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Survey results urge expats to be informed about financial matters
| Published: | 17 Oct at 6 PM |
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An expat survey conducted amongst new arrivals by the Bank of Canada emphasises that, wherever you decide to settle, getting money matters straight is essential.
Although the survey focuses on Canada, its conclusions hold true in all expat destinations worldwide. New arrivals face similar financial challenges wherever they decide to live, and simple mistakes can ruin lifestyles and cause huge losses.
Factoring in expenses such as the actual cost of the move itself or transporting pets as well as people often aren’t taken into consideration at the forward planning stage. Finding suitable employment after a settling-in period can be a challenge, with 50 per cent of the survey’s respondents admitting difficulties.
Salary expectations compared with the new country’s cost of living as well as opportunities for expat workers are tricky to estimate at first, but much helpful information is out there on the web. Of course, if the physical move reflects a career move, there’s even more to get used to as regards unfamiliar cultures and even languages.
If a family move is likely to be permanent, setting up a savings routine for children’s education, possible medical emergencies and even retirement is important. According to the survey, it’s also a strategy that seems to be last on the agenda with many migrants.
Tax obligations can become complicated if you’re still considered tax-resident in your home country, as the majority of countries worldwide may not have reciprocal arrangements with your former tax jurisdiction. If you’re emigrating from the USA, your tax issues may well be even more complicated due to the introduction of FATCA and its implications.
Although the survey focuses on Canada, its conclusions hold true in all expat destinations worldwide. New arrivals face similar financial challenges wherever they decide to live, and simple mistakes can ruin lifestyles and cause huge losses.
Factoring in expenses such as the actual cost of the move itself or transporting pets as well as people often aren’t taken into consideration at the forward planning stage. Finding suitable employment after a settling-in period can be a challenge, with 50 per cent of the survey’s respondents admitting difficulties.
Salary expectations compared with the new country’s cost of living as well as opportunities for expat workers are tricky to estimate at first, but much helpful information is out there on the web. Of course, if the physical move reflects a career move, there’s even more to get used to as regards unfamiliar cultures and even languages.
If a family move is likely to be permanent, setting up a savings routine for children’s education, possible medical emergencies and even retirement is important. According to the survey, it’s also a strategy that seems to be last on the agenda with many migrants.
Tax obligations can become complicated if you’re still considered tax-resident in your home country, as the majority of countries worldwide may not have reciprocal arrangements with your former tax jurisdiction. If you’re emigrating from the USA, your tax issues may well be even more complicated due to the introduction of FATCA and its implications.
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