What Does an Expat Consultant Do?
What Does an Expat Consultant Do?
Why do people leave their home countries to move abroad? One of the main reasons for global migration is for better lifestyle opportunities, but a variety of other reasons come into play, like acquiring additional permanent residencies or citizenships.
No matter the intent, relocation is always a big step.
However, the expat experience can be a lot more daunting than a physical move and going to live in a new country. You need to sort your finances, find accommodation and a job, look into spouse and kids visas, understand the taxation and legalities, and much more, before hopping countries.
That’s why you need a professional to guide you, also known as an expat consultant.
What is an Expat Consultant?
An expat consultant is a professional who assists individuals or businesses in relocating employees or people to other countries. You may also see this called a global mobility consultant.
An expat consultant understands the ins and outs of relocation, including all the applicable immigration laws, tax arrangements, citizenship and passport requirements, housing, and other cultural adaptations, such as language differences.
Today, many high-net-worth individuals (HNWIs) from places like the USA, Japan, and the UK are opting to leave their home country fulltime, and relocate abroad indefinitely.
In 2021, 1453 million taxpayers who were earning more than $25 million left New York. In 2022, UAE topped the list of expat millionaire-receiver countries. Australia, Portugal, and Greece followed suit and are amongst the top countries where these expats moved from the USA and UK.
Most of these high-net-worth individuals move because of high taxation burdens and other financial concerns in their native country. Oftentimes, its just more comfortable living in these countries, paying a fraction of the taxes and expenses.
However, expat life is not only for the wealthy. Even those in the lower income bracket look for residency and citizenship opportunities in other places for better opportunities and economic growth. That’s all the more reason you need a good expat consultant.
Why Do You Need an Expat Professional?
Moving to a new country can be challenging. It’s a completely new neighborhood with different cultures, languages, foods, and lifestyles. The economic environment, office setup, living, and housing are also not the same as in your home country.
That’s why adapting or adjusting to a new place often is challenging.
Then there’s dealing with the banking and taxation requirements in the former and latter countries. All of these little steps often make the decision quite daunting, and so many people often give up on their dreams without even trying.
It’s never an easy decision, and that’s where the expat tax consultant’s job starts. The expat consultant will help you make informed decisions for an optimized future.
Since they are professionals, they know everything about the landscape, wait times, legal requirements, and all the paperwork required for each client’s unique situation.
They are in the best position to guide you thoroughly and help you connect with the right people every step of the way.
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What Does an Expat Consultant Do?
Let’s go through the main reasons why consulting an expat professional is important.
Legal and Financial Consult
The consultant provides in-depth details about the new country, with practical knowledge and experience that outweigh the information you will find on Google or other search engines.
An expat professional has deep knowledge of the challenges and opportunities, the people and the working environment, taxation laws, and the living conditions of your new home country.
They can provide complete information, ensure you are familiar with the new country’s laws regarding citizenship and residency and regulations regarding account opening, taxation, and transferring your funds, and help you with legal aspects of your relocation.
Cultural Adaptation
Fitting into a new place can feel like stepping out of your comfort zone. You need to form new connections with people, learn about the local etiquette and other norms, what to do and not to do, etc.
There are also language differences. The expat consultant conducts orientation programs for individuals and families to become accustomed to the place’s traditions, norms, and etiquette, so there are no surprises.
They will help you holistically to become part of the new community and prepare you for any upcoming challenges that they know you may face.
They also have complete knowledge about the actual market state, the rates of rentals, the ideal places to live, etc. This knowledge helps them find the right neighborhood and residential places that best suit your needs.
Healthcare Insurance
In most countries, the government provides healthcare services and insurance to all its individuals. Again, the consultant will give you a comprehensive overview of the insurance options, medical facilities, and services available to you in your time of need.
Specific Solutions
Since every client has a different background, comes from a different income and age bracket, and has their own set of goals, each person’s requirements for their relocation are unique.
Your expat consultant has to find a solution that works best for you.
They make customized plans for your needs, situation, and future goals. If you are taking your family along, the plan will also cover how to take your spouse, kids, or other family members with you.
That means when you apply for residency, the plan must cover your family’s residency as well.
The consultants can also look into your other requirements for moving in, such as school, healthcare, local amenities, religious places, etc.
Build Connections
Since your consultant has been in this industry for years, they have strong connections. They help you connect with the people who will help you every step along the way in your new country (or countries)!
So, if you need help with housing, they will connect you with the destination country’s real estate developers and personnel. They will also connect you with lawyers and bankers who can assist you.
If you need to form connections with other people, the expat consultant usually knows a person or two in their network who can help you in your choice of country.
Visa Assistance and Immigration Requirements
Your expat consultant can help you obtain work permits, meet visa requirements, and guide you through all the required documents and applications, as well as dealings with the authorities so that the transition is streamlined.
An expert service like Worldwise Capital can assist you every step of the way in your residency or citizenship journey, ensuring you qualify for the proper visas, assisting in paperwork collection, and being your partner in the journey every step of the way.
“After-Sales” Service
The expat consultant’s job doesn’t end as soon as they transport you to the new country. They provide ongoing support or after-sales service to help you settle in.
This includes visa renewal assistance, obtaining citizenship, dealing with authorities, law experts, and more.
But while all of these reasons make it look promising to go for the services of an expat consultant, do all the professionals provide the support they promise?
How To Choose the Right Expat Consultant?
Unfortunately, there is always the risk of scams. Here are some points you should keep in mind before you sign up to work with an expat consultant.
The Number of Consultations
Pay special attention to the number of consultations the expat consultant offers. The best consultants provide ongoing service, and the number of consultations isn’t limited.
If an expert charges thousands of dollars and covers only two to three consultation sessions, that’s a red flag.
You need customized solutions, so it takes more than a few sessions to understand each individual’s preferences and situations.
If the consultant promises to offer complete services in a few sessions, look for another option.
Knowledge
Ensure the expat consultant knows about the customs, language, and other barriers in the country you are moving to. Some may have a good reputation, but if they have no experience dealing with the country of your choice, they are not the right fit for you.
They should know the complete process of applying for residency, citizenship, and other tax implications from start to finish. Guidance should be present at every step, so they should be able to pinpoint the exact wait times, duration, documents you’ll need, any attestations required, and other requirements.
What really sets apart an tax consultant is their commitment to practical implementation. The services offered shouldn’t be just words. A good consultant will invest the time and effort to secure your residency and citizenship, ensuring your relocation is smooth and successful.
Also, there will always be a ground support team in your city of choice. They should be ready to assist you in all matters concerning tax optimization, residency, citizenship, and even the purchase of real estate.
Support
The expat consultant should offer ongoing support throughout the steps. This support should continue beyond the point you move into the new place. Even there, you need open channels with them, so make sure the consultant shares their number or other means of contact with you.
An Experienced Expat Consultant at Your Service!
If you try to gather all the information from books, web pages, and expat experiences, not only will this be time consuming, but there’ll still be something you miss.
That’s why you need an expert to guide us as a mentor; that is, an expat consultant.
An reputable expat consultant provides updated information about everything you need to know to move to another country. They are there every step of the way until you feel comfortable and settled in.
At Worldwise Capital, we have the expertise, global experience, and skills to solve all your relocation needs. We have strong ties to our partners around the globe, helping our clients in obtaining additional residencies, citizenships, bank accounts, company formations, and property globally.
Get in touch with us today to learn more, and see if we can assist you in your residency process today.
