by Beacon Financial Education
Moving to a new country can be an exhilarating time in your life. But it can also be daunting. Moving somewhere foreign comes with a long list of tasks and necessities such as finding housing, adjusting to a new daily routine, and navigating an entirely new culture. With that being said, you may not have time to keep your finances front and center while navigating the already complex situation. This overview gives a short list of Do’s and Dont’s to keep in mind for your expat finances.
Do – Know Your Tax Status
When you become an expat, there are two tax fundamentals you will want to understand. How your expatriate status affects your tax requirements at home and what your tax status is in your new country– given the terms of your stay. It’s imperative to keep in mind that tax status differs on a country by country basis. By understanding your domestic and foreign country’s tax rules, you will be well on your way to having your finances in order from a government standpoint.