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Heading overseas for a new life as an expat is a time of much excitement – but it’s important not to forget that your wealth management strategy may need reviewing Damian Lillard Womens Jersey , in order not to suffer financial stress. Good planning can mean that your big move goes smoothly, but many expats head into financial difficulty due to some very common mistakes. Here we will look at five of the biggest wealth management mistakes made by expats – take notice and hopefully you won’t make the same mistakes.


Miscalculating living costs
The cost of goods and services can vary dramatically from one country to another, so you have to bear this in mind when calculating your budget. So many expats assume that costs will be comparable Jusuf Nurkic Authentic Jersey , which is a big mistake. In order to avoid this mistake, always over calculate and expect things to be more expensive, just in case.


Holiday-style spending
It’s only natural that you’ll be excited when you move abroad. The trouble is that this can easily escalate to holiday-style spending Seth Curry Authentic Jersey , instead of working to a home budget. Try to keep tabs on your budget and also make sure that you have an emergency fund that you can access if things take a turn for the worse.


Tax Troubles
Culture, laws and taxes are all different depending on where you live. Many expats don’t realise that they may face much higher taxation on their income when they move to another country – European countries very often suffer from high taxes, so ask a financial advisor to explain exactly what you’ll face to ensure that your wealth management plans don’t end up being affected.


Let HMRC know you’re leaving
Another mistake many expats make is not notifying HMRC of their new status – in other words C.J. McCollum Authentic Jersey , telling them that they’re no longer resident in the UK. Many expats forget to fill in form P85, which notifies HMRC of your change of status – this can lead to both your new and home country pursuing you for tax.


Reviewing life insurance
If you’ve got life insurance, you will need to check if it covers you for your new location. Unfortunately Damian Lillard Authentic Jersey , this is often not the case, so you could be paying for life insurance that won’t pay out – seek advice from a financial advisor to make sure you are covered.


As you can see, there are many potential pitfalls facing expats – these are just a few of the mistakes regularly seen by financial advisors. If in doubt Jusuf Nurkic Jersey , seek professional advice or talk to other expats in the country you’re moving to for some help and insight into starting a new life abroad.


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