Moving to a foreign country is the beginning of a new chapter in your life. After the shift, you will be dealing with two identities- citizenship of one country and residency at another; two currencies and probably even family members staying in two different countries.
Whether you’re going alone or with your family, you will have to get many procedural things sorted while you are still in your domestic country. Doing this will ensure that you don’t face any challenges after making a move.
Things to do before moving abroad
(Image Source: Shutterstock)
So, if you too are shifting to another country for work, then here are few things that you must look into before flying off to a new place-
- Get Long-Term Visa
The first step will be to obtain your long-term visa, which will grant you the authority to enter and stay in the country you’re planning to shift to, for a specified period. Depending on which country you are planning to visit, you will have to apply for visa to that country’s embassy.
After submission of application along with documents, you will have to appear for an interview. If you clear the process, then you will receive your visa in a few weeks.
- Take Necessary Paperwork Along
Once you receive your visa, you should then collate all your relevant documents and paperwork, along with photocopies of each type. Along with keeping a hard copy of all documents, you should also store all necessary paperwork on your laptop, so that just in case you lose the hard copy, you can still have its soft copy. The essential papers should include your birth certificate, medical records, and vaccinations, a copy of graduation certificate and all other qualification and work-related documents. Also, if other family members are also shifting along with you, then you will need this for every member.
Also, check if your passport is about to expire, and if it is, then get a new one made. This will prevent you from having to fly home for one, saving you money later.
- Cancel Membership
Another vital thing to do will be to cancel all your ongoing contracts or memberships. This will include intimating your landlord about your plan and settling the rent well in time, canceling your gym membership, magazine subscription, and your prepaid phone plans.
Settling or canceling such memberships will help you clear off any dues or receive any refund if there will be any.
- Health Appointments
When shifting abroad, it is vital that apart from the medical examinations that the visa authorities require, you also get other minor check-ups for vision, dental care, dermatology, and other such things done.
If at all, any medical issue comes to the surface, then you will be in a better position to decide if you wish to get it treated here in India, or in the country you’re shifting to.
- Tax Provisions
Before moving to the new place, it is also essential that you familiarize yourself with the tax provisions in the home country and your new country of residence.
You must know that on becoming a non-resident tax assessee, you can file your taxes by declaring your income from interest, rent, capital gain, and dividend accruing in India. Also, check if there is a Double Taxation Avoidance Agreement (DTAA) between India in your new country of residence, then you will also be able to enjoy some respite from double taxation.
- Insurance Cover
Another essential thing to do would be to secure your family members back in your home country. When you work abroad, your repatriation sum may support your family, for as long as you are there. However, to extend this security cover to your family even in your absence, you can buy the best term insurance plan for them, which aligns with their needs and goals. Choosing one or more of your family members as your nominee for this term cover, you can ensure that they get a sum assured in the form of the death benefit in case you expire during the cover period. This will ensure that they can lead a decent life, even in your absence. Best smart term plan as offered by reputable insurers like Max Life Insurance offer benefits like return of premium, limited premium payment option and other such features.
Not only this, but you will also need financial cushioning back in your home country, in case of your permanent return. In such a case, a term cover is also a best short-term investment plan as it offers you tax benefits under Sec 80C to the extent of Rs 1.5 lakhs. So, whether you are here or in another country, you will have secured your loved one’s future.
Move Abroad, the Right Way
Going abroad for work is an excellent opportunity for you to explore new work culture and make great strides in your career. However, staying away from the family may cause you to worry. Therefore, along with everything else, invest in best short-term investments and the best term plan to secure your loved one’s future financially.
