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Becoming an expat when you’re middle-aged means you have a lot more to consider than you do when you are in your 20’s or even in your 60’s. Most middle-aged expats have families and are unable to just pack a few suitcases and head overseas without a care in the world. If you’re making a move anytime between 35 and 55, here are some things to consider:

Things middle aged expats should consider

Healthcare
Healthcare is a priority for anyone with children and it becomes increasingly important as you get older. Before heading to a new country, investigate their healthcare system and compare it to your current one. If you are planning to have more children while you’re abroad, the maternity care and cover offered is an important consideration.

If a state healthcare system, like the UK’s NHS, is in place in your potential new home, investigate what is covered by the state and what the waiting lists are. In many countries expats who are not permanent residents have to take out private healthcare to cover themselves and their family. Alternatively you might find a combination of both state and private healthcare is the best option in terms of comprehensive cover.

Property
Where you choose to stay in your new country often has a big impact on the schools your children attend. Most suburbs are zoned to particular state schools, so it pays to investigate your postcode and its implications before you rent or buy. Be aware that if you are planning to buy – in some countries when you buy a property, you can inherit any debt that’s attached to it (electricity/rates/water that is unpaid), so make sure you do all the appropriate checks before you make any purchase.

Finances
When you move your family abroad, you need to plan financially for the long term. The first thing to consider is the currency your chosen country uses and how it relates to your existing currency. Will moving your money over to your new country be a financial advantage or disadvantage? What affects the currency in your new country? Nations like New Zealand, Canada and Australia all have currencies that can be affected by commodities – like oil and gold – and fluctuations in these prices. Currencies like the pound and US dollar are largely influenced by economic data and central bank comments and tend to be more stable.

Another financial factor to consider is your pension. If you are in your 40’s you probably have built up a sizeable retirement annuity or pension already. It’s important to investigate whether it makes financial sense to withdraw this money and re-invest it in your new country or to leave it where it is.

Speak to the experts

FinGlobal already has more than 60 000 clients in over 105 countries and our services cover all aspects of financial migration including retirement annuity transfers, the opening and closing of bank accounts, foreign exchange services and a full suite of other financial services for South African emigrants.

Our global expertise combines both sound tax and international investment advice with the practical aspects of ensuring funds are transferred abroad in the most cost-effective and seamless manner. We offer unrivalled personal service, signature-ready documentation and secure and compliant processing in everything we do.

For more information about how FinGlobal can help you unlock your financial wealth in your new country, contact us today.