Adjusting to a new life abroad may not be as simple as it sounds

News

Thursday, 01 October 2009 11:21

Expats living abroad are often surprised at the effort required to manage their affairs effectively. Most expats have usually not actually emigrated, but many have resolved that they would not go back to live in their home country if they could help it.

Broadly speaking, expats generally can be grouped into three categories. The first tend to be those who are working abroad, often employed by a multinational corporation (MNC) and moving from country to country as required.

Secondly, there are those who have started their own business in some form or other. Finally, there are those who are financially self-sufficient. These people are often retired. The actual administration of affairs abroad is probably easiest for someone working for an MNC.

Employers tend to arrange matters such as work permits and/or residence visas. They often provide insurance as part of the employment package.
For those in the second category a little more effort is often required. An employer will often sponsor your work permit and residence visa but you will sometimes need to assist in the arrangements yourself.

Expat entrepreneurs who are starting up in foreign climes face even more issues. They will often need to structure a company, which will require tax planning and knowledge of the various techniques required.

Expats who arrive after retiring have often spent many holidays in their chosen location and decided to settle down for their golden years. While they have fewer things to worry about than those starting a business, professional legal advice is always wise at the start and can prevent many pitfalls.