Moving overseas can be an exciting new chapter, but without a well-thought-out budget, it can quickly become overwhelming. At Beacon Global Advisors, we help U.S. expats prepare for international transitions with strategies that support both their lifestyle and long-term financial goals. Here are six critical questions to ask before packing your bags.
- How will the cost of living change once I move abroad?
This is one of the most important questions to answer early on. From housing and transportation to dining and entertainment, expenses can vary dramatically depending on your destination.
Start by researching typical costs in your new country. If your priority is travel, for example, you might consider downsizing your housing to make room in your budget for more frequent trips. Clear priorities help shape a spending plan that supports your ideal expat lifestyle.
- What should I know about healthcare and insurance in my new country?
Healthcare systems around the world operate differently, and the costs can catch newcomers off guard. In some countries, you may be able to enroll in a public healthcare system, especially if you’re employed locally. In others, especially where access to public care is limited for foreign residents, private international insurance may be necessary.
We can help you explore your options and make sure you’re covered with a plan that fits your needs and budget, so you can help prevent yourself from being caught unprepared.
- What are my tax responsibilities if I’m earning or living abroad?
This is where many expats get tripped up. Even if you live and work in a foreign country, you are still required to file a U.S. tax return. The U.S. tax system is citizenship-based, not residency-based.
That said, tax benefits like the Foreign Earned Income Exclusion (FEIE), Foreign Tax Credit (FTC), and Foreign Housing Exclusion can help minimize your U.S. tax liability. Additionally, you may owe taxes in your new country of residence as well.
It’s vital to coordinate your global tax planning ahead of time, something we specialize in at Beacon Global Advisors.
- Will it cost money to secure a visa or establish residency?
Yes. The financial requirements for visas and residency permits can vary widely depending on your destination.
Application fees, legal assistance, background checks, translations, and proof of income or savings are all common budget items but are often overlooked. Knowing what’s required can help you avoid delays or surprises once you’ve already relocated.
- How do currency fluctuations affect my income and expenses?
If you’re earning money in one currency but spending in another, even small changes in exchange rates can make a big difference in your purchasing power.
To manage this, we recommend:
- Matching your investments to the currency of your expected expenses
- Maintaining a globally diversified portfolio to spread currency risk
- Keeping an eye on exchange rates when making large purchases or transfers
If you plan to stay abroad for the long term, localizing your portfolio makes sense. If your move is temporary, you may want to maintain a U.S. dollar-centric investment strategy.
If that sounds complicated, know that we can help you structure your finances based on your goals and timeline.
- How much should I budget for the actual move?
International relocation isn’t cheap. A few common expenses to prepare for include:
- Professional movers and packing services
- Shipping containers or sea freight
- Customs fees and import taxes
- Delivery charges to your new home
- Storage (both short- and long-term)
- Car transportation
- Flights and temporary housing
These costs add up quickly, so it’s smart to set aside a moving budget that’s both realistic and flexible.
Need a Financial Game Plan Before You Move?
At Beacon Global Advisors, we support U.S. expats and globally mobile families with personalized strategies that account for budgeting, tax planning, currency management, and more.
If you’re preparing for a move overseas, or already living abroad, we’re here to help you navigate every financial step with confidence.
