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Finance

Posted on: 16th Jan 2015

Another important consideration when living abroad (even for brief periods) is finance, which includes everything from transferring and changing money to banking, mortgages and local taxes. If you're planning to invest in a property or business abroad financed with funds imported from another country, it's important to consider both the present and possible future exchange rates (don't be too optimistic!). On the other hand, if you live and work abroad and earn your income in the local currency, this may affect your financial commitments abroad (particularly if the local currency is devalued). Bear in mind that your income can be exposed to risks beyond your control when you live abroad, particularly regarding inflation and exchange rate fluctuations. 

            It's important to obtain expert financial advice before going to live abroad from an independent and impartial source, i.e. NOT someone who's trying to sell you anything else! 

            If you plan to live abroad you must ensure that your income is (and will remain) sufficient to live on, bearing in mind currency devaluations and exchange rate fluctuations (if your income isn't paid in the local currency), rises in the cost of living (see below), and unforeseen expenses such as medical bills or anything else that may reduce your income, such as stock market crashes and recessions! Foreigners, particularly retirees, often under?estimate the cost of living abroad and some are forced to return home after a few years. 

            Further information is available in our Living and Working series of books.

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