Planning Your Finances For An International Lifestyle

There is no doubt that international trade is something that is becoming increasingly common, and there are a growing number of people who find that their lives don’t just happen in one country any more.  This can impact their lives in several ways, and managing money so that they can make the most of their international lifestyle is vital to ensuring that the additional costs don’t outweigh the benefits of spending time in several countries throughout the year.  This can manifest itself in several different ways ranging from tax and earnings contributions through to questions about access to funds and making sure people don’t end up stranded with no money in a foreign country.

Choosing The Right Current Account

One of the most important things when it comes to a flourishing international career is to make sure that there are as few obstacles as possible to come between you and living in a different country without too much hassle.  This is where an international bank account can be very useful, as it can be held in the currency of the country in which you are living, and especially if you are being paid in that currency can help avoid the losses that comes from frequently converting money back and forth between different currencies.  These accounts are also designed for those who travel regularly, and will have additional features to help take the headaches out of spending time in several different countries.

Getting The Right Tax Advice

Whether you are a freelancer who works in several different countries, or you work around the world for a multinational company, it is easy to see how people’s tax affairs can get very complex.  Some multinational employers will be have their own in-house staff who can offer tax advice, but in most cases it is best to seek out independent financial advice unless you’re up to date on the latest tax estimators and calculators.  This can range in scope depending on how long you spend in each country, but in many cases can help to avoid the problems where an individual finds that they are paying a tax on their income in two different countries.

Getting Access To Money Abroad

A very important aspect of leading an international lifestyle is to keep in touch with your bank to let them know where you are likely to be, and to keep your contact numbers up to date.  There are many different banks that will keep an eye on their customers’ spending, and larger transactions in countries where you haven’t traveled to before will often be picked out by fraud detection systems.  By letting your bank know when you are travelling, this can help to avoid any problems with this kind of transaction and emergency international calls to sort out problems.

Planning For The Future

Another difficult aspect of planning your finances if you have an international lifestyle is what to do with your savings and where you should keep your money.  There are many countries that do raise a tax on any income paid on savings, and this is why many people do choose to keep an offshore savings account to help minimize these costs.  This is also a good topic to discuss with a financial adviser as you prepare to start work in another country.

About Michael Hodson

I’m an attorney that took off on my birthday in December of 2008 to circumnavigate the globe without ever getting on an airplane. After 16 months, 6 continents and 44 countries, I made it all the way back home. Right now, I am back on the road writing about it all.