FINANCIAL PLANNING FOR EXPATRIATES
Going back for home
Leaving for work
Leaving for love
Cost of relocation
Double Tax Agreements
Insurance for expatriates
Superannuation for expatriates
Chapter 1 - Considering leaving Australia and becoming an expatriate?
Many Australians every year relocate around the world for many reasons.
A large amount of Australians relocating are returning to their country of origin. A term made famous in the 50's was "boomerang pom", which was a nickname given to British people who after living in Australia for a few years decided it was not for them and returned home. This can be the case for other nationalities who believe Australia is not exactly what they had hoped for.
There are a myriad of reasons why Australian emigrate overseas, however the core reason is economic. They pursue employment and business opportunities overseas.
Another reason that many Australian emigrate is for love. Many Australians follow their partners overseas to their home countries.
When making the decision to leave Australia either permanently or for a period of time there are significant financial consequences that people fail to consider. We will go through the main issues you should consider when making your decision.
COST OF RELOCATION
Often the financial costs of relocation is overlooked when making a decision to relocate.
When you are young, it usually means that you will have minimal physical assets like furniture and contents, so packing up and leaving your stuff with mum isn't problem. As a full fledged adult means that you can have accumulated a variety of things
In the following chapters we will look at how you can try and minimise the costs while maximising the benefits so your time overseas can be remembered as an amazing experience rather than a regretful cautionary tale.