SHELTONS INTERNATIONAL GROUP
When asked which country is best suited for expats, we always get stuck. The answer is very much a preference specific to the individual.
We recently discussed this subject informally with a U.S.-based client who was deciding between Portugal, Malta, and Italy. While U.S.-based individuals may have a common preference, the discussion is the same whether you live in Scandinavia, the Netherlands, France, or Turkey. Globally mobile families are able to move and work more easily than ever before, making the dream of living in Southern Europe more realistic.
Based on our many discussions with clients from various parts of the world, we have identified a set of questions that help ensure they are making the right decision. While tax saving is an important aspect of relocation, we typically leave any tax calculation to the very end, as this is rarely the priority when dealing with globally mobile families.
Here is our take on the top 5 questions to ask when moving to Southern Europe, although there are surely many more we could have added:
1. Do You Imagine Yourself Living in That Country?
Consider whether you appreciate the balance between history, culture, and modern lifestyle. This also depends on the specific city you choose within a country. Do you enjoy the local social events, and are there gyms and other facilities nearby, especially for families with small children?
2. Have You Researched the Impact of Local Laws on Your Marriage?
It’s essential to understand how local laws might affect your marriage. Will a pre-nuptial agreement remain enforceable after your move? What are the legal implications in the unfortunate event of a divorce?
3. Are You Able to Adjust to the New Language?
Language can be a significant attraction, but if you cannot communicate with the locals, you may end up relying almost exclusively on the expat community. Consider your ability to learn and adapt to the new language.
4. Have You Considered the Social Support Provided by the Public or Private Sector?
Investigate the quality of schools for your children, hospital and medical services, government services, and the ease of traveling around. Also, consider the process of replacing your driving license and the local traffic conditions.
5. Have You Researched Tax and Compliance Matters Before Moving?
Understand the tax landscape of your new country. Will you face wealth or property taxes? Have you considered social security payments and, in the worst-case scenario, inheritance or gift taxes?
These questions are just the beginning. Each family’s situation is unique, and there may be additional factors to consider. However, addressing these key areas will help ensure a smoother transition to your new life in Southern Europe.
To explore how Malta could become part of your strategy, speak to our advisory team at Sheltons Malta on [email protected]. We are at your fullest disposal.
