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Depending upon the country, you may feel perfectly comfortable with the banks there.
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There are advantages and disadvantages to both options.įirst, not all foreign banking options are the same. You can leave things the way they are, with monthly checks deposited into your existing Stateside accounts, or you can choose to open a bank account in your new home country and have some, or all, of your monthly checks sent there. Generally speaking, there are two things you can do with your money and monthly income when moving overseas. You can learn a lot about your new community (and the people in it) in a year of renting before shelling out serious cash. Rent for a year or so before buying anything. Going with the conventional wisdom on this is a safe bet. Real estate agents and developers and even some expat friends will encourage you to buy real estate soon after arriving because, “you know, it’s a great investment and the price will only go up.” In fact, owning real estate is often a very good investment but knowing where you want to live is important. Maybe that’s the town where you should live. You discover that most of these problems don’t exist in another town, about two hours away. Of the three ATM machines in town, only one regularly works, and it is occasionally runs out of money. The local gasoline station occasionally runs out of gas and resupply may be delayed. What’s not to like?īut then, after about six months, you may learn that the power goes out when it rains and the internet service is not always stable. Compared to back home, the fruits and vegetables are fresher, the people are friendlier, the landscape is more pleasing, the climate is better and all this for far less money than the prices back home. The truth is that nearly all expats go through an initial “honeymoon” period where they are enchanted with their new surroundings. There is conventional wisdom on this topic and it suggests that expats arriving in their new country should rent a home for at least one year before buying anything. It is not the country that will present the challenges it is your ability to adapt to change that will color your experiences.
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Regardless of which country or region of a country you select, you are the key to your success. This isn’t the time to drag someone along who is pushing back against such an adventure. If you are making the move with a partner, their support is crucial. In an ironic twist, it is often in our later years, when change becomes more difficult to accept, that we decide to move abroad. The greatest asset you can have is confidence in yourself, knowing that you will be able to handle whatever challenges you face. Moving overseas is the perfect example of jumping off a bridge and learning to fly on the way down. Like I said, no rules.Ĭertainly, do all the research you need to do to feel comfortable, understanding that you cannot possibly know all the answers before you go. Or you may decide to try more than one country. You may even elect to become a “half-pat,” spending about half your time in your adopted country. It can be a chapter in your life, if you wish. Moving abroad is not necessarily a lifetime commitment. If you move abroad and discover that you aren’t happy, you can move again. Others plunge right in with no looking back. They keep one foot in each life, and gradually spend more and more time outside the U.S. Many folks begin slowly, spending only three to six months per year in their adopted country. Second, there is no singular, correct way to become an expat. The first thing to recognize is that any choice you make will not be perfect because nothing is perfect. A two-week visit is nothing more than a vacation and living somewhere, full-time, is much different from vacationing there. In the end, however, regardless of the research you have done, the only sure way to determine if a country is right for you is to actually live there for an extended period of time, beyond a few months. Future expats often spend months and sometimes years researching numbers of countries, corresponding with expats who have already made the move, subscribing to relevant publications and blogs, using the Google thing, and perhaps spending thousands of dollars visiting one or more countries. Where Should You Go? What Country and What City?įiguring out where to go is the most important challenge faced by those considering retiring or moving overseas. But, there will be challenges along the way and it’s best to be prepared. For many, moving overseas provides a grand and wonderful adventure while significantly reducing living expenses and offering an overall improvement in lifestyle. Exchanging your existing life for a brand-new life, in another country, is a really big deal.