Daily Archives: March 26, 2016

Tips For A Successful Repatriation.

Expatriation usually comes with great financial terms. When the children are growing up or when you grow tired of packing up every 3-4 years, most of you would want to go back home.

You would need to prepare for an exit strategy. A number of options would be available : going back to your previous work place or start a new job or set up your own business or retire. You would want to be in a position where you have some freedom to make up your mind.

Wealth Management
To do that, it is useful to have an investment plan. Investing your surplus income helps to ensure that when it is time to come back you are better off than when you started. There are many asset classes to invest your monies and it all depends on the time horizon. It will also depend on your financial needs at the time you come back. Will you need to pay school or university fees? Will you want to buy a bigger house or are you looking to set up a business?

These are some of the questions that you need to ask right at the beginning. You would want to ask for professional advice from your personal banker.

Most importantly, you need to make sure that whatever currency you are earning your income as an expat, you can easily convert into your home currency. It may be a good option to start wiring back part of your income into your bank account at home every quarter whilst you are working overseas . Foreign currencies fluctuate daily so you may want to ask your banker to do the transfers at a certain rate or negotiate the rate if the amount is substantial.

Investing in various assets such as bonds, properties, stocks are important to minimize risks. Although properties are known to keep their value, it is also not a liquid asset. Also, the level of net income earned from renting and after accounting for regular maintenance, may not lead to a great return on investment.

Tax Implications
Living abroad implies that you are no longer a resident of your home country. Would you still be expected to pay taxes at home? Would you need to pay taxes as an expat? It is important to take the right advice so that you don’t get caught up being worse off at the end of your expatriation.

Laws and Regulations
Will the laws of the country where you will be working apply to you? In case, you want to grow the family, will your new born child automatically be a citizen of your home country or is there additional paperwork to be done? The consulate or embassy representing your home country can be a good source of information.

New Mindset
When living abroad as an expat, one tends to enjoy all the perks that come with it. However, it is important to be down to earth in managing your life. Keeping in touch with friends and family also helps to keep a regular reality check. The “cultural” shock of coming back will be lesser.

You will undoubtedly change after having lived abroad for some time. Your life has been enriched by having experienced a different way of living and different cultural norms. Your new mindset can become an asset at work and your ability to cope with uncomfortable situations may have improved. Staying in touch with the family helps them to get to know a different version of you when you are back home. Their expectations will not be so different from reality.

Network
Find a way to network in your industry either online or through membership of professional and business associations. If over 50% of your network is made up of your colleagues and friends, then make an effort to widen it. Network in the local business community as some cultures is more about relationships and less about your resume. Networking can potentially give you access to new jobs and business opportunities. Improve your profile by learning the local language if it is widely used in other parts of the world as well. Keep track of the latest worldwide industry trends as well as the local/regional economic trends. When it is time for you to go home, you won’t feel so much like a fish out of water. In addition, you can now capitalise on the fact that you have widened the scope of your network.

Repatriation is all about planning and learning to pace yourself to unlearn all the habits that serve you as an expat and learn new habits that will help you make a successful return to home.

Tips For A Successful Expatriation

Successful expatriation is about making the most of the present. Life as an expat is not that glamorous, high flyer as one seems to think.

There is a perceived lack of support as you are not with your familiar circle of friends. Conversations on Skype or What’s App can’t replace the physical absence of your loved ones. Reconstructing your support system is important. Make it a point to pursue a few activities that bring you joy –gym, swimming, photography, hiking, group meditation, etc. Not having enough time or blaming it on the weather is not a good excuse. This is about making a commitment to your personal wellbeing.

Being part of a new team and a new work environment can make you feel lonely. Loneliness is a construct of the mind. It is important that you look after yourself by being aware of your emotions, doubts and fears. In these moments, you will ask yourself whether you have made the right decision or not. Recall your WHY and review it to ensure that you are in the right place and at the right time. Address your doubts by listing all the pros and cons of this new phase in your career. It is ok to admit that this may not be the right choice rather than hiding the truth from you. Be patient with yourself as you learn to navigate between confusion and clarity.

Create a lifestyle that helps to ease off the loneliness. Find out about the great places that you can visit, the great foods that you can try, the list of activities that this new home offer. As you plan your weekends in doing stuff that you have never done before, you will inevitably meet new people outside your work place and widen your social circle. The “novelty effect” of your new home will wear off after the first six months and by then, you will find yourself having a new routine. This new lifestyle of yours would not have been possible if you have chosen to stay in your home country.

Be curious and find out more about the local traditions and history of the place. Learning about the local culture actually is making a step out of your social comfort zone. Getting to know the natives is enriching. Learning about their traditions, way of living can bring you to a new understanding of the mysteries of life. Most people are ready to step out of their comfort zone for their career but not so many will do so when it comes to social relationships. I personally think that this is the biggest golden nugget of being an expat. You may end up building life long friendships with some of them.

Building relationships can be quite challenging in your new home. There is the possibility that being the friend of an expat is seen as being quite advantageous. Learning to put strong boundaries whilst remaining friendly and diplomatic is a great skill to acquire. It is easier to be with people of similar cultural background or with other expats, However that defeats the purpose of living abroad.

Interaction with the locals helps you to understand the local environment and shows a personal commitment to be socially part of your new home. Meeting people out of their workplace actually helps to build stronger relationships and mutual respect. Most expats struggle with understanding the intricacies of living a “normal” life in their new home country. Their jobs provide them with perks that are not usually accessible to the normal man in the street. They are not in touch with the local realities. Having to deal with the day to day demands such as going to the local market, fixing a tap leak at home becomes a challenge as they are not comfortable in dealing with the locals. This is an additional unnecessary pressure that can be easily addressed by gradually getting to know the local customs and being part of the local scenery.

Building your resilience is about getting used to being in uncomfortable situations. An expat’s life is the best ground for learning to be resilient. There will be unexpected challenges as your perception of reality is influenced by your cultural norms and values. Learning to take things as they come and go is very useful. Being able to let go of your expectations and keeping an open mind is half of the battle won. A successful expatriation is not about meeting your professional targets only. It is about making the most of your time in this new home of yours. There will be undoubtedly some golden nuggets to take away once it is time for you to leave.