Why do you Need Expatriate Financial Planning?

advice-expat-financial Do you know that your legal status changes when you are moving and relocating abroad?
Are you aware that overseas relocation influences your legal status not only in your home country but also in your host country?
Do you realize that living abroad has a tremendous effect on your financial situation, your tax obligations, and on your expatriate family?
What should you do about that?
How can you plan wisely your savings and investments and meet your financial goals?
Quite simple, by gathering information, learning everything there is about your expatriate financial situation, and planning accordingly.
To make it easy for you, I have listed here the main financial matters that all expats face when relocating overseas and living in a new country.

Expatriate Financial Planning – Things to Consider


Health Insurance Tax Planning Retirement Plans
Money Exchange Cost of Living Financial Advice
Expat Banking Financial Pitfalls Taxes Refund



Expat Health Insurance

Imagine you are living in a foreign country and need an urgent medical procedure, but your international medical insurance doesn’t cover the expenses of the procedure.
You would probably feel anger and frustration.
If you only knew this might happen you would have arranged for an expatriate health insurance that is designed especially for your needs.
While many expats have an overseas health insurance included in their expatriate package, many times it is a minimum health insurance plan that does not cover all your medical needs, and your vacations travels.
Click here to learn more about overseas health insurance and about expat travel insurance.
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Expatriate Tax Planning

Living in a foreign country does not mean that you are exempt from paying taxes to your home country or to your host country. Moreover claiming that you did not know this won’t serve as an excuse and can even result in a heavy fine.
However, in many cases, as an expatriate, you can reduce your tax liabilities.
This is where you will need to consult an expats tax expert that can help you with your taxes and with your expatriate financial planning.
When searching for the right expats tax expert you must remember that each country has its’ unique taxation rules and it is therefore crucial that you consult an expat tax expert who specializes and is knowledgeable in taxation matters of your country.
If you are a USA expatriate then start by reading the following 2 articles about filing USA tax returns outside of the U.S.A;

  1. American expatriate taxes return filing requirements

  3. An interview with Nick Hodges the President of ExpatCFO.com about what American Expat Need to Know about Filing USA Tax Return?

And continue with some more information about why American expatriates should consult an expats’ tax expert, and how he can help you to reduce taxes and organize your entire financial world.
Canadian expats should read about the income tax rules that apply to non-residents of Canada which is published on the Canada Revenue Agency website and learn about tax issues a Canadian expat may face when working and/or living abroad.
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Expat Retirement Plans

Every expat should take the time to research and investigate pension and retirement plans.
Look into offshore savings and investments .
Offshore companies can offer great programs for expats. But before you choose a company make sure to check them thoroughly
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International Money Exchange

Exchanging foreign currency is an inevitable task for all expats.
You might be buying a new property, moving savings or sending money back home, converting your salary currency, and more. All this will require you to exchange currencies, and international money exchange can often be a costly process.
Many expats tend to use their banks for international currencies exchanges, not knowing that banks typically take a larger spread from the interbank rate, which relates directly to you receiving a worse exchange rate.
A better option is to use the services of a foreign exchange company. Doing this can save you tons of money.

You can learn more about the services of foreign exchange companies by reading the following 2 articles – Tips about international currency exchange services. and How to save money when transferring funds while relocating abroad?
Or you can read about a very interesting initiative called peer-to-peer currency exchange followed by an interview with Brett Meyers one of the four founding Directors of CurrencyFair
And finally click the following link for an online currency converter
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International Cost of Living

One of the most challenging aspects of relocating overseas is the calculation of international cost of living, which determines what will be your salary at the host country, and has a direct effect on your adjustment to life abroad and on your expatriate financial planning.
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