How to choose your new home abroad.
Are you thinking of moving away from your home country but don’t know where to choose? This can be a daunting task, but it doesn’t have to be.
In terms of financial planning, expatriating can be a lucrative step in a fiscally responsible retirement. Cost of living, tax benefits, and quality of life are all reasons to spend your retirement years abroad.
Unfortunately, we can’t tell you the best country to choose. We can, however, help you decide what you feel is most important in your search. Everybody is different with their individual needs. Some people just want a new, inexpensive home. Others want a more secure banking system. Whatever your needs are, this article is here to show you what you should be thinking about during your search for your new home.
Cost of Living
One of the first things you should consider when you are thinking of living abroad is what you want to be spending to live there. Many popular destinations for expats offer lower cost of living in places such as Central America.
Other destinations are much more luxurious nations, such as Monaco and Switzerland, and are highly coveted by wealthy individuals. Both of these nations offer highly regarded banking systems and real estate markets.
One of the biggest draws to moving abroad for the economically minded is a banking system that may offer more than their home country.
Many individuals looking for a new banking destination enjoy the security of well known international banks. For some, depositing money into a bank in their home country is not safe. Do you trust your bank? Do you think that your money could be safer or that your bank could be doing more with your money? Maybe it’s time to try offshore banking.
Many international banks offer high security and privacy and many amazing investment opportunities. An added benefit would also be the tax responsibility. Many countries ask less in taxes of their residents than others, allowing for a fruitful life.
Also, for those feeling the restriction of the investment opportunities at home, offshore banks offer a wide choice of funds and investments that aren’t available in your home country. It’s an easy and great way to diversify your portfolio.
This leads us to another way you can choose your new home.
Your new home could offer a world of new investment opportunities that you don’t have access to now. This includes real estate, currency, and some other alternative investments that you just can’t get at home.
With a second passport, synonymous with earning citizenship in a new country, you can take advantage of visa-free travel to different nations, working and living in a new country easily, business opportunities, safer business, and cultural exploration. Citizenship also allows you to vote, leave the country for as long as you like, and everything else a person who was born in the nation can do.
Believe it or not, some passports can be stronger than others. The strength of the passport is based on how many countries an individual can travel to visa-free with said passport.
Before making a decision, think about which countries you will be able to visit without a visa. Some of the highest ranking visas include Singapore, South Korea, Germany, and many other European destinations.
Offshore investment may open up a plethora of opportunities that may not be available in your own jurisdiction. There are many technological and agricultural options, etcetera, that just aren’t found in an individual’s home market. These options may offer great returns or can be a great hedging technique.
Second passports and offshore banking can help diversify your portfolio, protect your assets, and is the first step in moving your assets out of your country.
Each country has their own set of rules for gaining residence. Many simply require you to prove that you can live in the country comfortably on your income. Others require you to make a large investment. Whichever path you’d like to take, be sure to do your research so you know what steps will be expected of you.
Countries all over the world offer programs that allow individuals to make investments in real estate, the job market, reforestation, and more. In exchange, the investors gain residency and, often times, citizenship. Investors can use this freedom to escape from the high taxes of their hometown, spend a worry-free retirement, or use a second passport to travel the world.
Choosing the right country may involve finding a location that allows you to easily gain residency through investment. For some, it may be as easy as buying their new home, especially in countries like Portugal that offer a Golden Visa that makes residency in a new country easy.
Alpen Partners and Expatriation
Together, with respected law firms in various regions of the world, Alpen Partners is advising its clients on expatriation issues. In a world of increasing tax pressure and professional mobility, expatriation has become one of the most efficient tools for asset protection and estate planning. Moving abroad can come along with an abundance of benefits that can affect your taxes, your investment portfolio, cost of living, and your lifestyle completely. As the cost of traveling becomes cheaper, the benefits of expatriation for financial reasons is more easily obtained.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more. No matter what expatriation route is chosen, it can be a powerful tactic to allow clients to gain better control of their financial and personal lives.