Considering moving aboard? There’s plenty to think about and this article goes through some of the biggest considerations.
Moving abroad is easy, but you have to check whether it is possible. In most countries, you need to apply for a visa in your country of residence before arriving. This needs to be the first thing you do.
Visas can sometimes be expensive and the hidden costs can add up pretty fast.
If you want to pay for a UK visa, you have to pay for the National Healthcare Service in advance. There are some who have ended up spending over three thousand pounds on their Visas including the cost of the application.
Countries like the French don’t charge for visas. When you submit the application, you won’t pay anything. You are only going to pay 250 euros when you get there as an arrival fee.
You also need to know that there are different types of visas, such as talent visas, work visas, and family visas. It is important to know the different types and which of them works best for you. You should look at your needs when choosing the right type of visa. Something you have to keep in mind is it isn’t possible to transfer between visas unless you go back to your home country. This makes it important to check out the options and then choose the right one for you. Ensure that you have international health insurance to cover you in your new destination.
Opening a bank account can seem like an easy task, but there are banks that make it hard for foreigners to open bank accounts. Some refuse outright.
There are people who have been denied the chance to open bank accounts in Switzerland because of regulations set by the US Securities and Exchange Commission. You should take time to research bank accounts in the country you are moving to.
Switzerland is not the only country where people have a challenge opening an account, UK and France have the same issues. Research so you can know what to expect.
When choosing a bank, look for one that is going to carry out foreign transactions at a low cost. When in another country, you will most likely be dealing with different currencies, which makes it important to avoid unnecessary charges.
One way of dealing with the above issues is digital banking. There are a lot of options out there. Learn more about them and which of them works best for you.
There are some that will let you hold accounts in several currencies. This makes it easy to transfer and pay in different currencies and not pay extra fees.
For those with a work visa, the employer can help with setting up a bank account.
Knowing how you will support yourself when in a foreign country is more than just getting a job.
There are a lot of other things you have to consider.
Countries around the world are dealing with high unemployment rates. Some of them are Portugal, Spain, and Italy. It is harder to get a job in such countries. While they are beautiful countries with beaches, it might be hard to find a job there.
Countries in the EU have a law known as right-to-work. This is a legal requirement for those interested in working in the EU. The law means someone can work in an EU country if they are a citizen of the European Economic Area.
Hiring someone who doesn’t have the right-to-work is time-consuming and expensive. This is why many companies include the requirement when applying for a job there.
If you get a job abroad and get a work visa, it doesn’t mean that you have the right-to-work status, even for those paying the taxes. If you want to get this privilege, you have to secure citizenship or a permanent resident card.
There is no guarantee your skills and experiences are going to be transferred. There are countries that will force you to get an additional certification or re-do your degree. This is common in medical and law degrees. You might also have to do the course in the national language.
It is not easy to understand how to pay taxes when you are in a foreign country.
Countries have different ways of collecting taxes, and you should know how to pay taxes before arriving.
In the past in France, you had to pay your taxes in a lump sum at the end of the year. This means you had to calculate how much you owe in taxes and how much you had to save at the end of the month. This changed, but it shows how different countries use different methods to collect taxes.
You need to know how much you are expected to pay. The internet has made things easy because there are online tax calculators you can use. It is best to use the ones provided by the government because they will give you a good estimate.
When you know how much you are going to pay in taxes, it becomes easier to know if there is an issue. If you have any problem or issue, you can talk to the relevant authorities and deal with it. If you are taxed higher than needed, you are going to be refunded once the issue has been solved.
You also have to find out your tax obligations for your home country as you work abroad. As for the U.S, you are still required to file a tax return annually when you are abroad.
Where are you going to live?
It can be complicated to rent an apartment in a foreign country. It is even more challenging if you want to secure your housing before getting there.
There are agencies offering virtual viewings, but they are not that many. You most likely aren’t comfortable signing a contract when you have not seen the apartment. Before you arrive, talk to many rental agents who will set up viewings.
Buying a house or apartment is a way more complicated process. Before you buy a property in a foreign country, verify the requirements. Most countries don’t allow foreigners to take out loans when they are on temporary visas.
It is essential to learn the language of the country you are moving to. The last thing you want is to have a translator for everything.
When you travel to a country and you don’t speak their language, you will need help with everything, from seeing a doctor to filling out documents. This is very frustrating. Learning the language makes things easier to settle in the country. You can start making friends and going shopping by yourself.
If you don’t have time to learn the language before arriving, then put the effort into learning the moment you arrive. This is going to make it easy for you to adapt to your new life and will enhance the experience.
Healthcare is different from one country to another. Some countries have national healthcare while some are from private companies.
France has a national healthcare service. You have to live there for three years before you qualify to use it.
National healthcare doesn’t mean that it is free. It means that they are covered by taxes. This is why you need to see what is included in the taxes. A country like France has an income tax of about 40%. While this can seem high, it becomes cheaper when you realize that healthcare is included.