8. Money and Wealth
Emigrating is an expensive business. Do not think that you will come to your new home with a little change. In addition to the “emigration budget”, there are a number of other financial questions.
One of the most important questions is the exchange of cash . We have all been on vacation abroad and have done well with an exchange office at the airport. But when it comes to sums of tens of thousands of euros or more, it is imperative to find the best exchange method . It is not enough to rummage through a few addresses on suspicion with the money in your pocket; it has to be well planned.
There are also specialists for currency transfers and I recommend contacting them as early as possible. Why? The greater your cash, the greater the chance of exchanging the money at the highest possible rate. You can probably set the exchange rate in advance. Advantage: Even if the rates fluctuate by up to 30 percent over the course of a year, the exchange rate is guaranteed. In this way, you protect yourself against daily price drops and surprises. For example, ask your house bank without obligation.
Plan the future of your pension and investments . Think about exchange rate fluctuations.
There is a right and a wrong way to move capital overseas. This is not about exchange rates, but about taxes . You should seek advice from pension insurance and also from a financial advisor who specializes in the flow of funds when emigrating. Get this done early to make sure you don’t get knocked down on the other side of the stick world.
You need an account in the country of immigration . But from when?
- You need it when you get off the plane or train. The earlier it is set up, the calmer you can tackle the last few weeks before departure.
- But wait until you actually have the visa in hand. Until then, emigration is questionable and it would be too early for new accounts.
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