Whilst preparing to move abroad, one of the most important things to prepare for is the protection of your family and future whilst you are living away from home.
When moving overseas, it’s important to understand the healthcare options available to expats.
In many countries, foreigners are not able to, or choose not to use public healthcare facilities so will need to budget for treatment at private hospitals.
If you are only planning to be abroad for a short period of time, a travel insurance policy can provide sufficient cover. When relocating however, expats living overseas for an extended period of time will need to make sure they are covered by international health insurance.
Many companies don’t cover the cost of personal insurance once you move away from your home country. Whether you need to insure the contents of you new property abroad, a property or need to look into motor or travel insurance, expats need to be aware of the various insurance options available to them whilst they are living overseas, to ensure peace of mind for yourself and your family whilst you are living abroad and travelling throughout your new region.
Personal insurance is important for expats who don’t receive any insurance protection through their company now that they are living and working offshore. Whether it’s income protection, life insurance, critical illness cover, medical insurance, accidental death cover or long term care benefits, expats must speak to their company about which benefits they receive, and seek advice on how to alleviate worry of something happening to them if the above areas are not protected.
When moving away from your home country, it’s important to consider your pension fund, and how you can make the most of your offshore status to maximize any benefits you may be entitled to. If you have pensions other than a state pension, and are not planning on going back to your home country before you become eligible for your pension, as an expat you are eligible for unique opportunities such as no tax on your assets and a tax free lump sum of up to 30%.
International education fee planning
Expat parents need to research the options of local versus international school in their new country of domicile. Generally, parents tend to prefer sending their children to international school as it offers less disruption enabling children to continue studying under the national curriculum from their home country.
The cost of an international education is extensively higher than the costs of schooling your children in your home country. This is true for primary, high school and university education, and costs are increase as your children grow. Planning for international education fees is therefore incremental for expat parents who wish to send their children to the best quality schools in their new country.
Keeping your existing bank accounts open in your home country may be useful for those who still have commitments at home and plan on returning after a period abroad.
Offshore banking is a great option for expats which allows for the use of multiple currencies, making it ideal if you still want to use one currency to finance commitments back at home and another for financial matters in your new destination.
Before leaving home, contact your local tax office to tell them you plan on living and working abroad. Many expats who move away are still generating an income from assets within their home country, as this impacts your status as a tax payer in your new destination, it’s necessary to seek expert advice from a financial professional who helps other expats navigate the tax system in your area.
Whether you plan to buy a property in the country you have moved to, need to raise capital on your house in your home country, or are looking to purchase a commercial property for your business in a new country, you will need to speak with an international mortgage specialist who can help you find a lender who will loan you the money in the country you have moved to.