Up there in your list of considerations when looking at whether the expat life will suit you and your family is bound to be MONEY.
- How much money will a move overseas cost you upfront?
- How much money can you make during an overseas posting?
- Will my remuneration package cover my living costs?
- How can I save money while I’m abroad AND have a family to support?
- What do I do with the money I am able to save?
- How do I move my money ‘home’ or back to family & friends?
- What happens to my money and savings when the adventure is over?
This section of the website is dedicated to providing you with answers to these pertinent questions and helping you get the most out of your expat experience from a financial point of view. I am a qualified Chartered Accountant so these matters are near and dear to my heart, but I will point you in the direction of those who know best on specialist matters
Should I seek Professional Help?
The short answer is Yes! Before you commence an adventure abroad I highly encourage you to seek advice from a tax professional in particular. A huge amount of benefit from undertaking an overseas posting can come from having properly structured your taxation affairs before you go and benefiting from either tax-free or a reduced taxation status as an overseas resident. Residency from a tax point of view can vary significantly from your physical residency so there are a lot of important steps to undertake getting your finances in order before departure (and especially your return).
I would also suggest you seek out a financial planner who is familiar with both your home and overseas jurisdiction. They can help advise you on matters from Wills to retirement planning, which again can vary vastly by location, so finding a local adviser who is well versed in overseas affairs is crucial. Most financial advisors are happy to provide you with consultations for FREE – they make their commissions when you actually buy financial products through them, so pick someone you can have a good continuing relationship with and understands your circumstances – every expat journey is quite unique.
Contact Keri directly at [email protected] if you need help being put in touch with a financial or tax advisor in the UAE.
Overseas Money Transfers
Moving your money abroad is a critical matter – whether its to continue making mortgage payments, support family members or save for the future. You don’t want to see your hard-earned overseas currency whittled away by bank charges and transfer fees.
We recommend using a currency exchange company like Moneycorp for making overseas transfers. Not only can they offer you preferential rates to most banks, you get the ease and convenience of 24-hour online access to international transfers and a dedicated account manager to help you make decisions on the right time to move your cash. You can make one-off payments, fix an exchange rate for a future transfer or create a regular payment plan for your repeat international transfers. Trading in 35 popular expat currencies, I would strongly recommend you check out their services for planning your international cash movements with currency experts.
Our blog posts on Expat Money Matters
The Cost of Expat Living – Reading between the lines on cost of living surveys and what really matters to you when making comparisons
Expat Remuneration Packages – what should you look for in a remuneration package suitable for the whole family?
The World’s Most Liveable Cities – the importance of “liveable cities” and factors beyond money that need to come in to consideration
The Real Cost of Expat Living – and update on our first cost of living survey article for the 2015 Mercer Cost of Living Survey
Financial Cost Planning Tools
There are now a load of FREE tools you can use for planning your expat finances – particularly cost of living. Please use these links to help you plan how your finances might work in a new location, but these should not be used in lieu of seeking professional help, or seeking out blogs and websites from real people on the ground in your new location.
Numbeo – Cost of Living by Cities around the world, indexed against NY City
Expatisan – Worldwide cities indexer against Prague – data obtained from readers entering costs of daily foods
SalaryExpectation – Cost of Living Salary Calculator – for of the Economists Economic Intelligence Unit
easyexpat.com – choose what basket of goods you have in your current lifestyle and location and it will calculate for you what you will need to earn in your new destination
Want to know more on expat finances? Both Mr Globetrotter and I are finance professionals so happy to hear your questions and cover off topics in future posts that are important to you and your expat family
Disclaimer: This page contains some affiliate links; these help pay for the up keep of this page and come at no extra cost to you.