The title of “ex-pat” carries a special status for millions of people around the world. Additionally, it can be a gratifying experience to live and work abroad on a professional, interpersonal, social, and, of course, financial level.
There are numerous ways that expats who live abroad manage their financial conditions. Among the expat population, a minority percentage are investors while the majority are spenders.
As you are reading this article, we presume that you are interested in making investments. And why not? You can avail of countless benefits by investing in a new country.
Of course, your profile- your circumstances, expectations, short- and long-term goals, income, present liabilities, etc.—will determine where, when, and how much you should invest. You might also have to get an investment visa for this purpose. In that case, you can visit Bersani Law Firm & Partners for getting assistance and learn about the investments you can qualify for. Nonetheless, there are a few things you must consider before investing.
Read on to know!
Choose The Right Country
As an expat, the foreign land you are currently dwelling in might look perfect for making business investments. However, it will have its fair share of challenges, especially concerning laws and regulations.
For instance, if you select Italy to make an investment (or to commence your business), your home country must have an “establishment of reciprocity” with Italy.
Availing Investment Visa Italy or “Golden Visa” can help you here- providing numerous businesses and assets you can invest in. It will also provide you with a resident permit and an opportunity to become a permanent resident later.
Do Your Own Research
Once you have decided on the country you wish to invest in, you must do additional research to learn about the growth opportunities, residential benefits to you and your family, tax benefits, and healthcare schemes.
You can surely get advice from financial advisors, your family members already residing in the country (such as grandparents and relatives), and immigrant experts (when availing Investment visa). However, the final decision should be based on your understanding of the projects, investments, risks, and possible returns.
Learn About Local Benefits
The sole purpose of making an investment is to get a good (if not high) return on investment. It is noteworthy that the returns are not merely limited to the monetary aspect. Instead, it also includes several other perks.
Continuing the above example, If you qualify for an Italian investor visa, you will be able to enjoy:
- Free national healthcare.
- Access to free public education for you and your family members.
- Permanent residency (after five years of legal stay in the country).
- No quota limits for applying and relocating to Italy.
To Sum It All Up
Living as an expat and moving overseas is indeed an incredible and transformative experience. However, it also has a lot of challenges, particularly in terms of investments and money management.
Don’t let taxes, shifting exchange rates, or lack of investment knowledge stand in the way of profitable international investments. Rather, seek help from experts to manage your investment and reap its benefits.