Moving countries can be stressful, but if you plan carefully you can help reduce a lot of the stress and pressure that comes with immigration. Here are some suggestions that’ll help you financially prepare for the process.
Things to consider when immigrating
Read up on the financial laws in your new country
The country you are moving to might have very different financial and legal laws to the one you are currently residing in. The tax rate could be higher, or if you are moving to the UAE, you could be in the lucky position of not paying any tax at all. You also might be liable for paying tax in your home country while you are earning abroad, so check up on this before you’re hit with a double income tax situation.
Rent before you buy
While it is tempting start establishing a home in your new country, it’s always wise to rent for at least six months before you dive in and buy property. The breathing space will give you time to check out areas, see where you get the most value and what works for you best in terms of schools and commuting. Remember, many state schools are zoned according to the area you live in – so if you want your children to go to a particular school, don’t make the mistake of buying in an area that prohibits them from attending.
Be comfortable with your legal advice
If you have immigrated to a country where you are not familiar with the language, consult an English-speaking lawyer to confirm all legal details before you sign a lease or buy property – you don’t want to discover you have committed yourself to something unintentional, due to lack of understanding.
Consider the exchange rate
If you are financially migrating or taking a large sum of money out of the country, it’s important to ensure you are doing it at the right time and when the rate is in your favour. Just a small fluctuation can leave your finances severely depleted. So consult a foreign currency expert like cashcows.com before you move any money abroad.
Plan for financial freedom in your new country.
With thousands of clients in over 105 countries, we’re widely recognised as South Africa’s leading financial migration brand and have assisted expats with currency exchanges, retirement annuity transfers and many other migration services.
We are licensed to do foreign exchange transactions through our strategic partner, Bidvest Bank and offer all our clients preferential exchange rates and the expertise of our highly trained FOREX desk. In everything we do, we are proud to have a 100% success rate.
If you’re planning on immigrating and need financial advice, contact us today and we’ll help you maximise your finances in your new home.
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