Trying to decide whether to accept an overseas role? The decision to become an expat is a significant one. It is likely to impact every area of your life, both professionally and personally.
When it comes to your financial situation, there are many things to consider. Fortunately, in most cases, your employer can answer most questions, particularly if your company has previously sent expats to a particular destination:
What does my expat salary package cover?
Where do I have to pay tax as an expat?
Is it easy for expats to get credit?
What will happen to my pension?
Can I still access my savings from my new location?
What extra costs should I prepare for in my new home?
Your people department may be able to provide you with information on costs you may not be familiar with in your destination country. These could vary from car tax to council tax and housing tax. There may also be duties to pay when shipping your belongings to or from your destination. Some general points to consider when it comes to unexpected costs include:
- school fees
- management fees
- public transport
- council tax
While working out your finances might be challenging, with the help of your employer, it shouldn’t be a barrier to a successful overseas move.