It’s increasingly popular for people of all ages, and especially those who are digital nomads or are contemplating retirement, to think about moving their entire life abroad. There are specific financial and planning steps you need to take to ensure that you have covered all of your bases before moving to another country. These include considering tax implications, updating your estate planning and working with an immigration professional. The tax implications of moving abroad will vary from one location to another.
Consult with someone who has experience in taxation and international tax laws to determine your financial obligations in the country you’re moving to and in your home country. If you’ve previously established an estate plan, it is also wise to share your intentions to move with your estate planning attorney. Different countries will have different legal systems as well as inheritance laws, so you want to work with an estate planning attorney who has helped others in this situation before. Finally, it’s valuable to consult with an experienced immigration professional to understand residency permits, visas and working ability.
Some countries are friendlier than others to people who are coming in and staying for the long term, and it is very important that you have all of your ducks in a row in advance. By updating all of your documents and strategically planning for how to move abroad you’ll be in a much better position to make this move sooner than later. For assistance with your estate planning strategies, contact our office today for more support.
Our Pasadena estate planning attorneys know many of the challenges that people looking to live in other countries may face and can help you look over your existing estate.