International relocation – consider your finances

  • Think carefully about any financial agreements you enter into – cars, homes, loans etc. Processes can differ from country to country so don’t assume it will be the same as in the UK.
     
  • Research taxation; it can be high in certain countries and you need to understand the gross and net salaries you will require in order to make enough to live on after tax.
     
  • Understand the compulsory costs involved in the move. You might be required by law to have (and pay for) healthcare in your new country for instance, so make sure you’ve included all extra charges in your budget.
     
  • Make sure you know how to open a bank account, get a mortgage, and register with a municipal.
     
  • The cost of relocation and international schools can often be covered by the company you are moving to, but be certain of what’s covered in the package.
     
  • Speak to a financial consultant – they can assist you in adding up all your costs accurately and creating a budget.
     
  • Is it financially attractive to move? Some companies are able to provide a mock payslip for you so you can accurately manage and plan your finances, however it would also be prudent to speak to a financial consultant who can assist you with your taxing and expat benefits.
     
  • Research the practical costs of living such as rents, schools, food, bills etc.