Managing Your Life Abroad: A Guide to Financial Wellness

This guide features four ex-pat financial experts that discuss the importance of having a plan for managing finances while living abroad. They specifically discuss important financial factors such as expenses in the host country, income sources, expenses in the home country, managing investments, contributing to retirement, taxation in the foreign country, managing US credit, and identity theft.

Financial Wellness is Crucial.

Financial wellness is crucial, especially for those who are considering moving abroad or are already living abroad. In the Financial Wellness Abroad episode of Flourish in the Foreign, four guests shared their insights on managing finances while living abroad.

Adalia of Picky Girl Travels emphasized the importance of having a plan for managing investments, retirement contributions, taxation in a foreign country, US credit, and identity theft.

Lisa R. Mitchell of Living a Global Lifestyle discussed the need to have a budget and to be mindful of expenses, especially when living in a more expensive city or country.

Aquania Escarne, of The Purpose of Money, stressed the importance of having financial goals and a plan to achieve them.

Finally, Tanya Munford-Pitts, an ex-pat tax professional, discussed the complexities of ex-pat taxes and the importance of seeking professional help to navigate them.

These guests all emphasized the importance of financial wellness in living a fulfilling and sustainable life abroad. Without a plan for managing finances, it can be easy to fall into debt or struggle to make ends meet. This can lead to stress and anxiety, which can ultimately impact one's overall well-being and unplanned return home.

Managing finances while living abroad can be especially challenging due to factors such as currency exchange rates, differences in tax laws, and fluctuations in the cost of living.

However, with careful planning and attention to detail, it is possible to achieve financial stability and even financial abundance while living abroad.

One key aspect of financial wellness is having a budget. This involves tracking expenses and income and setting limits on spending in different categories. By having a budget, one can ensure that they are living within their means and saving money for future goals.

Another important aspect of financial wellness is having financial goals and a plan to achieve them. This might involve saving for a down payment on a house, investing in a retirement account, or starting a business. By having clear goals and a plan to achieve them, one can feel more in control of their financial situation and work towards a more fulfilling and sustainable life abroad.

In addition to budgeting and goal-setting, it is also important to seek professional help when necessary. This might involve consulting with an ex-pat tax professional to navigate the complexities of tax laws in different countries or working with a financial advisor to manage investments and retirement accounts.

Save for a Living Abroad Budget

One important aspect of financial wellness when living abroad is saving for a living abroad budget. Financial coach Aquania Escarne suggests that the amount one should save depends on their personal situation and how they plan to live abroad.

For example, someone who is living abroad with a thin budget may be able to provide for themselves, while someone living abroad with a family may have different needs.

Escarne recommends that individuals should try to save at least three to six months of savings, just like if they were at home, based on what they think they will need. Researching the country's average cost of housing, whether or not employers cover housing costs, and other expenses such as food, utilities, and transportation can help individuals determine their budget.

It is essential to start saving for a living abroad budget as soon as possible. Escarne suggests that individuals should save consistently, with every paycheck, and decide what they can afford to save. If it is 10 percent per paycheck, then individuals should save that much. If it is more, they should push themselves to save more. Any bonuses, birthday money, or extra income should also be put towards the saving goal.

By saving consistently and having a clear goal in mind, individuals can motivate themselves to save towards their living abroad fund. Having a savings chart or visual representation of their progress can also help individuals stay motivated and encourage others to support their goals.

In preparing to go abroad financially, Escarne recommends starting a year in advance. This includes solidifying where to live, estimating how much will be made in the destination country, and deciding whether to rent or sell their current home.

Build Wealth while Abroad

It is not just about saving money, but also about generating wealth and building it for the long term. This is where the concept of generational wealth comes in. Aquania Escarne, an expert in generational wealth building, suggests that the first step towards building generational wealth abroad is to take advantage of the savings that come with living abroad. For instance, if an individual has rented out their home in their home country, they can use the rental income to cover their mortgage and save the money they would have spent on the mortgage. By doing this, they can save a significant amount of money every month, which can be invested in various ways.

One way to invest the saved money is in real estate. Owning rental properties can be a great way to build wealth and generate passive income. However, being a landlord is not for everyone. For those who prefer a more passive approach, there are other options such as investing in real estate through a real estate investment trust (REIT) or owning shares in a hotel. These options allow individuals to invest in real estate without the hassle of managing the property themselves.

Another way to generate wealth while abroad is through affiliate marketing. Individuals who have a blog or platform can include affiliate marketing as a way to make money by selling other people's products to their audience. This is a great way to make passive income that can be invested in various ways.

Investing in the stock market is also a great way to build wealth. By investing in stocks that pay dividends, individuals can receive a dividend check every quarter. This is a great way to generate passive income that can be reinvested to build wealth over time.

“F@#% You” Money is Crucial

It is also important to have a safety net in case of emergencies or unexpected situations. This is where "F you money" comes in.

As described by Adalia of Picky Girl Travels, "F you money" is the money that gives you the freedom to say "F you" to a situation that is not serving you well. It is the emergency fund that gives you the space and freedom to make decisions based on what is good for you, rather than being dictated by financial constraints.

Having "F you money" is crucial for anyone, but especially for women living abroad. As Adalia points out, circumstances may arise where one may need to cut and run, and having an emergency fund provides the ability to do so without being financially trapped. This is particularly important for those who are new to a country and have not yet established a network or safety net.

"F you money" is not just about emergencies, but also about having the financial confidence to make decisions based on what is best for oneself. For those who grew up in families where money was not discussed or where negative emotions were associated with it, building financial confidence is key to achieving financial stability and abundance.

Investing and Avoiding Debt

This compilation episode discusses the importance of investing and avoiding debt, particularly for those living abroad. Adalia Aborisade of Picky Girl Travels emphasizes the need for women to have financial knowledge and control over their finances, as they may be left in a vulnerable position if their partner is in charge of finances and investments.

Adalia shares her personal experience of taking a 60% pay cut when moving abroad but still being able to invest, save, and achieve financial stability. She emphasizes the importance of avoiding debt and approaching it with a strategy, as it can be a tool or a burden depending on how it is used.

One way Adalia was able to achieve financial stability was by having fewer financial obligations and not having to siphon off a portion of her income to pay bills back in the United States. She also started investing early on, despite the limited investment options available to her as a public school teacher. She kept things simple by investing in index funds and ETFs, which helped her beat inflation and grow her wealth.

Adalia also advises individuals to save a significant portion of their income, even if they are living abroad and have minimal expenses. By consistently saving and investing, individuals can achieve financial stability and abundance while also building a safety net for unexpected situations.

Prioritize and Plan for Retirement

One key aspect of achieving financial freedom is prioritizing and planning for retirement. As the Financial Wellness Abroad episode highlights, it is important to first consider one's priorities and what is important to them.

For some, travel may be a priority, while for others, it may be having designer clothes or other luxuries. However, it is important to recognize that one cannot afford everything and must make choices based on what is truly important.

For those who prioritize retiring early, a more aggressive plan for saving and investing may be necessary. This may involve downsizing in other areas of life to free up funds for retirement savings. It is also important to consider the potential impact of living abroad on retirement benefits, such as Social Security. For individuals who have not paid into Social Security or have spent a significant amount of time living abroad, it may be necessary to take on more responsibility for their retirement savings.

One key strategy for retirement planning is investing in index funds that track a large market index. This allows individuals to diversify their investments and minimize risk while still achieving potential growth. It is also important to avoid debt and prioritize paying off any existing debts as soon as possible. By avoiding debt, individuals can free up funds for retirement savings and avoid the potential negative impact of high-interest rates.

Ultimately, prioritizing and planning for retirement requires a combination of financial knowledge, discipline, and a willingness to make choices based on what is truly important.

Investing is Key for Retirement

One of the key components of planning for retirement is investing. As discussed previously, investing is essential for building wealth and ensuring financial security in retirement. Adalia Aborisade, a former public school teacher who now lives abroad, shares her own experiences and insights on investing for retirement.

She recommends investing in a total stock market index fund and contributing to it on a regular basis. While some retirement programs offered by employers may be expensive or even scams, individuals can take control of their own finances by investing in stocks or real estate. Saving alone will not make one rich, as inflation will erode the value of money over time. Investing is necessary for long-term financial growth and security.

Adalia also emphasizes the importance of having different "pots of money" for different purposes. One pot is for emergency situations, such as needing to leave a country quickly. Another pot is for situations where one may want to quit a job or take a break from work. Finally, there is a pot for more luxurious expenses, such as travel or other experiences. By having different pots of money, individuals can prioritize their spending and ensure they have enough saved for different situations.

Adalia also discusses her own journey of planning for retirement and choosing where to live. She researched different countries and their retirement visa requirements, ultimately choosing to live in Mexico with the option to move elsewhere in the future. By taking control of her finances and investing in her future, she was able to make choices based on her priorities and desired lifestyle.

Understand Credit and Vet Advisors

When living abroad, there are additional considerations to keep in mind, particularly when it comes to credit and financial advisors.

Lisa R. Mitchell, a former international banker who worked primarily in the ex-pat division of her banks, discussed the importance of understanding credit abroad. She noted that there is no global credit score and credit histories do not travel. While there are a few companies working to create an international credit score, it is important to understand the local credit laws and regulations in each country.

For example, in some countries, not paying debts can result in jail time, while in others, it may be tied to one's immigration status. Privacy rules are different in each country, which can impact credit reporting and monitoring.

To ensure that one's credit is not negatively impacted while living abroad, it is important to check one's credit report regularly and use a virtual private network (VPN) to protect personal information while using public Wi-Fi. It is also important to protect one's passport and bank data, as identity theft and fraud are common risks for ex-pats. Finally, it is important to consider the credit of one's children and take steps to freeze, alert, and monitor their credit while living abroad.

Another important consideration for ex-pats is how to properly vet a financial advisor. As Lisa R. Mitchell noted, ex-pats are often targeted by financial advisors who assume they have excess money to invest.

However, it is important to find an advisor who understands the unique challenges and opportunities of living a global lifestyle. This may include understanding the reporting and taxation requirements for US citizens investing abroad. It is also important to have a clear investment strategy and to work with an advisor who can help execute that strategy while navigating the complexities of investing abroad.

Financial Planning is Crucial Overseas

Living overseas can be an exciting and rewarding experience, but it also comes with its own set of financial challenges. Financial planning is crucial overseas to ensure that individuals can maintain their financial stability and security. Lisa R. Mitchell, a financial expert, discussed the importance of financial planning for ex-pats and highlighted some of the key considerations that individuals need to keep in mind.

An investment strategy is also crucial for ex-pats, and Lisa advised individuals to have a clear understanding of their investment goals before moving overseas. Expats need to consider whether they already have a portfolio and whether they will be investing for the first time. Lisa also cautioned against being seduced by local advisors who may not have the necessary credentials or knowledge of foreign investment products.

For ex-pats who are having children abroad, financial planning takes on an even greater importance. Lisa highlighted the need to consider the financial implications of having a child in a foreign country, such as citizenship and military service requirements. Expats also need to have financial discussions with their partners and consider whether to have a cohabitation agreement in place.

Plan Finances Before Moving Abroad

Moving abroad can be an exciting and life-changing experience, but it is essential to plan finances before making the move. Lisa R. Mitchell, a financial expert, shared her insights on some of the most significant mistakes ex-pats make with their finances while living abroad. She emphasized the importance of moving with intention and considering where one is in the circle of life.

One of the primary concerns for expats is managing their income and expenses in a foreign country. Lisa suggests that ex-pats need to have a financial blueprint that outlines their expenses in the host country and any expenses they may still have in their home country. They also need to have a plan for managing their investments, contributing to their retirement, and managing taxation in a foreign country.

Expats also need to consider the financial implications of having children abroad. Lisa points out that education can be expensive, and ex-pats need to think about where they want their children to go to school. They also need to consider whether their child has any learning challenges and whether the country they are living in can offer the necessary infrastructure and support.

Important Finance Factors

There are a number of factors that expats need to consider when it comes to their finances.

First, they need to align their finances to the payment structure of their new country. While some countries pay monthly, others may pay bi-weekly or even weekly. This means that ex-pats need to plan their expenses accordingly and ensure that they have enough money to cover their bills and other financial obligations.

Another important factor to consider is having multiple sources of income. The COVID-19 pandemic has made it clear that relying on just one employer is not enough. Expats need to have a clear understanding of their sources of income and plan accordingly. This means having a backup plan in case of emergencies, such as job loss or unexpected expenses.

Moving money is also an important consideration. Expats need to be aware of the fees associated with moving money between countries and ensure that they have enough time to exchange and transfer funds to cover their financial obligations. They should have a plan B in case they are unable to access their funds due to unforeseen circumstances.

Credit is another important consideration, and ex-pats need to be aware of the credit terms in their new country. Applying for credit can be complicated, especially if the application is in a language that the expat is not fluent in. Therefore, it is important to understand the credit system in the new country and only apply for credit if it is necessary.

Taxes are also a crucial consideration for ex-pats. They need to understand the tax laws in their new country and ensure that they are filing their taxes correctly. This may involve filing for foreign income exclusion and other forms to ensure that they are not overpaying on taxes.

File Taxes Annually When Abroad

One crucial aspect of financial planning for ex-pats is filing taxes annually. Many people assume that leaving the United States means they no longer have to pay taxes, but this is a common misconception. The US government taxes worldwide income, meaning that ex-pats are still required to file taxes each year, even if they are living abroad.

Another misconception is that leaving the country automatically means you are no longer a resident of your home state. However, some states still require residents to pay income tax, even if they are living abroad. For example, California and Alabama are two states that require income tax payments from their residents, no matter where they are living in the world.

Failing to file taxes annually can have serious consequences for ex-pats. It can impact their social security benefits, and they may have difficulty obtaining credit when they return to the United States. Additionally, not having a record of income can make it challenging to purchase a home or buy a vehicle.

To avoid these issues, ex-pats should file their taxes annually and ensure they are complying with their home state's tax laws. Many states offer the same exclusions as the federal government, and there may be opportunities for expats to circumvent tax laws in certain states depending on how long they have been living abroad.

It is also essential to take the necessary steps to show that you are moving abroad, just as you would if you were living in the United States. This includes changing your banking and driver's license information and taking other steps to establish residency in your new country.

Follow Rules When Doing Business

Expat Tax Professional, Tanya Munford Pitts discusses the importance of following rules when doing business, whether it is in the United States or abroad. The speaker suggests that ignorance of the law is a major problem for American citizens who choose to do business in other countries. It is essential to investigate and find out what needs to be done to become a business owner in a particular country.

Tanya also highlights the misconception that digital nomads have about taxes and tax residency. Some digital nomads believe that as long as they do not make money in a particular country, they do not have to pay taxes in that country. However, this is not always the case, as different countries have different tax jurisdictions. In Spain, for example, if an individual lives there for 183 days, they are considered a tax resident and are taxed on their worldwide income.

Tanya advises entrepreneurs and digital nomads to follow the same rules that citizens of a particular country follow. It is crucial to investigate and find out what needs to be done to become a business owner in a particular country. Otherwise, it is just a side hustle, and the individual may face potential financial consequences.

She also emphasizes the importance of filing taxes annually when living abroad. By doing so, ex-pats can avoid potential financial consequences and ensure their financial future remains secure and stable, regardless of where they choose to live.

Report Foreign Bank Accounts Accurately

One important aspect of filing taxes when living abroad is reporting foreign bank accounts accurately. The Foreign Bank Account Reporting Act (FBAR) requires individuals to report any income over $10,000 in total on any given day in their bank accounts abroad. This means that if an individual has multiple bank accounts with $10,000 or more, they are required to report all of them. Failure to do so can result in severe financial consequences.

The purpose of FBAR is to crack down on individuals who are storing their funds offshore outside of the United States, particularly those with millions and billions of dollars. However, this regulation affects all individuals living abroad who have foreign bank accounts. It is essential to file tax returns and make sure to file FBAR accurately to avoid any potential legal issues.

Notably, the federal government and other countries are in cahoots and are reporting what individuals have in their bank accounts, whether they know it or not. Therefore, it is crucial to file tax returns and FBAR to ensure that the US government understands an individual's financial situation.

Go Abroad & Cultivate A Life Well-Lived

Beyond the practicalities of living abroad, there is a deeper message to be gleaned from Flourish in the Foreign’s tagline: "Go Abroad and Cultivate A Life Well-Lived." It encourages those interested in living abroad to not just move to a new country but to actively seek out a fulfilling and enriching life there in all aspects of life: professionally, mentally, spiritually, physically, and financially.

How to Play Professional Women's Basketball Abroad

Are you a skilled women's basketball player looking to take your game to the next level? Playing professional women's basketball abroad could be the opportunity you've been looking for. In this article, we'll explore the benefits and drawbacks of playing overseas, the recruitment process, compensation, and more. 

Flourish in the Foreign has featured two former professional women’s basketball players, Valerie Weyland in Australia & Sheila Dixon in Scotland and Spain, on the podcast. Check out those episodes for their respective experiences of playing abroad.

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Why should you consider playing professional women's basketball abroad?

Playing professional basketball abroad can be an exciting opportunity for many reasons. Firstly, it offers the chance to experience a new culture and play basketball in a different environment. Additionally, playing abroad allows players to gain experience and exposure that can help them grow as athletes and advance their careers. Moreover, playing in different leagues abroad can offer different playing styles and strategies, which can help players grow their skills.

Additionally, playing abroad can offer better compensation and benefits than playing in the WNBA. Many professional women's basketball leagues abroad offer higher salaries, as well as housing, transportation, and other perks.

What is the difference between playing in the WNBA and playing professional women's basketball abroad?

The WNBA is the premier professional women's basketball league in the United States, while professional women's basketball leagues abroad offer a wider variety of opportunities for players to play and advance their careers.

While the WNBA has a higher level of competition, a salary cap, and strict roster limits, professional women's basketball leagues abroad offer more flexibility in terms of roster construction and compensation. Additionally, playing abroad can provide an opportunity to play against a wider range of opponents and experience different playing styles.

What is the recruitment process like?

The recruitment process for playing professional women's basketball abroad varies by country, league, and team. In some cases, players can find opportunities by networking, attending basketball camps and clinics, and working with player agents. Some leagues hold open tryouts, while others rely on scouts and recommendations from coaches and other players.

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What happens once you sign with a team abroad?

Once you sign with a team abroad, you will typically have to obtain a visa and work permit to play legally in the country. Depending on the league and team, housing and transportation may be provided, but some players may be responsible for their own accommodations. Additionally, players will be expected to adhere to team rules and schedules, attend practices and games, and work closely with their coaches and teammates. You'll also need to adjust to a new culture and potentially learn a new language.

What are compensation and benefits like abroad?

Compensation and benefits can vary widely depending on the league and country, but players can generally expect to receive a salary, housing, transportation, and health insurance. Salaries are typically lower than those in the WNBA, but some players may be able to earn additional income through sponsorships and endorsements.

Why shouldn't you consider playing professional women's basketball abroad?

While playing professional women's basketball abroad can be an exciting and rewarding experience, there are also potential drawbacks. Living in a foreign country and adapting to a new culture can be challenging, and players may experience language barriers and homesickness. Additionally, some leagues may have lower levels of competition, fewer resources, and less support than the WNBA.

How can playing professional women's basketball abroad advance your career?

Playing professional basketball abroad can offer players valuable experience, exposure, and growth opportunities that can help them advance their careers. Playing in different leagues and countries can broaden players' perspectives and help them develop new skills and strategies.  Additionally, it can offer exposure to scouts and coaches from around the world, which can lead to new opportunities down the line.

There are many professional basketball women's leagues abroad, but some of the top leagues include:

EuroLeague Women: The EuroLeague Women is the top-tier women's professional basketball league in Europe. It features 16 teams from different countries, including Russia, Spain, France, Italy, and Turkey.

Women's Chinese Basketball Association (WCBA): The WCBA is the top-tier women's professional basketball league in China. It features 20 teams from different regions of China.

Women's Korean Basketball League (WKBL): The WKBL is the top-tier women's professional basketball league in South Korea. It features 10 teams from different regions of South Korea.

Australian Women's National Basketball League (WNBL): The WNBL is the top-tier women's professional basketball league in Australia. It features 8 teams from different regions of Australia.

Women's National Basketball League (WNBL) in New Zealand: The WNBL is the top-tier women's professional basketball league in New Zealand. It features 6 teams from different regions of New Zealand.

Some of the top professional basketball women's teams abroad include:

UMMC Ekaterinburg: A team in the EuroLeague Women from Russia, UMMC Ekaterinburg has won the EuroLeague Women's championship several times and has notable players such as Brittney Griner and Breanna Stewart.

Shanxi Flames: A team in the WCBA from China, the Shanxi Flames have won the WCBA championship several times and have notable players such as Maya Moore and Elizabeth Cambage.

Seoul Samsung Thunders: A team in the WKBL from South Korea, the Seoul Samsung Thunders have won the WKBL championship several times and have notable players such as Temi Fagbenle and Ji-su Park.

Southside Flyers: A team in the WNBL from Australia, the Southside Flyers have won the WNBL championship several times and have notable players such as Liz Cambage and Jenna O'Hea.

Auckland Dream: A team in the WNBL in New Zealand, the Auckland Dream has won the WNBL championship several times and has notable players such as Tessa Boagni and Kalani Purcell.

Playing professional women's basketball abroad can be an excellent opportunity for skilled players to take their game to the next level. It provides a chance to experience a new culture and play basketball in a different environment, as well as gain experience, exposure, and potentially better compensation and benefits. The recruitment process varies, but players can find opportunities through networking, camps, and working with agents. While there are potential challenges and drawbacks, such as language barriers and adapting to a new culture, playing abroad can also advance a player's career by broadening their perspectives, developing new skills and strategies, and exposing them to scouts and coaches from around the world.

Living & Thriving in Andorra: A Guide for Expats

Andorra, a tiny landlocked country located between France and Spain, is often overlooked by ex-pats looking to move to Europe. However, with its breathtaking mountain landscapes, high quality of life, and favorable tax system, Andorra has become an increasingly popular destination for those seeking a better life abroad. In this blog post, we will explore the advantages and disadvantages of moving to Andorra, as well as provide practical advice for those considering relocating to this hidden gem.

Check out our podcast episode with Sheila who went from professional basketball player to serial entrepreneur and is currently based in Andorra.

Where is Andorra?

Andorra is a small landlocked country in Western Europe. It is located in the eastern Pyrenees mountains, bordered by France to the north and Spain to the south. The country covers an area of only 468 square kilometers and has a population of around 77,000 people, making it one of the smallest states in Europe. Despite its small size, Andorra is home to some of the most beautiful landscapes in Europe, including mountain ranges, lakes, and forests.

A Brief History of Andorra

It was founded in 1278 as a co-principality between the French Count of Foix and the Bishop of Urgell in Catalonia, Spain. The country remained neutral during both World Wars and has been a parliamentary democracy since 1993. In 1993, Andorra adopted a new constitution, establishing a parliamentary democracy and making it one of the last European countries to become a sovereign state. Today, Andorra is known for its tourism industry, tax haven status, and as a popular destination for skiing and hiking.

4 Reasons to Move to Andorra

1. High quality of life: Andorra consistently ranks as one of the countries with the highest quality of life in the world.

2. Low taxes: Andorra is known for its low taxes, making it an attractive destination for entrepreneurs and investors.

3. Beautiful scenery: Andorra is home to stunning landscapes, including mountains, lakes, and forests, making it a great place for outdoor enthusiasts.

4. Safe and peaceful: Andorra has one of the lowest crime rates in Europe, making it a safe and peaceful place to live.

One of the main reasons ex-pats choose to move to Andorra is its high quality of life. The country boasts an excellent healthcare system, a low crime rate, and a clean environment with fresh mountain air. Andorra also has a strong economy, with a high standard of living and a low unemployment rate. The country's tax system is another major draw for ex-pats, as it has one of the lowest tax rates in Europe.

In addition, Andorra's proximity to major European cities like Barcelona and Toulouse makes it an ideal location for those who want to enjoy the best of both worlds - a peaceful mountain lifestyle and easy access to urban amenities.

3 Reasons NOT to Move to Andorra

1. Language: The official languages of Andorra are Catalan, Spanish, and French, so it can be challenging for those who do not speak any of these languages.

2. Limited job opportunities: Andorra's economy is largely dependent on tourism, so there may be limited job opportunities outside of the tourism industry.

3. Harsh winters: Andorra's winters can be long and harsh, with heavy snowfall in the mountainous regions.

Also, the cost of living in Andorra can be relatively high, especially when it comes to housing. The country's mountainous terrain also means that certain regions can be difficult to access and may have limited infrastructure.

Furthermore, ex-pats should also be prepared for a slower pace of life in Andorra, as the country is known for its laid-back and relaxed culture.

Moving to Andorra as a Non-EU Citizen

If you are a non-EU citizen, you will need to obtain a residency permit in order to live and work in Andorra. The process of obtaining a residency permit can be complex, and it is recommended that ex-pats seek the advice of a local immigration lawyer to ensure that they comply with all the necessary requirements.

In general, the residency permit process involves proving that you have sufficient financial means to support yourself in Andorra and that you have a clean criminal record. It may also be necessary to provide evidence of your health insurance coverage and your intention to live in Andorra long-term.

Is Andorra Diverse?

Andorra is not known for its diversity, as the vast majority of its population is of Catalan or Spanish descent. While there are some foreigners living in Andorra, they make up a small percentage of the population. As a result, it may not be the most diverse place to live, especially for Black women who may be looking for a more multicultural environment.

As for living in Andorra for Black women, it may be challenging to some extent due to the lack of diversity and potential language barriers. However, it's worth noting that Andorra is a peaceful and safe country, and there have been no reports of significant racial tensions or discrimination.

Andorra can be a good place for single women or families, depending on their preferences and lifestyle. As mentioned earlier, Andorra has a high quality of life, low crime rates, and beautiful scenery, making it an attractive destination for those looking for a peaceful and safe environment.

How Much Money Do You Need to Live Well in Andorra?

The cost of living in Andorra is relatively high compared to neighboring countries, but it can vary depending on your lifestyle and location. A single person can live comfortably on a budget of around €1,500-€2,000 per month, while a family of four will need around €3,500-€4,000 per month. Other expenses to consider include healthcare, food, and transportation. 

In conclusion, Andorra may be a small country, but it has a lot to offer for those looking for a peaceful and picturesque place to live. With a high quality of life, low taxes, and beautiful scenery, Andorra is definitely worth considering as your next home. However, language barriers and limited job opportunities may be challenges for some, so it's important to do your research and make an informed decision. If you're a non-EU citizen, seeking the help of a lawyer or immigration specialist is recommended

Listen to the Flourish in the Foreign episode featuring Andorra!

How to Survive Being a Trailing Spouse

Trailing spouse aka “Accompanying partner” is the word people love to hate. It’s not a myth it’s the reality of many ex-pat partners, especially women.

How does it happen?

Sierra Leone, beautiful beaches, English–speaking, and a country busy rebuilding and healing. In 2007 this was the place I was going to call home for 2 years. As soon as I stepped off the plane I was wrapped in humidity and for the first time had the smoothest entrance through Security and Customs I’ve ever had. [Since then, I have learnt to leave 3 hours between connecting flights, because I’m always flagged for an extra security check 😉].

Three days after landing, I was crying openly telling my partner I want to go home. Being a trailing spouse will humble you if you don’t have a plan.

I woke up with nowhere to go and no car to get there anyway. I fell asleep at night not because I was tired, but because it was something to do.

How had my daydream about meeting people, exploring a country, and finding local art gone belly-up?

I was in no way prepared for life in a new country (I did my research), but I blithely thought “it would be a bit like Lesotho”.

The next step in becoming a trailing spouse is stretching out the days with the mundane. I took a good 30 minutes going around the 4-aisle grocery store, just to get out of the house. I think the staff must have thought I was the best shoplifter in the country!

I got my hair plaited each week as it is human contact, I learnt so much about Freetown from the sweet lady who did my hair.

My partner did his best, inviting me for coffee or drinks after his workday was done, but I truly believe your partner should not fulfill every social need.

Every trailing spouse has tossed the coin to see if they should stay or go home and try to do the distance thing.

I didn’t go home I turned it around.

Becoming a trailing spouse is a leap of faith, and even though you can wobble for a few months you can turn it into a chance to meet new people, learn a language, share your expertise (volunteer) and become a more confident 2.0 version of you.

Tip 1.

Learn how things are done locally do not take your (Sotho/Brit/US/other) attitude and slap it on a different country.

I turned up at a charity office I’d reached out to before leaving Lesotho. I turned up in the morning, introduced myself, and told them I was ready to work.

If you cannot work in your host country, volunteer!!!

Tip 2.

Don’t compare your new country to home. You are setting yourself up to fail.

I stepped back from keeping up with daily gossip from home and started going out more alone. Meeting my neighbors and asking the local staff (who were so sweet and patient) where I could go and what I could do.

Tip 3.

Do not separate yourself from local people, take an interest, it opens doors.

I invited both the women I volunteered with, out for a coffee.

Tip 4.

Be prepared to be knocked back but keep putting yourself out there!

Looking back, I wish there were a few more blogs written by Black African women describing their experiences. Everything matters when you’re an ex-pat spouse some lessons were great and others are best forgotten. Being a trailing spouse eventually pushed me to learn new skills and build my own business. This never ever would have happened if I’d said no to Sierra Leone.

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How to Handle a Visa Denial

What To Do If Your Visa Is Denied?

Well, I’ve never experienced this, but the lawyer in me says to go hire a lawyer! 

This obviously depends on

1) The Circumstances of Your Denial

2) Your Timeline to Leave

Regarding the circumstances of your denial: what were the grounds for your denial? Find out if this is typical for the country and visa class you applied for.

Was it denied on a technicality?

Maybe your documents are “expired” (some countries only accept documents that have been issued within a certain time period). 

With a technicality, you might be able to remedy the issue by quickly submitting the necessary documentation or you may have to re-apply (knowing that you most likely will receive the visa).

Was it denied on a material fact or issue?

Meaning your visa was denied because you lacked an essential element to qualify for the visa class. Perhaps the visa class you applied for has a requisite 25,000€ minimum bank balance that must be shown. However, you applied with documentation showing that you have a 5,000€ bank balance. 

With a material issue, you probably need to go back to the drawing board and re-think the visa and/or country you are applying for. I think utilizing a trusted and seasoned attorney in immigration issues of your target country will be able to advise you on what your available options for remediation might be.

  Also regarding your timeline, in many countries, attorneys have access to expedited channels that people filing on their own do not have access to. So if you have a strict timeline, then you’ll definitely want to get an attorney involved.

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Get Specific: How to Ask Better Questions about Moving Abroad

Asking general questions will garner general responses. I know you may feel like you don’t have enough information to ask specific questions because you haven’t decided on a country, let alone a visa, but I’m here to push back and tell you that, in fact, you truly know enough to stop asking generic questions (and then have the audacity get mad when you receive an “it depends” response)!

Specificity Reigns Supreme, in both your current life and in the life you are hoping to cultivate abroad. You know (maybe in painful detail) the things that are not working in your life currently. You absolutely have very particular ideas of things you would prefer NOT to experience abroad. Therefore you more than likely know a lot more about the type of place you are truly looking for.

In fact, you probably have very strong preferences if you actually took a moment to be still and honestly listen to yourself.

 Questions like “where can I live where there’s a beach and good education” are wildly abstract, will not elicit quality responses, and in fact may exhaust people who are sincerely trying to help you!

Like, what kind of question is that, ma’am!? What?! You do know Japan, New Zealand, Germany, even the Netherlands all have beaches right? What does a “good education” mean to you? And for whom? Yourself, a child? Specificity is supreme!

Let’s get real, you undoubtedly have definitive preferences in life. It would be hard to go through life, accumulate experiences, and  NOT have developed any tastes or inclinations. So let’s first admit that you in fact have preferences in this life and that you most likely have pretty strong ideas about what life abroad means to you. I mean, why else would you just decide to uproot yourself and plunk yourself into an unfamiliar country?

If you’re still screaming, “No, Christine, I have absolutely no clue, no preference in going abroad, all I know is that I want to.”

Well, well, therein lies all of your answers that you claim not to know!

Why? Why do you want to go abroad?

What are you hoping to experience while abroad?

What are you hoping to be different about your experience abroad?

THERE! THERE is your preference (even if it’s just a sketch) and also THERE is the seedling of specificity. 

The fact that you know what you do not what to experience, or what you would prefer to experience is the specificity that will garner better advice and less frustration on your part! 

If you haven’t already, grab the Moving Abroad with Intention guide to gain the clarity needed to start asking better questions, but also the clarity you need to really build a game plan that will lead you to a thriving and sustainable life abroad. 

Flourish in the Foreign’s Move Abroad with Intention Guide

Oftentimes, we keep our plans loose as a result of past experiences. We’ve learned to be flexible and accommodating, which is all nice in theory.  But what if we’ve been habitually prepared for disappointment and hardship? If we have been conditioned to anticipate the worst-case scenario of never getting what we ever truly wanted? Then you’ve probably never taken a moment to consider what you truly desire, require, or prefer. As a result, you won’t allow yourself to fully imagine, contemplate or even expect that your needs, let alone your desires will ever be met. So you stick to the abstract, always knowing that whatever happens, you’ll be able to figure it out. Which is an excellent attitude to go abroad with, and will serve you well when unexpected things happen. But in this stage of imagining and researching, this attitude defers your wants and your vision of a life well-lived to others. You know more than you give yourself credit for and if you would allow your true desires, ideals to breathe you may actually find what you’re looking for.

So before you go into inquiry mode, breathe and give yourself the space and time to dream so that you can articulate your preferences. Then fully embody these preferences: what would it feel like if I lived within my preferences? Try it on, instead of preparing yourself to always conform to disappointment and “good enough”  situations, start with what you actually want. NOT what you think you can get, start with your ideal and allow yourself to hold everything else up to that standard! 

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From Tokyo to Leipzig: How Studying Abroad Led to Living Abroad

Many of the Flourish in the Foreign guests have studied abroad and have utilized that experience to continue living abroad, myself included. I studied abroad in Valencia, Spain during undergrad and now 10 years later I live in Spain and have been living here for the past 5 years.

Here is a selection of the episodes that feature study-abroad experiences.

Annabell

Earning a Master’s in Architecture in Tokyo

In this episode of Flourish in the Foreign, Annabell, a Jamaican woman who currently lives in Tokyo, Japan, shares how she first went abroad when she was 19 to Saint Kitt's and fell in love with traveling. She studied architecture in Jamaica and participated in study tours to other Caribbean islands. After graduating, she participated in an urban planning and design summer school in Finland and was struck by the unfairness of how easy it was for native English speakers to understand the content compared to non-native speakers. She then committed to learning other languages and reaching out to people from other countries, as she felt it was an extension of imperialism for the rest of the world to have to adjust to English. She decided to move to Japan to teach English and earn money to pursue a Master's degree in architectural design. Annabell shares her experiences studying at Keio University, interning in Nepal, and adapting to the infamous Japanese work culture in Tokyo.

Getting a Master's in Architecture Abroad with Annabell

Jackie

Went abroad at 16 years old to Germany.  Studied abroad as an undergrad in France and Spain. 

Jackie is a 41-year-old serial digital nomad and slow mad currently living in San Pedro La Laguna, Guatemala. She left home to live abroad for the first time at the age of 16. She grew up with an international and diverse background, with an African-American mother and Nigerian father, and was exposed to travel and different cultures from a young age. She went to Germany for a year through a program partially funded by the U.S. Congress and the German Bundeslag. She had an amazing experience learning German and traveling around Europe. This experience convinced her that she wanted to spend more of her life abroad and that her race didn't just define her life. She then went to Spelman, a Historically Black College, and continued to live and travel abroad.

How to Go Abroad as a Single Mother & Digital Nomad with Jackie Omotalde

Rachel

Jamaican woman who earned her undergraduate degree and law degree in the US. Studied Abroad in Buenos Aires, Argentina & Bilbao, Spain. Worked on the Mau Mau reparations case in Kenya. Then earned her Ph.D. in Barcelona, Spain.

Rachel Victoria Brown is a Jamaican woman living in Barcelona who has traveled to 30 countries. She moved to the US to attend boarding school in Hudson, Ohio at the age of 16, where she experienced culture shock and struggled to adjust to the predominantly white, wealthy community. She went on to attend the University of Southern California for her undergraduate studies, where she was involved in the Black community and learned about African American culture and traditions. Rachel has also studied abroad in Buenos Aires, Argentina, Bilbao, Spain, and Barcelona, where she earned a Ph.D.

Pursuing a Ph.D. Abroad with Dr. Rachel Brown

Nia

Fine Artist whose career prospects changed by her earning an M.F.A in Qatar.

Nia Alexander Campbell is a 23-year-old woman from Richmond, Virginia, currently living in Doha, Qatar. She talks about her undergraduate experience and her study abroad experience in Morocco. Nia decided to earn her MFA abroad in Qatar and she talks about her first year of studying. She said that her growth as an artist and designer has been unlike anything she has experienced before. She also mentions that her relationship with her family has grown stronger since she left the US.

Earning a M.F.A. in Qatar with Nia Alexander Campbell

Dana

Earned her Master’s in Sociology in Amsterdam

Dana, the founder of Ancestors unKnown, an education social enterprise, talks about her journey of studying and launching a business abroad. She earned a Master's degree in Sociology in the Netherlands, where her studies focused on the significance of family history research among people who descend from survivors of slavery. She revealed both shared and divergent experiences among Black people throughout the African diaspora. She then moved to several cities such as Amsterdam, Paramaribo, The Hague, and Bristol where she is currently based

Listen as she shares how her life changed once she started "thinking about the whole world as an option" for her. 

"Ancestors unKnown" with Dana Saxon 

Maya

Studied abroad in the Dominican Republic in undergrad. Earned a Masters in Public Health in Paris and conducted research in Australia.

Maya a California-bred adopted Parisienne who has been living and thriving in Paris for the past 10 years shares her journey of going abroad. She is an entrepreneur, public health consultant, and travel consultant who has traveled to over 35+ countries and lived abroad for a total of ten years. She has a wealth of knowledge and resources accumulated from her years living as an ex-pat and she has a passion for helping individuals and businesses create their own life-changing experiences abroad, ranging from planning an itinerary for the first-time Paris visitor to providing insights for those pursuing Master’s studies in Paris.

Purchasing a Home in Paris with Maya Dorsey

Amanda

Earned a Master’s in Counselor’s Education in Qatar

Amanda Bates is the founder of "The Black Expat" a website and resource for Black people living and thriving abroad. She is a third-culture kid who grew up in multiple places. She talks about her background and experiences as a Black woman living abroad, her family originally came from Cameroon, a country in Western Africa, and how her parents came to the US for better education and opportunities, but later decided to return to their home country. She also mentions how common it is for first and second-generation African and Caribbean immigrants to come to the US for a better life and education and then want to go back to their home country to contribute to its development. Amanda also talks about how moving back to Cameroon at the age of 10 with her parents was difficult for her, as it was a big change and how living in the US can be hard for immigrants who are away from their family, culture, and what they know.

From Third Culture Kid to "The Black Expat" with Amanda Bates

Latrese

Studied Abroad for her MBA in Leipzig, Germany. 

Latrese Williams is a 44-year-old woman from Chicago, Illinois who moved to Rome, Italy. She studied at an HBCU, Clark Atlanta for her undergrad. She had an opportunity to study abroad during her MBA program, which opened her eyes to different cultures and sparked an interest in living abroad. She studied at Leipzig University in Leipzig, Germany, where she took classes on the conversion to the EU and traveled to different places in Eastern Europe. The experience of studying abroad gave her a new perspective on the world and showed her that there are opportunities to live and work in other countries.

A Whole New Dating World in Rome with Latrese Williams

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Why Starting a Business Abroad May Not Be Right for You: Considerations Before You Take the Plunge

Previously Published on TheBlackExpat.com

Moving abroad can provide a variety of professional opportunities. I’ve written about some of the many considerations you should think through before starting a business abroad, now I’ll go over the reasons why starting a business abroad may not be for you.

If You’d Really Prefer to Work for an Employer Abroad

Excellent business ideas and businesses may be formed by people who are unexpectedly laid off from their employer or simply out of necessity. However, if you would really rather be working for an employer abroad for financial stability or any other reason, that is valid and you should do that. You may have to be flexible on location, position, salary, or a whole host of other factors. 

But if you’d prefer to work abroad with an employer, I strongly urge you to seek out a qualified headhunter or recruitment agency to make that happen. Too many people believe that finding a job abroad is or will be too hard so they think that entrepreneurship is the easy way forward. However, that is definitely not true for many. Making a business successful, acquiring and sustaining profitability is not necessarily easier than getting a job abroad. I’d only suggest embarking on entrepreneurship if it is your desire to leverage your skills and talents into your own venture.

If You’re Looking To Make Fast Cash

Entrepreneurship is not a get-rich-quick scheme; ask the people who seemingly have overnight success (read: just became more visible due to a major feature in a magazine or on social media or a television program). Even people who are met with immediate demand once they hang their shingle for business, know that demand and interest do not necessarily mean fast cash. Great sales often require the expenditure of funds to maintain or expand systems to deliver the products or services. 

Many factors may take a ‘big bite’ out of your dreams of a fast cash endeavor, such as your overhead costs, like the cost of developing or manufacturing your product or service, delivery costs, marketing, and so on. Overhead costs could balloon directly with an increase in sales, which means immense sales don’t necessarily translate into immense profits, depending on your margins. Some profitable business owners don’t take a salary from the business for years because of the need to reinvest profits into the business to continue growing. Obviously, this is extremely dependent on the type of business you have, among other critical variables, but most legitimate business endeavors are not fast cash schemes.

Your Finances Aren’t In Order

If you are experiencing financial instability, I would not recommend starting a business abroad full time. It may be in your best interest to start with a side hustle, gain some financial breathing room, then try to go full time. Due to my aforementioned belief that most businesses are not and should not be thought of as get-rich-quick schemes, experiencing financial instability with the pressure of ‘having to make a business work’ is often too much for anyone to bear. It works for some people but not for others, therefore I suggest making sure you have a financial safety net (savings or a full-time job) that can support you and your family while getting started.

Low Tolerance For Risk

Entrepreneurship can be a gamble, there is some amount of risk you must be able to stomach.  Depending on the venture and the investment required, you should ask yourself (or write up in a business plan) when you project:

-to break even (when you will recoup your initial investment).

-you will be profitable (making money in surplus to your cost of running your business). 

-you will be able to pay yourself (for real). 

Not everyone can withstand this type of uncertainty or can only withstand it for a specified amount of time (and not a day more). Even with the most carefully laid plans, the unthinkable can still happen – like a global pandemic, for example – so assess your and your family’s tolerance for risk to determine if launching a business abroad is for you. Perhaps determine a deadline for profitability that works for you, such as ‘if this business is not profitable, meaning making x dollars (and I’m able to to take x dollars out of the business to pay myself) by six months or one year, then I’ll find a job, go to school, pivot in some way’.

Unwilling to Pivot

If you’re unwilling to be responsive to the market, your business won’t succeed. Remember, you’re providing a product or service that in essence should solve a problem faced by your target market. Refusing to listen to the people you hope will become customers, take their feedback into consideration, or refine in a way that your audience requires will not be fruitful. 

In addition to it being a poor way to treat prospective clients, you may lose out on valuable insights by being inflexible and also miss out on your next great business opportunity! So although you may have the next great big idea or you just know a certain business will really take off, if you are inflexible or unwilling to be molded by market feedback, if you’re unwilling to pivot your business to be responsive to the market, then you shouldn’t launch your business. A business is constantly iterating due to external factors like trends, audience taste, logistics, taxes… If you’re unwilling to be flexible then you will most likely break and business is not for you.

You Don’t Have A Clear Vision, But The Idea Of Having Your Own Business Sounds Appealing

I believe in having a well-researched and tested business idea. I don’t think a lot of people have the capacity to be able to move to a different country and fling themselves into entrepreneurship without a vetted idea, community support, or target-market knowledge. If you’re interested in launching a business but you’re not sure just what business it will be or you’re lacking clarity, don’t just fling yourself into it. I recommend taking more time to think about the problem you’re trying to solve and the people you want to service. Perhaps interview some of the people that you think are your potential target market to really assess their needs and desires.

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Build A Business Abroad: Key Considerations Part 2

Previously Published on TheBlackExpat.com

More and more people are looking to live/work abroad, but preferably without being tied to a company or organization. In Part 1 of Building a Business Abroad, we looked at a variety of things to consider, including the type of business, infrastructure needs, visa requirements, language, and more. Here, we build on that with a few more indispensable factors to be aware of if you’re thinking of starting a business abroad.

Intellectual Property

According to Black’s Law Dictionary (US law), intellectual property refers to a category of intangible rights protecting commercially valuable products of the human intellect. Some of these protections are copyright, trademark, patent, and trade secrets. Intellectual property rights (what is protected, how it is protected, and for how long it is protected) can vary from country to country. Understanding what steps you can take to protect your intellectual property in the country you’re doing business in is a necessary step in considering if you should start a business. Consulting a local attorney that specializes in intellectual property will be your best bet in getting the information you need to make an educated decision.

Labor Laws

If you plan to employ people from the local population, it is vital that you understand the local labor laws – what are the rights and protections afforded to you as an employer, and what are the rights and protections of your employees that you will be expected to respect. Consider what is a livable wage in the country, what are the laws around hiring and firing, what is a workday, and what holidays, traditions, and customs will need to be recognized.

Working Currency and Currency Exchange

It is equally important to consider what will be your working currency. With what currency will you purchase supplies, produce the product, pay contractors or employees, accept in exchange for your products or services, and use for business purchases, savings, and to pay yourself? If you will need to be exchanging currency frequently, it is important to have a currency exchange strategy so that you do not incur unnecessary fees or lose money in the exchange. Consider having a business account that holds multiple currencies and a bank that has low exchange rates and wire transfer fees.

Tax Exposure and Implications

As mentioned above, understanding what taxes you and your business will be subject to is an important consideration when deciding to start a business abroad. Consulting a licensed accountant in the local country and a licensed accountant with experience working with ex-pats with businesses will be your best bet to ensure you are well-versed in the tax implications of your business. It is also important to consult a licensed accountant to develop a tax strategy that makes sense for the type of business you have, your lifestyle, long-term residency goals and ensures you honor all tax obligations. 

Target Market (Local vs Outward-Facing)

One of the foundational steps in developing a business is understanding who you will be serving, what you will be serving them, and how you will deliver that service to them. This is equally important when deciding to have a business abroad. Will your product or service be directed to the local market or a market abroad? This decision may affect the price of your product or service, how you market your product and whether you have an interested audience, and ultimately, a viable product at all. Not all markets have the same problems or are looking for the same solutions (or your unique solution). Cultural differences dictate what is deemed a problem, deemed a necessity, deemed a luxury, or deemed unnecessary. Once you have decided who your target market is, conducting the requisite target market analysis is key for a successful entry into the market.

Support Network (Local and Abroad)

Being a business owner can be a difficult and lonely endeavor, but especially when embarked upon abroad. Seeking out and cultivating a support network can make or break your business. Having a support network provides not only encouragement but also a community for you to ask questions, refer business to each other, gain understanding about cultural norms, taxation requirements, and more. Be sure to seek out community support both within your local community and abroad. A good place to start is the local chamber of commerce or equivalent and the local chapter of an ex-pat group, for example, the American Society of Barcelona. It makes a world of difference.

Moving abroad should always be embarked upon with intentionality and respect, but deciding to conduct business abroad should especially be approached with intentionality, respect, and a heightened sensitivity toward the local community. Consider how your business will affect the local community. How can your business be a positive influence within the community? How will you intentionally engage with the community? As a guest within a country, it is important to think and behave in a manner that is inclusive of the local community and has reciprocal benefits.

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Build A Business Abroad: Key Considerations Part 1

Previously Published on TheBlackExpat.com

One thing the pandemic has made painfully clear is the fragility of global industries. For some ex-pats caught abroad on an employment contract that was suddenly canceled and forced to leave the country, there is an understandable desire for more stability or at the very least more control in their professional and financial future. 

This has led more and more people interested in living and working abroad to consider starting a business while abroad. Although I’m a huge advocate for entrepreneurship, I understand that it is not for everyone. Therefore I have created a non-exhaustive list of things you should consider before and during the process of starting a business abroad. 

Type of Business

Online or Brick and Mortar. Deciding whether or not to have a digital business, be it services, digital products or drop-shipping is an important consideration. Will you have a physical location, with physical inventory that will need to be accounted for, stored and logistics managed? You’ll need to consider the cost of and the ability to rent or purchase property for your business. There may be regional differences in rental contracts, conditions, and terms, like guarantor requirements, you may not be familiar with/accustomed to. If you decide to have an online business, management of inventory in another location may still be a consideration. Internet connectivity, availability, and dependability of power and cybersecurity are other considerations. 

Infrastructure

Investigating your target country’s infrastructure is vital in assessing whether to start a business there. Be it connectivity, internet speed, electricity, and generator availability, mail service, roads, and other transportation routes. Considering your potential supply chain and distribution network needs will prevent headaches in the future. For example, if you are a candle maker, consider how you will source your raw materials; is the delivery of these materials dependable? Do you have access to the tools needed to produce the candles? Will maintenance of the tools be possible, regular, and dependable? How will you sell the candles? In-person, online? Do you have access to dependable, strong internet to manage orders and communicate with customers? How will you deliver these items? Will the candles be produced and delivered locally using local delivery methods or will they be produced and delivered in a different location or country? Perhaps the country where your target market resides?

Visa Requirements and Limitations

It is incredibly important to consider whether the visa you have or the visa you are looking to obtain will allow you to work in the country (even if online). It’s also important to research whether you will need a different visa to start a business or run a business within a country. Having a valid visa to reside in a country is not sufficient; remember that visas are legal documents that state explicit conditions for your presence within a country. Therefore, if you engage in activity outside of the conditions stated in your visa, you run the risk of your visa being deemed null and void, incurring fines, and being deported.

Business Registration

Deciding in which country your business is registered and under which entity scheme is something to consider with the consultation of a lawyer and a tax advisor. It is important to consider the legal exposure of doing business within a country, even if your target market is not within the country. It is equally crucial to be aware of the tax implications of conducting a business within a country. Again, just because your business does not ‘make money’ or have customers within the country you are residing in does not mean you are not subject to taxation in some form. It is extremely important to understand your tax exposure before you decide to start or run a business from a country and make sure you are filing all necessary documents and paying all necessary taxes. 

Seeking the counsel of business lawyers and business tax specialists that work specifically with ex-pats will be crucial because there are often many country-specific nuances that will need to be addressed. Also, consider if the country where you’re hoping to start the business will require you to take on a local business partner (oftentimes someone who is a citizen of the country). Taking on a local business partner could be beneficial in many respects as you now have someone who (ideally) understands business registration, can help you navigate the taxation process, and is providing access to a local network. It might end up cheaper as well, having someone that helps you avoid common pitfalls and can help navigate complex or bloated bureaucratic processes. 

Business Culture

You should try to become as knowledgeable as possible in the local business culture- simply put, how does business get done in this country? What are the spoken and unspoken rules of business decorum? What are social norms when it comes to conducting business? How is trust earned? How are authenticity, sincerity, and dependability demonstrated? What are the national aims regarding the business sector? What industry is the country trying to build or emphasize? Is there anti-foreigner sentiment within the business community? If so, how and why is it expressed? Consider if this is something you can navigate.

Language

Do you speak the local language? At what level of proficiency? Again, even if your business is not marketing to the local population, you may still need to deal with paperwork regarding the running of your business and it will most likely be in the official language of the country. If you do not have the proficiency to handle official, legal, and tax documents in the local language, hiring a business professional that handles this for you will be critical. Also consider that if you do have a business that targets the local population, what language or languages will you need to have on your packaging or in your marketing materials? This type of translation work cannot be handled by Google translate, so consider hiring an accredited translator and a reputable multi-lingual copywriter.

These are just a few key elements to think about when contemplating starting a business abroad. In part two, we’ll look at other crucial factors to consider, such as labor laws, intellectual property, tax requirements, and more.

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