Working in a foreign country has both advantages and disadvantages. On the plus side you’ll broaden your mind and get access to incredible opportunities if you put the effort in, but on the flip side, you’ll also be away from all that is comfortable and familiar. Before you decide to go for the big move – and all the financial obligations that go with that – here’s some things to consider:
Existing Big Expenses – Before you even begin searching for your new opportunity, have a look at your existing outlays and think about how they will be impacted if you relocate.
Housing Costs: A lot of expats still pay their mortgage from abroad, however it’s worth noting that you may have to recategorize yourself as an overseas resident, which could push your monthly outlay up to more than you’re used to. If you are planning to sell your property once you are abroad, remember there could be additional taxes levied, such as Capital Gains, so it’s worth doing your homework to cover all bases before you decide on the best option.
Car Finance: You can end a car lease agreement early, but be prepared for your finance provider to issue you with an early termination fee, which could be as much as all your remaining monthly payments combined with interest.
Bank Loan/ Credit Card Bills: Depending on your circumstances, you may be in a position to pay a lump sum towards these expenses before the move, or make sure you budget for monthly payments when you relocate.
Existing Smaller Expenses – These should be much easier to pay off or factor into your budget from overseas.
Mobile Phone Contract: Can you get out of the contract early and will you have to pay a fee? Most companies offer this now, so it’s about finding the right option for you.
Student Loan: Yes, they will still come for you and yes they will charge you the maximum amount each month if you don’t keep them updated on your circumstances!
Pets: Unsurprisingly, it’s expensive to transport your pet to the other side of the world.
Some airlines allow small pets to check in as excess baggage, however the majority will more than likely have to travel as manifest cargo. Expect to budget anywhere between $2500 – $5000 per pet as a ballpark figure.
Check Spousal/ Family Circumstances
You would be surprised how many candidates accept a job offer in another country only to turn around and say they need to break the news to their significant other. It’s higher than you would think! To us it’s a no-brainer that you would involve your partner from the get go, not least because depending on their current role, they’d need to consider if it would translate to a new market.
Relocate & Thrive
If all of the above is in check and you aren’t off put in the least, then welcome to your new life abroad! Here’s a few things to bear in mind about what it’s like when you arrive.
Visa: Wherever you move to in the world, there will be different visa requirements required for entry and work.
Healthcare: Healthcare in this region is privatized and is usually offered as part of the job offer package. If you are self-sponsored, then you will need to pay for your own healthcare, which is mostly paid upfront for the year, so bear this in mind.
Schooling: It can be confusing to get your head around how International schools operate, so do your research, join any relevant groups and reach out to the staff to get a prospectus and understand how much fees will be depending on the country you are relocating to.
