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Expat Finance Guide

Financial planning may sound dull, but it’s an inescapable part of our lives and often tied to big occasions, like a career change, wedding or your child’s graduation. When you come to financial planning and investments as an expat though, things can get complicated. However, with the right amount of care and thought, you’ll be able to utilise your circumstances in order to make the right decisions.

As a general rule of thumb, it’s always best to store the majority of your savings in a central location while you move around it. If you’re an expat and you’re seeking advice on how to think about your finances, this guide has been written for your benefit.

Be fluid

If your line of work has you changing locations frequently, you’ll find that it’s easy to let your finances become too complicated. You’ll build financial assets in different locations and in different currencies, which will have different tax regulations imposed upon them, not to mention the currency fluctuations too.

Financial advisers claim that it’s much easier – and more profitable – to consolidate your earnings into as few areas as possible, ideally just one. This way, your savings will only be subject to a single tax system, if at all.

Remember to make your system fluid. As an expat who moves around frequently, you should ready yourself for changing plans.

Stay on top of your debt

Debt can be a particularly crippling problem for expats. Whereas there are multiple sources from which you can receive financial aid in your home country, you may find that the rules differ in other countries.

For instance, expats often take out personal loans in UAE. This is fine, but it’s advised that you shouldn’t take out any kind of loan unless you’re absolutely certain that you can pay it back swiftly. To combat the problem of missing repayments, the UAE government has now introduced a new system where expat workers will be able to clear outstanding loans and credit at the airport before they leave.

Seek out specialist insurance providers

Facing job loss or debilitating illness while working in a foreign country can be very costly and complicated – such things could even put your family’s future at risk. It’s well worth exploring the most appropriate insurance deals for your particular circumstances and situation.

By getting appropriate cover, events like illness or death will not be financially crippling for your partner or your family. If you place your money in the right place at the right time, you’ll secure your family’s finances should something happen to you.

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