8 Personal Finance Checklist For People Moving Abroad

29 August 2023 Written by Shivanshu

Currency Exchange

[{"selector":"#anim-2db608b8-16ea-4bf5-9ec1-5db94ad236dd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-46e7fada-a30c-43ec-8aa1-9d38fb868fb5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fbab7a7d-0f4d-42bf-9ebb-8a46074e0b3f","keyframes":{"transform":["translate3d(0px, 273.46611%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn how to minimize fees and get the best exchange rates by using peer-to-peer platforms. Video credits- Coverr

Tax Treaty Benefits

[{"selector":"#anim-4f6dd995-5b56-460f-b2aa-511f7f946f4f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(23.512907494797716%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8f7ab222-2c2f-48df-8caa-2efe5f578790","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-91c0955d-9a4e-4434-ba4c-9ce0b39dfdec","keyframes":{"transform":["translate3d(0px, 273.46611%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Many countries have tax treaties that can help you avoid double taxation – a crucial detail to explore before you move. Image credits- Unsplash

Hidden Bank Fees

[{"selector":"#anim-a96fef88-a749-4ed1-a130-cc19b7212c47 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-defe6af8-e83d-4894-b19d-193a7a762395","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-49d71f3f-a6aa-46b1-b407-0258e8f9e51c","keyframes":{"transform":["translate3d(0px, 183.83840%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Banks may charge extra fees for international transactions. Look for banks or accounts that offer free international withdrawals or low conversion fees. Image credits- Unsplash

Social Security Agreements

[{"selector":"#anim-889f7cc7-7c35-4522-b10b-1d1dfaff3672 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.225066375436132%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d9b5fb76-895f-48a2-afad-d7380ee70f00","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-90e1716f-f3ca-44d5-96e9-099b43f87c15","keyframes":{"transform":["translate3d(0px, 183.83840%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Discover if your home country has social security agreements with your destination, impacting pension and benefit transfers. Image credits- Unsplash

Cost of Living Insights

[{"selector":"#anim-5c06adcd-e9b5-4f6f-8870-054a59c590c9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(23.387631000530067%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bb67dd0d-6b50-4f50-9fff-3a2ee0b9874a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cfb7c5cc-3472-4efe-baa9-cde8f01c7f88","keyframes":{"transform":["translate3d(0px, 277.94376%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Find out about local expenses, from groceries to entertainment, for more accurate budgeting. Image credits- Unsplash

Investment Regulations

[{"selector":"#anim-1264b1d8-19bf-4c85-869b-2d90da3988ea [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(63.36389584305678%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-163062fa-b87e-4b55-85bd-d90b0b2113ad","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-282485ff-5a92-43f5-831f-1b31ecf89903","keyframes":{"transform":["translate3d(0px, 206.91356%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn about investment rules in your new country; some may have restrictions on certain financial instruments for expats. Image credits- Unsplash

Residency Rules

[{"selector":"#anim-dbb8b1ec-c3e1-4f10-82c5-c772d076dfb6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5e36c6aa-c5da-4dec-b6d1-a2450f40a684","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8b7327a7-d1b8-462c-94ff-f7e15b7ca58a","keyframes":{"transform":["translate3d(0px, 277.94376%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Understand the financial implications of becoming a resident – it could lead to tax breaks or other financial advantages. Image credits- Unsplash

Medical Cost Planning

[{"selector":"#anim-a26944a2-274b-4496-b380-9446ab255dbc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.25267845767055%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-df600e54-8271-4b15-afa3-d6c9058b1b66","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81aaf259-8957-41df-9d2e-4725d627ab97","keyframes":{"transform":["translate3d(0px, 277.94376%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Understand the healthcare costs and insurance coverage in your new country to avoid surprises. Image credits- Unsplash

8 Financial Gifts On Raksha Bandhan

THANKS FOR READING! SWIPE UP