Planning on moving abroad to work or have you already secured your ideal international job? Congratulations, you are now in what must be an exciting, possibly nervous time in your life. To help you on your journey, Liberty have produced a free expat guide which details useful information including points to remember when negotiating your new contract, as well as considerations to improve your health, wealth and prosperity. This is aimed at providing you a structure to your transition abroad making the whole process smoother. Tips include what to consider in the months leading up to the move and then how to go about settling in once you’ve arrived. Finally, to keep you on top of the situation there is information on all the financial aspects to consider.

Searching for work abroad

Our guide can help you establish where you may wish to work in the world so the next stage is to locate employment. There are multiple different routes that you can go down depending upon your circumstances;

Internal job transfer

If your company has offices in your desired destination you may wish to determine what opportunities there are for a transfer. These tend to be on short term contracts and, if your application is successful, can provide you with a great opportunity to experience a new working culture in relatively familiar surroundings.

Locating international jobs

Trying to find overseas jobs can be difficult if you don’t know where to start. Firstly, it can be worth travelling around the area. Alternatively, if this is problematic then using street view on maps, google search or equivalent, and similar should allow you to locate businesses in the area. Once you have this information most international jobs will be posted on a company’s website. Another option, would be to contact the human resources department to ask what work is available in your specialist field. You may wish to broaden your scope of the type of job you are willing to accept to allow you to work abroad. This could lead you to start in a lower position than at present but could see you then progressing quickly through the ranks ending up in the job of your dreams.

Consider your destination based on available work

Not all locations have the same split of jobs. You may find that certain sectors, e.g. technology, finance, chemistry, are more in demand than others. This could curtail the possible destinations worth moving to. If you are not retiring abroad then this should rank highly in the preliminary stage when assessing your options.

Moving overseas

Once you have secured your new international job it is important to organise all aspects of the move. This includes, what to do prior to leaving, during the move itself and once you arrive. These can be mundane aspects, such as what happens to your post, to the immediate points including where you will live and whether opening an international bank account is beneficial or not.

Depending upon where you intend to work and how you are paid it may be wise to open a new bank account. This can prevent additional costs being incurred from making multiple chargeable transactions if your existing account is held in a different currency to the one that you’ll now be paid. In these circumstance it is unlikely that your bank will provide the option of holding a separate currency, thereby resulting in mounting costs. For example, if you have a British bank account whilst getting paid in euros from your new work in Europe then each time you receive your salary you will lose money on the foreign exchange transaction. This problem will then be compounded when your bills are also in euros as you will have to convert the money back over. Further to this, there may be additional charges, including for transferring funds outside the country to pay direct debits etc or an additional cost for using your bank cards abroad.
 
To prevent this, the two main routes available to you include opening a secondary bank account in your new country of residence or, alternatively, opening an offshore bank account. The former will work similar to your existing bank account whilst the latter can give you the additional options of both holding multiple currencies if desired and choosing a jurisdiction unrelated to where you work if it is preferable for security reasons
Moving overseas opens new avenues to you regarding savings and investment options. Before you go it is a good idea to check whether your existing accounts will be affected by your decision to move abroad. Certain entitlements, such as an account’s tax free status, may be rescinded so it is worth confirming whether any amendments and/or additional charges will apply or not.
 
Once you are abroad you may be able to capitalise from either a savings plan in your new location or an international account. The best investment account or savings vehicle for you depends on your circumstances and it is worth consulting a specialist as to your exact requirements. As a general rule though, short term savings should be held in a bank or deposit account. Longer term (5 years minimum) can allow you to invest money, which should generate higher returns though with potentially less accessibility
Depending on your circumstances, a pension may or may not be provided by your new employer. Either way it is a good opportunity to review your retirement plans. This includes deciding whether to keep any existing pension provisions in place or whether it may be more beneficial to move them. As an example, transferring UK pensions overseas can offer a host of benefits to you though these should always be assessed against their potential drawbacks. When deciding on the correct course of action remember to account for all costs.
 
Typically, if you have the option of contributing to a company pension scheme this should be done since your employer usually makes additional contributions on your benefit. As always read the terms thoroughly to ensure that you are getting a good deal and do not be blinded by any upfront bonuses including tax rebates. For example, if a pension only offers minimal returns and you have a long time until you retire then even accounting for tax relief at the beginning it may not be worthwhile. This is because what you gain in tax relief may be more than offset by what you lose in your pension fund’s underperformance

Please feel free to download our expat guide to help you further.
 
Link to downloadable guides - expat guide
 

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Working abroad – the next steps… written by Liberty Wealth average rating 5/5 - 5 user ratings