Here's how you can navigate the financial aspects of working abroad as a mid-career professional.

Creating a comprehensive budget is crucial for financial stability abroad. In my experience, planning ahead makes a significant difference. Start by researching the cost of living in your new country, including housing, food, transportation, and healthcare. Consider currency exchange rates, and allocate funds for emergencies and savings. A well-planned budget helps avoid overspending and ensures you can enjoy your international experience without financial stress. With careful planning, you can fully immerse yourself in your new environment, confident in your financial security.

Understanding the banking system in your new country is crucial. As an international financial advisor, I know that having a local bank account for salary deposits and daily expenses is essential. Research banks beforehand and consider their fees, services, and convenience. Additionally, maintain a bank account in your home country for savings or loan obligations. Managing multiple currencies can be complex, so I recommend using financial tools or apps to keep track of your finances across different accounts. With proper planning and tools, you can effectively manage your finances in both countries.

If you want to maintain a bank account in your home country while living overseas, you will need to understand their policy with regards to expats. Banks in the UK have varying regulations and requirements for expats, and knowing where you stand is key. Barclays, for example, no longer offers personal current or saving accounts to customers who have an address registered with them outside of the UK. However, other high street banks do allow expats to maintain their UK accounts. Before your move, ideally, or after if you have not done so, contact your bank to discuss your status change and inquire about any documentation or procedural updates required to keep your account operational from abroad.

Taxes can be one of the most complex aspects of working abroad. As an international financial adviser, I recommend familiarising yourself with the tax obligations in your host country and any tax treaties that may exist with your home country to avoid double taxation. You may still need to file taxes in your home country even while earning abroad. Consulting a tax professional who understands international tax law can provide valuable guidance and help you navigate this maze. With expert advice, you can ensure compliance and optimise your tax situation.

When you take your Pension Commencement Lump Sum in the UK, it is tax-free. However, if you take it while you are resident overseas, it may be taxed locally. Some examples of countries where this applies are: 🇨🇦 Canada 🇫🇷 France 🇬🇷 Greece 🇪🇸 Spain Therefore, if you are planning to retire in one of these countries and want to draw your Pension Commencement Lump Sum, you should probably do so before moving.

Don't overlook healthcare costs when moving abroad. As an international financial adviser, I stress the importance of researching whether your employer provides health insurance or if you'll need to secure it yourself. Understand the healthcare system of the host country and whether it requires private insurance or contributions to public healthcare. Keep in mind that healthcare costs can vary widely from one country to another, and adequate coverage is essential for peace of mind. Proper planning and understanding of healthcare costs are crucial for your financial security abroad.

Your retirement savings shouldn't be put on hold while you work abroad. As an international financial adviser, I advise investigating how your time overseas will affect your long-term savings plans, especially if you have been contributing to a pension or retirement fund in your home country. You may need to adjust your contributions or consider international retirement accounts. Planning ahead ensures that your golden years are secure regardless of where your career takes you. Proper retirement planning is crucial for your financial future, no matter where you live and work.