I have been watching travel shows lately and thinking I would love to live overseas. I am not talking about permanently, but maybe a few months or years at a time. I would love to find an inexpensive or reasonable place central in Europe where I could travel around. I could learn languages, learn about different cultures or just eat my way across Europe.
5 Financial tips before you move abroad
- Money and access to money is key to living here or abroad. Consider international banking because you need access to your funds in every country. A local banking relationship will provide access to your money in the country you decide to settle.
- Tax treatment for ex-patriots requires some planning. Check with your tax professional before moving abroad. There are tax credits and exclusions when living abroad.
- Exchange rates can add several percentage points to your travels. International banking networks have banks in every country. You can avoid extra fees with just a little planning.
- Local knowledge can be invaluable. Local banks can help you with relocation whether you are going to buy or rent. Bankers love to help their customers because it usually means a good financial relationship.
- Bank accounts are a necessity in a foreign country. You can wire funds, but having a local bank account provides immediate access to your funds
There are a lot of things to think about before you should consider living overseas. These are just 5 of them.
Photo by: Mike Licht