Thinking of Moving Abroad? What You Need To Know

Emigrating to a new country is full of challenges and opportunities. Before you make the move, you need to do a lot of research to make sure you do not suffer any problems or pitfalls on the way to your new home.

Here are some of the things you need to research and plan for before making your move.

Foreign Financing

If you are thinking about moving abroad, you are going to need to find out more about how home financing works in your chosen destination. Every country has its own requirements for home ownership, and as a foreign national, you may have a few extra hurdles to clear before you can buy a property. 

Many countries are eager for foreign investment, so there may also be incentives and tax breaks available to you as well. You need to get as much information about the housing market and mortgages as you can to help plan your move.

There is help out there, no matter where you are planning on moving to. PropertyGuru can help people find financing from some of the world’s largest lenders for homes in Singapore. Their service takes your details and completes a home loan comparison to find you the best deal on the market for your needs. Using a local service like this can take a lot of the stress out of home financing and make the move easier for you and your family.

Check Visa Requirements

When moving to a new country, there is always a lot of paperwork involved. Travelling as a tourist is a lot simpler than emigrating to a new nation. You will need to research the visa requirements of your chosen destination country and make sure you can tick all the boxes for both homeownership and long-term residency. 

There are many different types of visas, and some have hidden costs. It can take some time to identify the right visa for you and your family and calculate all the costs so you can factor them into your budget. When people are applying for visas to the UK, for example, they may have to make a National Insurance contribution ahead of their emigration, often over £600. The country you are moving to may have similar upfront costs to contribute to national services or pay immigration-related taxes.

The internet can help you. Many people emigrate between countries and will face the same problems you have. By searching through ex-pat forums and blogs, you should be able to find the information you need for your destination nation from people who have made the same move.

Personal Transportation

Once you get there, you have to get around. Your driving licence may allow you to drive a car in a foreign country, but there may be limits on the types of vehicles you can drive or for how long you can use your licence before having to get one in your destination country. You will also need to buy or lease a new car, which will add to your budget.

Different nations have different rules. Many will allow you to drive on their roads using the licence from your home nation for the first year, but within that year, you must either exchange your existing driver’s licence for theirs or pass a driving test. It is important to find out as much as you can about driving regulations before making the move.

Some EU nations, for example, do not accept driver’s licences from certain US states. If an American passed their driving test in Illinois, they can drive on French roads, but if their licence is from New York, they will have to take a test and pass before driving. Similar quirks exist in many countries, so do some research and do not assume that your licence will be valid on the streets of your destination country.

Know Your Taxes

This is one of the biggest financial challenges that face people emigrating to a new country. There are only two things in life that are certain, it is said, death and taxes. No matter where you are moving to, you will have tax obligations that you must honour. Before you make the move, you should research your potential tax rates so you know what you should be paying and how and when to pay.

Income tax is easy in the UK. The PAYE system ensures you are paying the correct taxes on your wages for your level of income. This is not the way income taxes work in many countries. You may be required to calculate your own tax obligations and pay them in a lump sum at the end of the tax year. If you are moving to a new country to start a new job, your new employer should be able to help you navigate your new country’s tax laws.

Dot these i’s and cross these t’s, and you should be able to make a seamless and stress-free move to your new country. Though it can be challenging and daunting, starting a new life in a new country can be incredibly rewarding and a lot of fun.

This information is general in nature. You should consider seeking independent legal, financial, taxation, or other advice to check how the website information relates to your unique circumstances.

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