The Expat 3 Count, where we bring you 3 stories that you shouldn’t miss.
First Up: Though you might dream of fun and adventure as an expat overseas, there are a few things you might wish someone would have told you before you packed up and left.
Becoming an expat is a challenge. Here are three expat tips to keep in mind when making the move overseas:
There are many reasons to make the move to be an expat, and if you make it prepared, it will be a rewarding and thrilling experience.
Americans living abroad may not believe this, but filing their U.S. tax return could mean cash in their pockets.
Greenback expat tax services points out that if you earn income anywhere in the world, as a U.S. citizen, you will likely be obligated to pay American taxes as well. The U.S. is one of the only nations in the world that requires its citizens to file taxes on money earned while living in another country.
But this is not a bad option, as many expats could be entitled to a tax refund. As the Internal Revenue Service pointed out in a recent memo to expats, ‘even if you are not required to file a tax return, you may still want to file. You may get a refund if you’ve had too much federal income tax withheld from your pay or qualify for certain tax credits.’ It’s worth checking out.
Finally: More than 6 million Americans call themselves expats, the largest number ever recorded, and more are waiting in the wings to start a new life abroad. Costa Rica, Panama and Nicaragua are expat hotspots for those seeking a tropical lifestyle while still remaining employed.
It’s not hard to understand why so many Americans are considering becoming expats as the current job market in the U.S. is highly competitive. Meanwhile many countries, such as Panama, are booming. Interestingly enough, many of these jobs are a direct result of American companies expanding their overseas branches.
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Photo Credit: fetus karate via Flickr Sandwiched between Nicaragua and Colombia, between the Caribbean Sea and the Pacific Ocean, Panama and Costa Rica certainly have
The decision to pack up and leave the familiarity of life in the United States in exchange for the freedoms of life in the tropics