Finance a 'big challenge' for expats

The founding partner of R&N Property Investments has stated that the cost of living and financial considerations are two of the chief challenges that people face when they are moving overseas to begin a new life.
Naftali Feig, who specialises in project management, accounting, strategy, planning, finance, real estate and cost cutting, quoted numerous polls that have alluded to the fact that money is a key issue for expats to consider.
There will be certain aspects of a person’s life that will be more affordable abroad than in their native country, he noted, and similarly, the opposite is true, some things will be much more expensive.
“It is the ability to compare the relative cost of living in your current situation to your potential country that can show whether or not your finances can survive the move,” Mr Feig added.
Other challenges to life abroad, the property expert went on to say, include loneliness, cultural differences and different healthcare systems.
He advised professionals to look into their new home in detail, to try and visit it beforehand and to conduct research.
Speaking from experience, Mr Feig said that it can also be tough on the rest of the family, as they begin adjusting to different weather systems, being apart from family and friends and getting to grips with a new language.
“At the end of the day, if you move anywhere, local, long distance, international – there will always be challenges,” he highlighted.
“Family members must consider all aspects of the move and work together to overcome the challenges.”
Cadogan Tate specialises in international relocation and can help make moving overseas a less stressful experience.