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But one thing you shouldnt neglect issetting up your finances.
Expatriates must prioritize establishing a robust financial foundation that spans both their host country and their home nation.
Read below for more strategic money moves you must make when living abroad.
The UPS store allows you to get a street address without property.
This account will serve as your primary means of managing day-to-day expenses and receiving income.
I have helped clients open local bank accounts where they live while keeping a small balance in U.S. accounts.
This allows easy access to funds in both places and a financial foothold in America, he shared.
Consider Currency Exchange
Another critical consideration, according to Salahi, is currency exchange.
Expats should explore options for transferring money internationally that offercompetitive exchange ratesand low fees.
He recommended services like TransferWise or OFX which can often provide more favorable rates than traditional banks.
Dont Forget About Taxes
Taxes are a complex issue for expatriates, Salahi noted.
Blain equally advised staying on top of tax requirements.
U.S. citizens must declareforeign income and assets, he emphasized.
Noncompliance results in stiff penalties.
Look Into Investing Options
Investing abroad presentsunique challenges and opportunities.
Blain also stressed the need to diversify across borders.
Geographic and currency diversificationreduce risk while increasing opportunity.
Keeping all your money in one place is unwise.
Review All Insurance Policies
Health insurance and life insurance require special consideration abroad, said Blain.
I meet with clients to assess coverage needs and find appropriate policies before relocating.
He said that failing to do so can lead to gaps in coverage.
