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Can You Make Life Work When Living In Two Countries?

Living in two countries

Plenty of long distance relationships fall apart. And plenty more go the distance. True love will get you through the trials of separated lives. That doesn’t mean it’s easy, and it doesn’t mean it’s cheap either. The cost of flying to visit each other can be incredibly high. It’s not just the flight you’re paying for. Time off work, loss of earnings, and even extra childcare can be enormously expensive.

Making it work when you still have ties to your home country is challenging, but not impossible. For a start, if each country shares the same language, chances are finding work will be much easier. Let’s not forget that translators in Europe are still in high demand, so if you do have fluency in another language, you might do quite well.

Living together will always be cheaper. Time zones can be troublesome at first, but you can quickly become accustomed to it. Running two homes isn’t practical, so consider renting out the other property to bolster your income. This can be particularly handy if you don’t yet have permission to work full time in the other country. Check your local or regional legal requirements and the visa you need.

If you are living and working in the UK, but you still have ties to property in the US, chances are you might have tax obligations back there too. So how can you ensure you’re not paying over what you owe between the two countries? The only way to correctly handle your US Expat Tax obligations is by hiring a specialist accountant who has experience managing these situations. Each US State is different, so you need to be certain you’re meeting your local obligations back home.

Running an online business, or working from home, can make life overseas much easier to handle. For a start, the time zone difference might not be an issue. And you might not have to take any time off work or risk losing your regular income. Getting into self-employed work isn’t necessarily hard, but it can be challenging. You should be fully aware of the obstacles you might face, and prepare to find work quite slow going with the extra distractions. This means it might take longer to earn the same amount of money.

There is also the currency exchange rate to consider. If you’re bringing dollars into the UK or sterling into the US, there will be a small loss to suffer. As a married couple, this might not be an issue as each partner will happily take on the expenses in their home country. Still, you might be surprised at how much some things can vary in cost between the two countries. Be prepared for the differences by carefully budgeting ahead of time.

The cost of living in two different countries can be quite high. However, it is possible to make it work without sending yourselves bankrupt. Prepare your household budgets carefully to cater for the different costs in each country. Set aside some savings to cover the extra costs of travelling. Don’t forget that some types of work can come with you better than others. Are you an ex-pat struggling to make ends meet?

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  1. Pingback: Understanding The Financial Implications Of Moving Abroad - The Money Shed Blog

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