When you think about living as an expat, what springs to mind? Everyone has their own idea of what it means to be an expat, but there is more than one way to enjoy this type of life. Here, we take a look at three common choices you can make, and why you might pick one above the others.
Country hopping
In an increasingly nomadic workforce, we have seen more and more expats choosing to travel between countries as part of their lifestyle. If you have your own business that you can do from your laptop, then you can technically work from anywhere without settling down. While this might make your financial life a little more complicated, it can be a fantastic way to see the world without giving up your original residency or citizenship status.
Make one move
Do you know a fellow expat who has gone on vacation to a country and just never returned? These true love stories happen more frequently than you might think. Whether it’s because your heart calls to one specific location, or you have a job offer and want to move your family and stay put for increased security, this can be a great choice. It can be especially beneficial for those who are looking to give up their Australian residence and streamline their income tax.
Flexible living
Whether you have dual citizenship or you just want to run a business in two countries, many expats choose to split their time between two locations. One may be considered your “home base” or you might live in each place an equal amount. This can be a wonderful way to embrace a more “settled” expat life while still enjoying multiple locations, cultures, and business demographics.
Depending on your business, your personal circumstances, and your passion for travel, you may try more than one of these expat travel styles.
However you make the move overseas, make sure that your Australian tax returns and the obligations you may face in other countries are in order. Get in touch with us today to discuss these and other financial considerations you need to take into account as you begin your new life as an expat.
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