Expatriation
A long read ... your only investment is the time it takes to read this ...
Expatriation and the many questions ... Will you succeed?
Visiting a foreign country comes in four basic flavors; transit or passing through (1-3 days), vacationing or visiting (1 - 4 weeks), short term relocation (less than 2 years), and, long term residence (many years, decades). The first three flavors are relatively easy to accept as they are not forever and you know when you will return home. It is the last flavor, the long term residence or "forever" flavor that requires a unique type of personality and preparedness to successfully achieve.
Living in a foreign country, whether by choice or by requirement (employment assignment) requires a significant amount of adaptation. Your approach to the adaptation will determine your success in your assignment, goals and well being.
Culture; The many challenges you will face can be summed up in one world "culture". You will be exposed to cultural differences that will both amaze and confound you. You will experience a vast array of "things" that will make absolutely no sense to you. You will need to accept that these "things" are part of the culture and this is the accepted way of life. You cannot change these things and any attempt to do so is not only futile but will also be frustrating. The key to this is tolerance. Accept what you see for what it is - their way of life. You will need to adapt to their way of life as they will NOT adapt to yours.
Environment; Another important aspect of residing in a foreign country is it's environment. Among the many concerns in this category are: climate extremes, seasonal changes, pollution, natural disasters (such as; typhoons, flooding, earthquakes, tsunamis, etc.) You must be aware of the possibility of the aforementioned problems and prepare for the worst. The old adage; pray for the best and prepare for the worst applies itself well.
Language; to what level are you fluent in the host countries language, both spoken and written, you need to shop, do you understand the signs and costs? Do you recognize a bargain versus a rip-off? Is there an adequate supply of interpreters to aid you? Can you trust what you hear? Will you have friends to converse with in your mother language? Can you understand the host countries humor?
Economic; Do you have enough money. What is the taxation you will be subject to? What is the true cost-of-living to maintain the life style you will have and will you be happy with it? How much insurance do you need and at what cost? What will adequate housing and utilities cost? Will you rent or buy?
Food; what is your preferred menu? Can you eat the local food? How much will it cost you to eat foods you will enjoy? What will be the impact of drought or flooding on your food budget?
Shopping; are your desired amenities available at a reasonable cost? Can you live without your preferred brands of personal items or will you pay extra? Can you ignore the perceived prejudice of the two tier pricing schedule? Will import taxes be a serious burden?
Transportation; Where will you live? Is public transport available? Will you own a car? Motorbike? Can you adapt to the local driving habits? What cost is insurance? How bad is the traffic? Transportation times to and from shopping, attractions, work, the beach, your friends? What happens if your involved in a traffic accident?
Medical; What type of medical insurance will you carry? Will it be enough? Do you need inoculations and vaccinations? On-going medicines and medical care? Doctors and Dentists visits? Preventative medical procedures? What about accidents, infections, and disease? Age related maladies?
Religion; Will you have the freedom to practice your chosen religion? Is there a place of worship close to your residence? Will your spiritual needs be satisfied?
Currency; Do you have an adequate nest egg? Where will you keep your money? In your home country? In your host country? What are the taxation implications? What impact will currency exchange fluctuations have on your budget, investments and nest egg?
Political uncertainty; Do you have an exit plan? What can happen if the government collapses? Do you have an emergency fund? An escape plan? A safe house? If necessary, can you leave on a moments notice? Abandon all property and holdings in your host country? Can your embassy protect you? Will your embassy evacuate you?
Legal; What type of visas do you qualify for? What type of visa do/will you have? What are the legal requirements to maintain that visa? Can you fulfill those requirements? What will you do if you need legal counsel? Can you fund a foreign legal defense if necessary?
In closing ... this Post is "food-for-thought" ... a list of some, but by no means all, the questions an individual must answer before expatriation. There is absolutely nothing that can help your venture succeed more than a well thought out plan.
I ask the experienced Expats who frequent this forum to please contribute your wisdom, experiences and advice to other Expats and the potential wannabe Expats who will be reading this thread. Allow them to benefit from your experiences. Provide them with your lessons learned in the hopes that some of our mistakes will not need to be repeated.
Good luck to all.
A long read ... your only investment is the time it takes to read this ...
Expatriation and the many questions ... Will you succeed?
Visiting a foreign country comes in four basic flavors; transit or passing through (1-3 days), vacationing or visiting (1 - 4 weeks), short term relocation (less than 2 years), and, long term residence (many years, decades). The first three flavors are relatively easy to accept as they are not forever and you know when you will return home. It is the last flavor, the long term residence or "forever" flavor that requires a unique type of personality and preparedness to successfully achieve.
Living in a foreign country, whether by choice or by requirement (employment assignment) requires a significant amount of adaptation. Your approach to the adaptation will determine your success in your assignment, goals and well being.
Culture; The many challenges you will face can be summed up in one world "culture". You will be exposed to cultural differences that will both amaze and confound you. You will experience a vast array of "things" that will make absolutely no sense to you. You will need to accept that these "things" are part of the culture and this is the accepted way of life. You cannot change these things and any attempt to do so is not only futile but will also be frustrating. The key to this is tolerance. Accept what you see for what it is - their way of life. You will need to adapt to their way of life as they will NOT adapt to yours.
Environment; Another important aspect of residing in a foreign country is it's environment. Among the many concerns in this category are: climate extremes, seasonal changes, pollution, natural disasters (such as; typhoons, flooding, earthquakes, tsunamis, etc.) You must be aware of the possibility of the aforementioned problems and prepare for the worst. The old adage; pray for the best and prepare for the worst applies itself well.
Language; to what level are you fluent in the host countries language, both spoken and written, you need to shop, do you understand the signs and costs? Do you recognize a bargain versus a rip-off? Is there an adequate supply of interpreters to aid you? Can you trust what you hear? Will you have friends to converse with in your mother language? Can you understand the host countries humor?
Economic; Do you have enough money. What is the taxation you will be subject to? What is the true cost-of-living to maintain the life style you will have and will you be happy with it? How much insurance do you need and at what cost? What will adequate housing and utilities cost? Will you rent or buy?
Food; what is your preferred menu? Can you eat the local food? How much will it cost you to eat foods you will enjoy? What will be the impact of drought or flooding on your food budget?
Shopping; are your desired amenities available at a reasonable cost? Can you live without your preferred brands of personal items or will you pay extra? Can you ignore the perceived prejudice of the two tier pricing schedule? Will import taxes be a serious burden?
Transportation; Where will you live? Is public transport available? Will you own a car? Motorbike? Can you adapt to the local driving habits? What cost is insurance? How bad is the traffic? Transportation times to and from shopping, attractions, work, the beach, your friends? What happens if your involved in a traffic accident?
Medical; What type of medical insurance will you carry? Will it be enough? Do you need inoculations and vaccinations? On-going medicines and medical care? Doctors and Dentists visits? Preventative medical procedures? What about accidents, infections, and disease? Age related maladies?
Religion; Will you have the freedom to practice your chosen religion? Is there a place of worship close to your residence? Will your spiritual needs be satisfied?
Currency; Do you have an adequate nest egg? Where will you keep your money? In your home country? In your host country? What are the taxation implications? What impact will currency exchange fluctuations have on your budget, investments and nest egg?
Political uncertainty; Do you have an exit plan? What can happen if the government collapses? Do you have an emergency fund? An escape plan? A safe house? If necessary, can you leave on a moments notice? Abandon all property and holdings in your host country? Can your embassy protect you? Will your embassy evacuate you?
Legal; What type of visas do you qualify for? What type of visa do/will you have? What are the legal requirements to maintain that visa? Can you fulfill those requirements? What will you do if you need legal counsel? Can you fund a foreign legal defense if necessary?
In closing ... this Post is "food-for-thought" ... a list of some, but by no means all, the questions an individual must answer before expatriation. There is absolutely nothing that can help your venture succeed more than a well thought out plan.
I ask the experienced Expats who frequent this forum to please contribute your wisdom, experiences and advice to other Expats and the potential wannabe Expats who will be reading this thread. Allow them to benefit from your experiences. Provide them with your lessons learned in the hopes that some of our mistakes will not need to be repeated.
Good luck to all.
