There are many things to consider when planning to move overseas for work.
It can be a daunting task to get your affairs in order and the following tips can ensure your financial and property affairs are taken care of before leaving Australia.
Six tips to review before becoming an expat
1. Researching suitable schools for the children prior to moving will minimise the hassle and will narrow your search options upon arrival.
2. Consider how the family home will be managed:
- Assess the security needs if leaving the home vacant.
- Consider renting the property to generate passive income.
- Consider leasing the property using a property manager or leasing using short-term rental managers such as MadeComfy.
- Consider a family member or friend managing home via an Airbnb account.
3. Speak to a mortgage broker and review your interest rates (once overseas it can be difficult to negotiate an Australian home loan).
4. Revise your expected overseas income, current budget and financial goals as an expat with a financial planner.
5. Inform your accountant about working overseas, nature of contract/conditions and expected duration as tax issues may need to be resolved.
6. Open an international bank account for transactional and savings capabilities. Financial institutions such as HSBC, Citibank, Deutsche Bank and Bank of America are all well suited, depending on the relocation country.