may be more appreciated.

3.    Culture Shock is Different

Even if you arrive in a country where they speak the same language as you, nothing will prepare you for the cultural shock. In fact, you’ll meet people with a whole new perspective of life and find new ways of doing the most mundane things. So, why living in a new country, embrace the changes, and enjoy your new location.

4.    Developing Excellent Social Skills

Awkward situations are guaranteed in whatever location you choose to reside.  In fact, making new friends and fitting could develop your social skills. Meanwhile, learning to override difficulties will only give you more confidence, which is something you’ll never regret. You may be a bit shy back home, but living in a new country will help you develop excellent social skills and give you the opportunity to grow.

5.    Learning a New Language

Learning a new language is a great life skill that you can build while moving to a new country. More so, arriving in a new country and having to learn how to converse in a different language quickly can be quite challenging and fun as well. In fact, one can learn it much quicker, and it can be more interesting than picking up a book.

6.    Food Expansion (New Cuisines)

Food expansion could also contribute to another reason why living in a new country can be beneficial. This is because; you will obviously get the chance to sample an array of unique cuisines. Also, if you’re moving to a new continent, you’re likely to experience a whole other taste palette that will take you on another journey of life. With this, we can benefit from learning new ingredients, new dishes, and tons of healthier choices.

7.    Specialized Experience

Undoubtedly, some experience in life can’t be gained in your home country. Knowing this could make you relocate abroad to explore or see certain animals, sports, landscapes, and many others, to mention a few. Moreover, remember that your home country doesn’t have it all, and that’s why we take holidays to explore and have much experience about what we don’t know or might have seen before.

Why Expats Need to Consider Investments

There are many reasons why you may want to invest or should invest while moving to a new country. At the same time, many expats love to live in the moment, while others have financial goals like buying a property and starting a retirement investment account. Well, let’s quickly explain the reasons below.

Global Pandemic

As a result of the global pandemic, many European countries and the Americas have created a massive ball-out package in an effort to save people’s jobs and their economies from the COVID-19 pandemic. Of course, this has caused many countries to decline and have low revenue, therefore increased debt. Do you know that you’ll still pay the debt? Of course, taxation might increase in the coming years. And this could make things even harder. So, it would be better to invest now to relieve the future problem.

Inflation and its Factors

Ever wondered why your parents complain about everything super high, especially during the times of COVID-19? Not to worry, it’s simply because of inflation. The value of good and services are becoming extremely high to what one can withstand. So, if you’re not investing, you’re actually not taking advantage of the system, and we can even say maybe the system is using you to some extent.

Diversifying your Portfolio (Expat)

As an expat, diversifying your portfolio can help your stay in another country. You may be tempted to invest in your home country, but that’s not the best practice. Just as you would diversify your portfolio in your home country, this is the best way to go as an expat. It wasn’t always an easy thing, but with more online access, spreading out investments, and new opportunities, managing your portfolio is easier.

Better Career and Job Security

The investment will definitely better your career and job security. Besides, most people hold several jobs throughout their careers, and that may be interrupted by unknown lengths of unemployment. To avoid this occurrence, it’s better to invest because there are high chances that you’ll never face unemployment, but you’ll always have the options to better your life, career, and job security.

Unlimited Income Potentials (2021)

When you invest, you’ll definitely expect money from somewhere. Remember, it’s not possible to work at a traditional 9 to 5 and earn millions of dollars. However, the thick competition for the corner office keeps people making much at an absolute minimum. As a result, those holding traditional jobs will definitely want to rise to the top of their job classification and earn more in 2021.

How to Invest as an Expat

Whether you’re an expat living and working abroad or you’re looking to retire in a country, making safe investments can be quite challenging. In fact, the chances are that you won’t understand the investment or market options to make the smart decision. Well, below, we’ve put together how to invest your money as an expat freelancer.

a)    Consider Long-term Plans

Before investing in your new country of residence, you should consider your long-term plans. And decide whether you’re going to return to your home country in a couple of years to come. For example, if you live in Dubai for work but hope to return to the United Kingdom in your retirement, you may want to consider investing in UK property or business to offer a revenue stream when you eventually return.

b)    Consider Taxation in Other Nations

While investments in countries like the United Arab Emirates are not taxed, you should consider taxation in other nations if you’re willing to invest internationally. Foreign pension plans, cash management products, mutual funds, and hedge funds may be taxed when you try to bring the money back to your country of residence. Therefore, the offshore bank account can help to lower your rate and reduce unnecessary bills.

c)    Bank Investment for Expats

Although we can tell you that investment with a bank won’t offer the same return on investment as doing it on your own, but many banks offer several investment options for expats. For example, the HBSC invest direct International Account allows expat to access a financial advisor or wealth manager that can help them run through the best options based on your circumstances. Meanwhile, remember that investment with the bank isn’t risk-free, and the bank isn’t liable for any loss accrued in the process.

d)    Search for Native Investment Options

Just like we mentioned earlier, getting an investment package in a new country may be difficult. Depending on your origin, you may be able to take advantage of risk-free savings and investment opportunities before moving to your new country of residence. For example, in the United Kingdom, an ISA is one of the safest and most efficient investment options, but they’re only available to UK residents.

However, as you won’t be considered a UK resident when you leave, you may find it challenging to add further contributions from overseas.  This way, it would be better if you have an efficient option to consider before relocating and keep a lump sum in a savings account.

e)    Invest in your Pension (Private)

A private pension is a tax-efficient savings scheme that can play a significant role in an expat investment portfolio. This way, it’s always good to spend time looking for the best pension plan for your budget and circumstances. As an expat, you may even take advantage of the Qualifying Recognized Overseas Pension Scheme, allowing non-residents to transfer their pension outside the country.

f)     Invest in Property

Another investment opportunity to consider if you’re an expat is to look out to buy property. Depending on your country you’re relocating to, you can get different investment packages regarding real estate. With the average three-bedroom home in the city, you can secure one to resell in the long run.

g)    Invest in Bond/Stocks/Forex/Crypto

Investment in cryptocurrency, forex market, bonds, and stock is another modern way to invest as an expat. As of today, bonds are popular with expats because of the tax breaks that come with them. Not only that but also because of their versatility as standalone investments or wrappers for QROPS pensions.

Additionally, commodities including cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and more are becoming increasingly popular in today’s digital age. Therefore, expats can use the above factor to their advantage while relocating to another. And this, in the long run, will help you boost your savings.

Top 5 Golden Rules for Expatriate Investment

If you’ve ever thought of making an investment package while living abroad, you’re on the right platform. Like anything else in life, learning how to investment is crucial. But while you’re relocating to another country, there are many things to consider. Without further ado, below are the top 5 golden rules.

Rule No 1: Expats Need a Realistic Target

As an expat, one of the golden rules is to set a realistic goal. When you’re relocating abroad, do you intend to look for traditional 9 to 5 jobs? Regardless of your answer, understanding an investment package isn’t a bad idea. This way, know to yourself and agree to whatever return you’d get later.

Rule No 2: Understand the Risks

Understanding the risk of investment as it applies to you is crucial in today’s 21^st century. That’s why it’s not always good to jump into any investment option that’s available for you. Instead, make further research and understand the kind of investment you want to risk. Many people, without further prompting, will quickly surmise that investment is less risky. But, it’s totally wrong as you’ll need to understand the risk involved.

Rule No 3: Keep Abreast of Big Picture to Invest

Investing is down to understanding what is going to happen in the future. For example, if banks in China do not look good to invest in, then you’ll certainly understand that the government and other banks are probably lending them money. This means you can keep abreast of this and be skeptical to know the risk involved. Moreover, employment level, consumer spending power, economic growth are what to look out for a while investment as this can give you a picture of what to expect in a couple of months.

Rule No 4: Take Advantage of New Ideas

The best way to invest, especially today’s modern world, is to keep abreast of new ideas. Early this year, you’ll definitely see people investing in cryptocurrencies and tons of people venturing into forex and others. Well, what many of them are doing is to take advantage of new opportunities that come their way. So, as an expat, this is beneficial but ensures you make your findings before you proceed.

Rule No: 5 Minimize Ongoing Costs

As an expat, it’s always good to reserve some amount of money for investment purposes. While doing this, ensure you minimize ongoing and outgoing costs. Remember, you can’t eat a cake and have it, as people would say. If possible, you can get an investment advisor to help you make the right decisions.

Common Expat Scams to Avoid in 2021

As an expat, it’s easy to feel overwhelmed when dealing with investment packages. However, letting down your guard could make you more susceptible to scam. Below we’ve rounded up some of the most common investment scams to be aware of.  But first, here are a few tips on protecting yourself.

• Don’t provide sensitive information if you’re not sure of the investment package. However, keep your documents safe and use trusted entities.
• Don’t respond to unsolicited contact as they’re likely to scam you. Moreover, it’s very unlikely that a government official would call you, therefore block spam callers from your phone to avoid such.
• Do your due diligence before you make any investment. If possible, get a second option if you’re on the fence, and don’t invest in anything that you don’t understand. Again, you should always walk away from any high-pressure sales pitches and take time to reflect and weigh up your options.
• In recent years, card skimming has become more prevalent, particularly in Europe and America. And this involves fraudsters placing a device on a cash machine that can copy one card’s details. However, be cautious if your card gets stuck, especially if a Good Samaritan arrives on the scene quickly.
• Be watchful and always avoid fake police whenever you’re traveling abroad or get caught up in any investment scam. Sometimes, the scammers can involve fake police to deceive you. During this process, they can ask for your ID and issue you with a fine that has to be paid on the spot.
• Ask to see proof of approval or qualification. Whenever you want to invest with a company in your new country, and you’re not sure, always ask for confirmation. This is because; most international IFAs working for a reputable firm will have passed the Chartered Institute for Securities and Investment exam.
• Ask about compensation when it comes to lose. I’m sure you know that investing involves risk. So, as an expat, it’s your right to ask about compensation before handing over your cash. This is because; official financial compensation schemes protect most foreign or international investment options, and they offer redress schemes for complaints.

Frequently Asked Question about Expat Investment

How do I start an investment as an expat?

Well, the first thing to do is to read this article from the beginning. If you’ve already done that, you can proceed to confirm your tax residence. After that, avoid any investment scams, make your research, and proceed to look for an opportunity that’s available in your new country of residence.

How can expatriates invest their money?

Of course, expatriates can invest their money at an offshore investment bond. This is one of the most popular forms of offshore investment where expats can hold a variety of investment funds, including unit trust and open-ended investment companies (OEICs).

Can expats put money in an ISA while living abroad?

Well, if you open an individual savings account in the United Kingdom, for example, you cannot put money into it after the tax year that you move. Moreover, you must tell your ISA provider as soon as you stop being a UK resident. This is to tell you that you can put money in an ISA while living abroad.

Can I have a bank account while living abroad?

Of course, if you want to know more about the kinds of banks to open, you can refer to this platform to know more. In our previous posts, we talk more about the types of banks and the advantages of opening one. So, it’s crucial to open a bank account whenever you relocate to your chosen country.

Can expats invest in stock and cryptocurrency?

Of course, yes! Expats can undoubtedly invest in cryptocurrency and stock. On the flip side, you’ll have to be careful because investment in this section involves high risk compared to other types of investment. In summary, use the opportunities that are available to secure the right investment portfolio.

Conclusion

There are lots of investment opportunities for expat. While they’re simply good, others can require a daunting process. However, don’t accept anything from locals on the street. Always be mindful of your possessions, and be aware of your surroundings. In other news, check this blog for relevant updates.