Monday, September 12, 2016, AM | Leave Comment
Those who plan to move abroad often have many tasks to complete to prepare for the transition.
Relocating internationally requires that you have your finances in order to verify you have the means to live in a new location.
To ensure that your international move is successful and common mistakes are avoided, there are a few steps to take to adequately prepare yourself.
Update Your Bank Information
It’s important to move your money to an international bank so that you can access the money after moving.
You’ll also need to update your bank information and inform the financial institution of your plans to move to another country.
You’ll need to pay any outstanding debt that you’ve accumulated and inquire about fees that you may be charged while you’re away.
Talk to Your Tax Advisor
Inform tax agency or advisor of your plans to move and research the tax system that is in place in the country that you’re moving to.
You may be required to pay a double tax agreement and you’ll also need to determine if you’ll be required to pay Capital Gains Tax on properties that you own in both your new and old country.
Hire Legal Representation
Those who have received a notice of deportation will need legal assistance with a Los Angeles immigration attorney to protect their finances.
Hire a professional to fight for your rights and reduce your risk of deportation while planning to move abroad.
The attorney can assist you with staying organized with your finances and can reduce your risk of loss by avoiding the move due to their legal experience.
Make Your Pension Accessible
Many people make the mistake of neglecting their pension as they live abroad, which can affect when you retire and how comfortably you live in your golden years.
Research if you’re able to continue contributing to your pension and make sure that it’s accessible while you’re away if you’re planning to retire abroad.
You’ll also need to determine if the tax system in your new country will affect your pension.
It can be easy to feel overwhelmed with moving abroad, but by keeping your finances organized you can enjoy a smoother process with the transition.
By updating your information with each of your accounts and researching the tax laws in both your old and new country, you’ll feel equipped to start a new chapter in live after you move.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise. Meghan also enjoys researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook and Twitter.