Know how the tax works in the location where you are going.
Moving abroad can be an exciting and life-changing experience, but it can also be challenging and overwhelming if not planned properly. There are multiple aspects which need to be considered when you are planning to move abroad for studies or work.
HSBC Bank in a latest study found that even as technology opens up opportunities for more people to become digital nomads, people start to move across the globe again. It revealed that the financial experience of international citizens may not be all plain sailing.
The study, conducted by Ipsos UK, surveyed over 7,000 adults across nine international markets, including India. It found the experiences of those currently living, working and studying abroad, as well as those who are planning to do so and those who have returned within the last five years.
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It explored the experience of a range of different international citizens, including expat families, digital nomads and overseas students.
The study suggested a few tips to consider when planning a move abroad;
Before departure
– Research where you’re going: Getting the low-down on the place will give you a sense of what it’s really like to live there – from culture and climate to transport and living costs. If you can, speak to others who live, or have lived, in your potential new location and ask them to share their secrets on settling in successfully.
– Speak to your bank: Get an account set-up before you land, so you can hit the ground running and avoid fees and charges from using your existing bank account overseas. Take time to understand how your bank can support you when you move – does it offer multi currency accounts, or allow you to take your credit history with you when applying for credit in your new location? You may find they have the right expertise and relevant local knowledge for you.
-Figure out how you’ll manage your money and get ahead on financial admin: Take some time to think about how you’ll stay on top of your money during and after your move. For example, you may need to have a visa before you can open a bank account.
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– Check out your bank’s lifestyle offerings: Can they help you settle into your new location beyond banking – from helping with airport transportation, to obtaining a mobile SIM card in the new location?
– Know how the tax works in the location where you are going, and whether you’ll still have tax considerations in your home location or region once you’ve moved. Check your new government’s website for local advice.
– Build up your cash savings: Setting aside some money, ready to cover start-up costs or the move itself, can help ease money worries. You may wish to open a savings account in the currency of your new location that you can access once you’ve moved, so you can continue to save from your new location.
– Understand support available from your new employer: They could help with moving costs or finding a property for your first few months in a new location.
Upon arrival
– Speak to your bank about support on the ground, when you land in your new location. Is there a local number you can call, to connect with customer services in your preferred language and timezone?
– Join a club or get involved with your children’s school: Getting to know people is an important part of feeling settled in your new host location. Check out what’s going on in your local area. If you have children at school, connect with other parents and the school to find out what’s going on and how you can get involved.
– Familiarise yourself with your new area: Find your new favourite local shops and restaurants, or play areas if you have children.
– Get to know the office culture: No matter where you move, it’s likely that the office culture will be different from the culture at home. Chat with colleagues to understand what’s expected of you.
