The Costs of Relocating to A New Country for An Executive Job
Corporate packages come in different forms. You may be able to compare and contrast programs if you have expat friends at the top. But you probably will not share the same benefits and perks.
Still, if you will be occupying an executive post, you can expect that the company will cover a sizable portion of your moving costs. So if you are preparing for this big change in your career, you should get the lowdown on the secondary expenses you will likely shoulder.
Getting a good secretary
Ask the organization hiring you to recommend one, preferably a local. A personal secretary will help you navigate the new turf so you can focus on your job. He or she should have a knowledge of the basics, such as where to buy groceries, send clothes for dry cleaning, and even hide away during weekends. Of course, this person will be under your employ. This means you will provide him or her with benefits such as health insurance and bonuses. It will be entirely up to you if you will hire a secretary part-time or full-time.
Setting up an airtight security system in your apartment
Majority of expat executives receive housing support from the company. An Expat Insider Survey 2015 put it at 86%. While you may not be paying monthly rent or mortgage, you will still incur additional living expenses. One of them is security network installation.
Instead of having the traditional system, you can set up your own using available high-tech solutions. You can put up a smart lock on the front door. If you are a renter, make sure your landlord/lady or building administration allows it. You can also mount a security camera inside the apartment. Then connect it to a mobile app that will enable you to keep tabs on your house while you are away.
This Forrent infographic provides more information about how you can equip your new home with safety and security tools.
Observing rules regarding vehicle insurance
Owning a vehicle abroad is often part of the perks that executives get. But if you are buying the automobile yourself, make sure that it comes with insurance. Insurance Hotline points out that a car insurance is mandatory in most countries, such as Canada, Germany, India, and New Zealand, among others. Plus, every territory requires different types of coverage from personal injury to no-fault for accident victims to damages to third party. In the final analysis, obtaining this form of financial protection is good for both your pocket and safety.
Touring around the city or country
Sure, you can combine business and pleasure especially if half of the equation is company-sponsored. But for those times you want to explore more of the city or country, on your spare time, you need to pay flights, accommodation, and other luxuries out of your pocket. Money won’t be much of a problem for execs, but little things can still add up. If it is just an out of the city trip, perhaps you can have your expat friends join to save on fuel and food costs. Take advantage of memberships if you happen to find places you want to frequent.
Sending kids to reputable schools
If you have children, chances are you accepted the job with them in mind. You want to be confident that they are going to good schools in the future. Aside from enrolling them in reputable private institutions, you may consider hiring personal tutors to help them adjust to the language and learning methods of the new country or city. In some places, the cost of obtaining an excellent education is relatively cheaper. But still, make room for unexpected expenses. In some cases, you may also opt to adopt a homeschool program for the young ones.
These are just five things that you should expect to pay for during relocation. All of them relate to the physical and financial aspects of this big career move. Meanwhile, relocation may also take its toll on your emotions, health, and relationships. So include these areas in your planning and preparation as well. You can never be too ready when it comes to accepting a job abroad.
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