Financial Wellbeing

✓  Tip 1: Create a cost-of-living comparison between South Africa and your destination. Use online calculators to estimate expenses accurately before making a move.

✓  Tip 2: Set up a multi-currency budget and include unexpected costs (e.g., visa fees, medical insurance, relocation expenses).

✓  Tip 1: Understand tax residency rules in both South Africa and your new country to avoid unexpected tax liabilities.

✓  Tip 2: Consider consulting a tax specialist to navigate double taxation agreements and ensure compliance.

✓  Tip 1: Open a local bank account as soon as possible to avoid high international transfer fees.

✓  Tip 2: Use a low-cost forex service or APP to transfer money between South Africa and your new country instead of traditional banks.

✓  Tip 1: Diversify your investments across different countries/assets to reduce risk and maximize growth potential.

✓  Tip 2: Understand exchange control regulations in South Africa before moving large sums of money abroad.

✓ Tip 1: Check if your new country requires expats to have private health insurance and ensure you have adequate coverage before departure.

✓  Tip 2: If travelling frequently, consider a global health plan that covers multiple countries rather than country-specific policies.

✓ Tip 1: Consider updating your Will to ensure that it complies with the laws of your new country while still recognizing South African assets.

✓ Tip 2: If you have a business or property in SA, consider establishing a Power of Attorney to manage affairs in your absence.