How Much Does It Cost to Move to Another Country?
You're finally ready to take the leap and move to another country. Immersing yourself in a new culture and environment can lead to tremendous personal growth and unforeseen opportunities.
Taking the "road less traveled" is rewarding, but there are many costs that come with a move abroad. How much will it cost you to start your new life? Let's look a bit closer at some of the things you need to consider so you can better estimate how much you will have to spend.
Shipping Home Items & Vehicles
If you want to bring your furniture and other personal belongings that won't fit inside of a suitcase, you should be prepared for shipping costs. Shipping is often the biggest expense that people have when moving overseas.
How are shipping costs calculated? The weight of your items, time of year, required moving services, and moving distance all play a factor. Shipping your vehicle overseas will also mean extra taxes and import charges, which could reach up to $4,000.
You can save some money by doing your own packing and unpacking, but make sure you use durable package materials so that your belongings don't arrive broken. We strongly advise you to take out moving insurance for this exact reason.
Moving insurance is calculated based on the value of the items being shipped and often is between $100 to $1,000.
Every country has its own rules and regulations when it comes to the import of items. While many countries have duty-free policies, you might have to pay customs duties on some items. These assets include your vehicle and items that might appear to be for sale. How much can you expect to pay? 1.8% of the purchase value is the average international rate.
If you're still in the process of finding a new home and want to keep your items safe or have to travel early for work, you might need storage.
Storage costs can vary depending on requirements. Do you need climate control? Are you storing a few items or an entire home? How long will you need a storage unit? All of these factors will play a role in your overall storage costs.
Most countries will require you to pay visa fees when you move to their country. While requirements are different, you can estimate around $150-$3000 for this process. You should also note that these fees must be paid every time that you renew your residency status. Make sure you plan and are aware of the policies in place for the country which you wish to visit.
Travel Costs & Accommodations
You have probably prepared for flight and transportation costs, but these can vary greatly depending on how many people are traveling and also how much luggage you are bringing. Try to plan in advance and also get travel insurance in case your plans change last minute.
Another expense that you will incur (unless you are being relocated by your company) is the cost of accommodation. You may need temporary accommodations while you search for a place to buy or rent, and this can get expensive. Also keep in mind housing expenses such as security deposits, insurance, and property taxes. As the cost of living can vary greatly from country to country trying to plan with a few months of living expenses.
A move abroad will cost you at least a few thousand dollars. Make sure you understand the different services you will need to pay for and if you are moving your items work with an experienced company that you can trust with your belongings.