Becoming an expat is an exciting opportunity as you get to work or live in a country of your choice. Once you’ve picked where you want to go from the list of the best countries to become an expat in, you’ll need to go through the necessary steps to get live there. This includes the following:
- Finding a job in that country or becoming a remote worker for an international company
- Apply for the relevant visas you need to enter the country and live there
- Wait for approval and break the news to family members or friends
- Book your flights and start your new life as an expat
From here, you’ll need to focus on your finances as you navigate a new country and the costs involved in living there. This can be a challenge to begin with, which is why we’ve put together this handy guide for navigating some financial hurdles you may face as an expat.
So, whether you’re planning on becoming an expat in the future or you’ve just touched down in your new country, read our guide below to feel financially prepared for what is to come.
International Banking and Currency Management
Once you’ve moved to your new country, you will need a bank account that works there. This means opening up either an international or a local bank account and it’s important to have this set up as it’ll most likely be the way you pay your bills.
Paying your bills on time is a great way to build your credit history in the country you’re living in, which could help you get a loan in the future, should you need it.
Review your spending habits
After living in your new country for a couple of months, we recommend reviewing your spending habits. This can be a great way to see where you can cut costs and save more of your wage for the future. If applicable, cancelling unused memberships, reducing the number of times you eat food out and finding cheaper supermarkets can help to reduce your average spending.
Managing Taxes as an Expat
Taxes exist in almost every country you can live in, so we recommend seeking professional advice to manage your taxes once you arrive. Expatriate taxes can be complex, so getting help can ease the burden a little bit, leaving you less stressed and able to enjoy your time abroad more.
So, if you’re one of the over 500,000 people who emigrated out of the UK in the year ending June 2023, get your finances in order using the advice above and get the most out of your time in your new country.