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Expatriating Yourself: Five Considerations Before You Move Abroad

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Know the cost of living for your final destination. This seems like one of the first things you would research but it has a huge importance on your happiness abroad. You may be moving to a country where you can live on pennies a... See more » Know the cost of living for your final destination. This seems like one of the first things you would research but it has a huge importance on your happiness abroad. You may be moving to a country where you can live on pennies a day instead of ten times the cost back “home.” Be aware that when moving abroad, luxuries from back home can end up making your new life just as expensive as the old. Many people expatriate to save money and live a less materialistic life. If you plan on having a car and technological luxuries from back home, it can cost the money you saved on lodging. In many countries you may be able to cut your lodging expenses in half, but gas for your car can cost four times as much as back home. Technology in lesser developed countries can also cost an arm and a leg because it’s imported and not produced domestically. Keep factors like this into your budget before you leave on your jet set lifestyle. Do all the research on getting a visa and staying for extended amounts of time in another country. Some places you can live until you die with a visit to the immigration office. Some countries you’re left with hundreds of papers and tons of bureaucracy. Many countries will not let you stay longer than 3 months on any acquirable visa. Do the leg work before you go to save you time, money, frustration or even deportation. Banking abroad is much different than banking back home where banks fight over your checking account. Banking abroad many times requires letters of recommendation, an immaculate credit report and a lot of luck. Before you leave for your new life, get a letter of recommendation from your local banker stating that your in good standing. These letters will make the application process easier by leaps and bounds. Citi Bank is also an international bank and would allow you to keep your banking account if one is available in the country you’ll be moving too. Many banks give you the option to keep your money in their currency or that from home. Pay attention to past trends for inflation and deflation for both and pick wisely. Also note that in many developing countries, some banks are privately held and some public. The biggest difference will be the public, or state run banks, will be insured and the private banks will not. The private banks however might grant you more ease or options in the long run. It’s your money so do your research and choose wisely. Moving your belongings abroad may seem difficult, but usually its the bureaucracy that is more cumbersome. When it comes time to actually move, keep the following things in mind. How much do you want to take with you? Do you want every luxury you had in your old life, such as your bed, tables, chairs and dresser? Shipping these belongings can get very expensive. Most of the time it will be much cheaper to sell all your larger goods and buy them when you arrive. This will also give you the opportunity to purge your old belongings. Shipping them not only takes time and money, but can be a huge hassle and loads of red tape, tariffs and taxes to bribe your way through. Why bring it when you’re moving away from your old life anyways? Try and fit everything with you on the plane. Using your luggage and carry-ons is the most economical method. Carry-on luggage will not be taxed if it is considered essential for travel, which includes computers, books and almost all personal belongings you can’t live without. Do your research on the available technology and the price of buying and sustaining it. By moving to another country, many people take their easy access to cheap technology for granted. How accessible and how pricey will internet be? What about a mobile phone? Will you be breaking the bank every time you need to charge your batteries or turn on a light? Many countries who rely on importing technology and goods from abroad pay much higher tariffs and thus cost much more to purchase and sustain. Ask yourself if these technologies are truly necessary now that you’ve escaped. Who do you need to call on a cellular phone if you’ve got Skype or the internet? See less »

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Expatriating Yourself: Five Considerations Before You Move Abroad

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