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Its all something to feel excited about.
Whats not so dreamy?Managing your moneywhile living abroad.
For many expats planning to live internationally, this is a scary topic.
Theres so much to know, and its not always easy to get answers.Do you still pay taxes?
How should you plan for retirement?
Should you invest overseas?
According to him, managing finances abroad as an American involves some key financial considerations.
Heres the main thing you oughta know,along with several other helpful notes.
In sum: Expats are obliged to deal with both the U.S. and the host countrys tax systems.
Handling bank accounts and investments in different countries may be difficult or complex, said Rynsburger.
Its also good to know the local financial laws as well as reporting requirements.
Be careful about any transfer of currency or asset management in terms of exchange rate changes, Rynsburger warned.
Using hedging strategies as well as multi-currency accounts can help minimize risks related to currency fluctuations.
Optimal long-term planning needs coordination between the U.S and foreign pension plans, he said.
This way, they dont have to start from scratch.
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