Relocating Abroad As An Expat: Three Important Things To Consider

Relocating Abroad As An Expat: Three Important Things To Consider

We live in a globalized world constantly on the move. According to 2020 statistics, there were around 281 million international migrants on Planet Earth—a figure likely to continue increasing in the coming years. A recent survey by InterNations reveals that the most common motivators for relocating abroad are living with a loved one and finding better job opportunities. 

Regardless of the reasons for starting a life in a new country, the expat experience can be both exciting and taxing. In addition to acclimating to a new culture, language, and way of life,  you may need to consider certain financial and logistic challenges. 

In what follows, we discuss three crucial aspects of the expat experience that you should consider before starting a new life chapter abroad. 

Tie loose ends at home

Organizing your affairs at home before relocating abroad is critical. For instance, any accounts or subscriptions you may have should be canceled or frozen. This may include basic services like mobile phone plans, TV, internet, gas, and electricity. 

Expats who are repaying student loans or other types of loans should notify the respective company or financial entity. They will work out how much you need to pay and how much if you start living in another country. 

Similarly, if someone moves from a country like the United Kingdom, where they must pay council tax, they should notify their local council of their move overseas. This way, the council tax will be canceled. 

Organize your finances

Before deciding to move abroad, you should carefully research the living costs of your target destination. Expats across the globe are facing a challenging cost of living crisis as taxes and everyday purchases are hiking in price. So you should be aware of how much money you would need to cover food, housing, and taxes. 

If you’re planning to relocate permanently abroad or live there for a long period, you should look for ways to safely move your financial assets to your new place of residency. A good starting point is using currency conversion tools and setting up an international, multi-currency account. 

Prioritize health care and health insurance

As an expat, you should prioritize your health. Access to 24/7 medical care for illnesses and injuries not only helps you preserve your well-being, but it keeps your finances in check. After all, health care works differently across the world. While some countries offer universal care to their legal residents, others like the U.S. have costly and limited coverage. 

It’s also important to bear in mind that, as an expat, you might not be automatically eligible for health coverage in your new place of residence. Instead of waiting or relying on travel plans, getting international insurance is a more convenient option. Insurers like Foyer Global Health, for example, specialize in providing health coverage for expats, digital nomads, and those who are constantly on the move. 

To conclude

More and more people are starting a new life abroad. This, naturally, comes with numerous exciting changes and obstacles along the way. To make the relocation process easier and stress-free, you should look into several crucial factors, such as organizing your affairs at home, managing your finances, and ensuring access to medical care. 

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