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Out in the Open: What it Really Takes to Move Abroad

Article Summary:

Thinking of packing it all in and starting a new life in the sun? Read this first. You might be surprised what trips up your plans.

Photo Credit: Handbag

Original Article Text From Handbag:

The hidden costs of packing up your life & moving abroad

There have been at least three mornings this week where we’ve seriously considered chucking in the day job and moving to Goa. There’s something seriously attractive about the thought of hopping on a plane and starting a new life abroad. Bye bye miserable Britain – hello sun, sand and excitement!

If only it was that easy. If you’re serious about making a move on a permanent basis, you’ll need to consider more than just which pair of flip flops to cram into your suitcase. From jabs to a job, it’s best to be prepared before you make the leap into the unknown.

Of course, the biggest consideration is money – the costs associated with moving abroad can quickly add up, Global Visas has recently published the main expenses involved, which is super-helpful for (a) giving you a scare (It costs *how* much?!) and (b) for working out how much you’ll need to save up before you can start your new life in New Zealand.

1. Visa costs
These are wide and varied depending on the country that you’re looking to move to and one of the main expenses to bear in mind, as they can run into the thousands.

2. Shipping
Unless you plan to buy everything from scratch in your destination of choice, shipping costs need to be taken into account. This can be anything from £1,000 for a pallet, to £5,000 for a shipping container.

3. The cost of a house
Do you plan to rent or buy? In many countries, the local residents often opt to rent a property rather than buy. Buying a property outright might not make the financial common sense that you initially think.

4. Costs of selling your own property
If you’re lucky enough to own your own house, then it should be worth a considerable amount which can help to offset the cost of a new life. But selling a property isn’t necessarily straightforward and estate agent fees and other costs should be factored into overall costs.

5. Pension
If you receive a work pension there can be fees involved for switching this to another country.

6. Flights
An obvious one here, but something that can’t be overlooked. Not only will you need a one way ticket to live there, but you might also like to take into account the cost of prospective visits to see what the country has to offer, and any trips home you may take.

7. Money exchange
Any savings that you have in your bank account will need to be assessed by the exchange rate. You could be losing a considerable amount on any lump sums you have in your current accounts.

8. Driving Licence
Is your driving licence valid in another country? You often need to get a new licence applicable to the destination you move to.

9. Medical Care
In the UK, you’re covered by the NHS. But medical care in other countries often come under a health insurance scheme.

10. Hidden costs
Phone installation, mobile costs, internet access and satellite television are all things you might take for granted in your current setup, but are all aspects of your new life that need consideration.

Link to Original Article:

From Handbag

Latin America Investment News on Viva Tropical