When relocating to a new country, whether it be for a short period of time or more of a permanent arrangement, is an exciting, but potentially complicated undertaking. There are a wide range of details to straighten out to ensure that the transition is smooth and you can begin life in your new land with as little hassle as possible. One area that you will absolutely want to make sure is in order is with your finances. This means taking some steps ahead of the move date to make sure you can move, manage and protect your money and other assets that may be located in more than one country. Here are some recommendations regarding international relocation and your finances.
Establish Multiple Bank Accounts. Most people will want to have a bank account in their home country and one in the new country. There are a number of reasons for this. It will allow the easiest and likely the cheapest way to transfer money to yourself, so to speak. Many people will have financial obligations back home especially if they are not planning a permanent move, and they may even have streams of income in both countries. If the need arises to move money from one account to the other, this is often the best way to do it. Accounts at large, reputable banks are recommended for this situation.
Bear in mind that if you are holding money in a foreign account, this will likely need to be reported annually according to the US Bank Bank Secrecy Act.
Obtain a Credit Card in both countries. Most major credit cards will be accepted anywhere in the world, bit there are advantages to having accounts in both countries.
Financial Adviser. Depending on the complexity of your financial situation, you may want to obtain the services of a financial professional who has experience and expertise with handling finances across borders. Obviously when different currencies and financial systems are involved things can become significantly more complicated, and in order to protect your assets and plan for maximum growth it may be wise to hire someone with that particular type of knowledge.
Accountant/Legal Professional. Again, handling finances in multiple countries can become complex. You will be dealing with numerous tax codes and laws that are not always easy to sort out, and in order to remain compliant and minimize your tax exposure you will want some expert advice. They will also be able to advise you regarding investments in multiple countries and any other financial legalities.
Properly establishing your finances when moving internationally is a vital step in establishing your new life and avoiding potential pitfalls. By planning ahead, taking some preliminary measures and having the experts on your side you can rest easy knowing your money is accessible and well protected.