Moving to another country is a major change for everything, including your finances. Though the only thing most people factor in financially is whether or not they can afford the move, there is a lot more to go through and deal with on the financial front. If you have the intentions of moving to another country, seeing a certified financial planner can pay you back several fold. Here are three reasons you need to see a financial advisor before moving to another country.
Figuring out where to keep your money
If you will be moving to a new country that uses a different currency or has different financial rules, you will need to know where to keep your money. You may still want to maintain ties to your current country, which means that you may need to split up your income in certain different ways. A certified financial planner can tell you how you can split up your income so that you can take care of all necessary aspects of your budget and plan for any issues that may arise in either country.
Determine your retirement plan
No matter your age, it is crucial to figure out your retirement plan. When you are living and working in a country that is not your native country, this can be more difficult to figure out. For instance, if you will be living in a country that provides retirement sponsored by the government, you may or may not be eligible for this type of retirement plan. If you plan to own land in both of the countries, you may need to invest in retirement accounts that you can draw if you switch to living in one versus the other most of the year. A certified financial planner can help you map out your retirement planning based on how and where you plan to settle down after you stop working.
What are your tax needs?
If you are a resident of one country and a citizen of another, there is a good chance that you will owe taxes in both nations. Due to the tax codes, it is best to allow a professional to go over all of the tax codes and the tax numbers. Determine how much you will likely owe in each country and if one can offset the other. Figuring this out before you move will help to alleviate any tax shock and any legal entanglements that could be a huge problem in a foreign nation.