Economy - Expat Magazine
For expatriates, the impact of receiving an income in a currency that is weaker or stronger than the local currency can significantly influence purchasing power. Over time, this disparity can even threaten the viability of the move itself. This article provides practical case studies and advice to help mitigate risks and minimize financial losses.
Since 2022, global foreign investment has consistently declined, a troubling trend that's stifling economic growth and hampering national development. This downturn not only curtails corporate initiatives but also dims the prospects for international work assignments. In response, the UN's Trade and Development Agency urges governments to take decisive action. Below is a detailed analysis of these developments.
According to the latest data from the United Nations, highlighted by Investopedia, Mexico is by far the top destination for American retirees, especially due to the country's proximity and the standard of living. Knowing how significantly the cost of living can impact modest pensions, what should you do when it keeps increasing despite a favorable cost difference from your home country? How can you optimize your retirement pension or supplement your income? Should you consider moving to a more affordable country?
Coming back home after having lived abroad can be both exciting and overwhelming. But let's put emotions aside for a second and focus on the practical side of things. Namely, finances. Let's start at the beginning.
Living abroad isn't always smooth sailing. Job loss, health problems, and unexpected life events can strike at any time. When tough times hit, where can you turn for help? How can you get through these challenges?
You've saved money for years for your moving abroad plans. Your visa has arrived, your bags are packed, your plane is ready, and so is your new life. But panic grips you on your first day in your host country: what if you haven't saved enough? Will you have enough money to live abroad? Here are some practical tips for a worry-free relocation.
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.
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