Economy - Expat Magazine
As inflation continues to drive up expat budgets, you're probably playing it safe and considering making savings. Perhaps you're wondering where to invest your money or how to manage the savings you've accumulated. Here are some practical tips.
If you're planning to move abroad, you're perhaps in the middle of the process of obtaining your visa and residency permit. One of the required documents is proof of financial means. Apart from the often exorbitant amount, how can you prove you have sufficient funds to live in your chosen country?
In a world faced with inflation and other crises, you might be wondering how to cope with the cost of living. Diversifying your income is one of the first steps towards securing or even increasing your purchasing power. What are your options when living abroad?
During your first week abroad as an international student, one of your most important tasks is opening a local bank account. This is not compulsory, but it's strongly recommended because it will make your life easier and save you money in the long run. If you're confused about where and how to start, this article might help you.
Managing your finances as an expat can sometimes be challenging. Fortunately, online banking offers a practical and beneficial solution for expatriates worldwide. In this article, we will explore the benefits of online banking and see whether required to open a local bank account in their host country.
In September, some British expats received letters/emails that their UK-based current and savings accounts would be closed in 6 months. Compliance issues are increasingly complex and costly for British banks since “passporting” ended with Brexit, and for some high street banks, it's no longer practical to keep the accounts of citizens domiciled abroad.
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Spain is one of the preferred destinations among expats who want to spend extended periods of time in another country and improve their quality of life. But living and working in a place that is not your homeland is not as easy as it may seem. Even opening a bank account can be a cumbersome and tedious process if you don't know how to go about it. Here, we'll show you the documentation you need and introduce you to CaixaBank, one of Spain's leading financial institutions, which offers you HolaBank, a value proposition tailored to expats, making your life easier than ever.
There is a popular misconception that foreign professionals have an advantage over other their local counterparts, that they earn more and benefit from better working conditions. Behind these misconceptions lies a still highly idealized vision of expat life. The truth, however, is less idyllic than what it looks like.
Since the "Covid shock" and the reopening of borders, there has been talk of this "rediscovered freedom" that gives wings to millions of new potential expatriates. The desire for freedom seems even stronger among young people. However, at the same time, soaring inflation and the economic crisis are cutting the wings of millions of others or at least delaying their living abroad plans. How challenging is it to conciliate living abroad, finances, and youth?
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In October 2022, the world feared that the dollar's rise would fuel a new inflationary spiral. It was then referred to as the "unstoppable force of the dollar," powerful enough to shake the currencies of major economies like Japan, the Eurozone, and the United Kingdom. However, in December, the tone changed: the dollar experienced a slight decline but remained strong, continuing to be the safe haven of 2023. On the other hand, other major currencies continued to weaken. Nonetheless, some countries resisted, mainly in emerging economies. What are the consequences for expats' finances?
As an expatriate, using your credit card for daily transactions is an essential part of your daily life. But what if your host country lacks a secure banking system? In this case, you will need to make sure you are aware of the potential risks associated with credit card use.
When planning a move abroad, you need to start working on your budget. Besides the necessary plane tickets, how much money do you need for the different steps of your move? Here's a list of the main expenses you should consider, so you can be well-prepared.
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When choosing to leave your native country to move or work abroad, streamlining your professional commitments will rank highly on your housekeeping to-do list, in particular if you're a business owner. You may choose to do this by appointing an interim director or promoting your second in command to first in line. Alternatively, continuing in your role may be an option, albeit from a different location, and managing your company finances remotely, which can be facilitated if you have the right systems in place.
According to a recent survey by HSBC, 45% of people planning to relocate to a new country feel lost about managing their finances after the move. This is an understandable concern: banking, paying taxes and transferring money between countries can be complicated. Below, we will look into the details of the HSBC survey and suggest an effective action plan for managing finances when moving abroad.
Have you always dreamed of building wealth when living overseas? COVID, the economic crisis and inflation having made our lives miserable over the past two years, more and more of us are considering new ways of having a better life, especially in terms of finances. So how do you become a rich expat.
British expats in countries without social security agreements with the UK receive “frozen pensions.” This means that their pension is locked at the level it was when they first relocated abroad. Many feel it is unfair because they had contributed to the National Insurance only to get back low amounts. This reduced pension amount makes some struggle financially amidst rampant global inflation.
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