The only thing that’s certain in life is death and taxes, and this applies to expats as well. For senior expats and especially expat business owners, finding an expert in the domain of international tax law is a critical step in ensuring that you are complying with tax regulations. Today, we at Expat Financial will be providing you with four key aspects to consider when choosing the right international tax advisor for expatriates living abroad:
- Always ensure that you hire an entire team of tax specialists, rather than a single tax professional. This will ensure that your tax filings are correct and correctly audited and edited, and will create more security, as team members can divide responsibility amongst themselves.
- As expats often travel to countries where the first language differs from their native tongue, it is critical that an expat’s tax team be multilingual. This is another positive benefit of having a group of tax advisors, rather than a single individual, as the subtleties of tax law can often be misinterpreted through translation.
- Another essential part of any successful tax team is to make sure that your team has multiple regions under their belt in which they are qualified to give tax advice in. For instance, if you’re working in Spain as an American citizen, you may need a team that is well versed in both Spanish and American tax regulations or at least the ability to find the answers that you require. Additionally, ensure that your team is up to date on the latest tax regulations in all countries that apply to your future expat assignment.
- You should also make sure you have a clear picture of how much your tax advisory team will be charging you before they begin working for you. Failure to do so may result in surprise charges at the end of tax season.
It is important that you hire the best expat tax advisors possible as tax mistakes can be extremely costly for people who are already living abroad or planning their next overseas assignment.
In addition to hiring the right expat tax firm, you should also think about your international health insurance requirements for you and your family. Not only will international health insurance plans provide flexible worldwide coverage and freedom of comprehensive, world-class services, but they also come with the peace of mind that expats require. It is also important that you obtain an expat health plan that will allow for medical reimbursement from the local and global medical facilities. This will help you maintain a successful international experience for you and your family.
Expat Financial offers a variety of international health insurance plans on a group or individual basis. To maximize your expat experience and avoid unforeseen risks and costs, please contact us today to discuss your international insurance needs and requirements.