Here’s a wrap-up of our Instagram 5 Financial Tips for Moving Abroad:
1. Think before applying for credit in a foreign country. Why do you need a local credit card? What are the ramifications for not paying the debt? Credit scores don’t travel. Will this foreign credit activity be reported to your home country credit bureaus?⠀
2. Never travel or move abroad without having medical insurance. Make sure your medical insurance also covers the repatriation of remains and emergency evacuation.⠀
3. Identity Theft is a growing problem as we saw today from the #Marriott Data Breach. Keep a close lock on your personal data. Always use a #VPN with your W-Fi connection. Order your U.S. credit report annually. ⠀
4. When you open a bank account in a foreign country be sure to ask if your money is insured, by what government entity, and up to what amount.⠀
5. New #Friday#Financial Tip for this week – Pre-Departure decide what you will do with your existing investment portfolio. Living Abroad, will you be able to continue to invest? Will your current Brokerage firm allow you to invest from overseas? U.S. reporting requirements and regulatory rules for U.S. Expats can be extensive. ⠀
