Expats, the first steps.
Deciding to move abroad is certainly a fantastic opportunity to grow both personally and professionally. Becoming an expat requires plenty of research and bureaucracy to handle to make sure to be in order before, during, and after the relocation.
Here are the first steps to take to become an expat.
It’s not an exhaustive list, and as usual, we recommend applying to professionals who will help you evaluate all involved aspects. Anyway here’s a quick overview of what you need to think about before taking the plunge.
VISAS
Depending on the country you’re moving to, there might be different types of visas to apply for. It’s important to get correct and up to date information to apply for the most appropriate one considering your nationality and reason for moving. Get to know well ahead of time which documents are necessary to apply for the visa so that you can take action on time. In some cases, it’s possible to enter the country with a tourist visa and apply later for a different type of visa to stay longer. It’s much better to know all your options in advance.
HEALTH SYSTEM
Are you eligible for medical care in your new country? There might be specific agreements between the two countries. It’s essential to know it so that you can take private health insurance policies if needed.
HOME
Will you sell or rent your home? And what about the new one? Are you planning to buy it? Or just rent? Get in touch with a trusted real estate agency (with a local presence preferably) as soon as you can. They will help you understand the local market and find the most suitable solution meeting your requirements.
THE MOVE
It might be a great occasion to declutter. What will you take with you? You might decide to sell or discard something. Consider that for some items (motor vehicles for example) you might be asked to pay high custom duties when importing them into the new country. Sometimes purchasing new ones is cheaper than moving the old ones. Relocation companies can offer their advice and experience to handle all these cases in the best way.
FAMILY
Moving with the whole family adds other factors to take into consideration. It’s a big step for the children. It’s necessary to prepare them on different levels, also emotionally. And there are also practical issues to think about. Where will they go to school? How long before do you need to apply to the school of your choice for their enrollment? If you are considering an international school, just keep in mind that some of them receive many requests and have long waiting lists.
PETS
What are the quarantine restrictions and required immunizations? Presenting health certificates might be necessary.
DRIVING LICENCE
If you plan to drive in the new country, make sure to know all the relevant rules. Will you take your car with you? Is it worth it? Or will you sell it and purchase another one in the destination country? Do all necessary evaluation well ahead of time.
TAXES
In some cases, after the move, you will have to file your tax returns, or even pay taxes, in your home country anyway. Each country has specific tax laws. Inquire with your CPA about it. Don’t take unnecessary risks because of ignorance or superficiality.
BANK ACCOUNTS – PENSIONS – INVESTMENTS
Will you keep your old bank accounts open? That might be useful if you plan to go back after a certain time abroad. What type of bank account will you open in the new country? What are the requirements for an expat to open an account? Before moving it’s useful to meet your financial consultant and go through your current investments’ clauses, to make sure that after the move you will be getting the best return on investment anyway. In general, for all legal, tax and financial aspects, it’s highly recommended to apply to your trusted CPA and lawyer. Don’t forget to verify that your legal documents (power of attorney or will, for example) are up-to-date.
As soon as you have a new address, activate a redirection service, so that the mail sent to your old house will reach you in the new place.
VOTE
As an expat, you will still be able to vote for your home country. Make sure to get all the required information.
CULTURE
Try to learn the basics, at least, of the language spoken in your new country. Do you know something about the local culture? Do you have any friends who live there? Having someone to rely on during the first days, is really useful.
To sum up, there are many aspects to consider. Our studies provide specific services to US expats, offering tax consulting and preparations, complying with FATCA regulations and obligations in Italy.
Please feel free to get in touch for more information. We’ll be glad to help.