The current pandemic has caused a significant strain on business and daily activities worldwide. The firms have been closed, and various companies slowed down. For the companies to reduce the challenges posed by the pandemic, especially in the expat accounting sector, multiple measures have been stipulated to ease the effects of the pandemic.
Considering the implication of losing jobs and heavy living expenses, many people resorted to relocating, especially in their hometowns, to maximize the reduced travel charges by many countries. As you look for a suitable country to stay in during these challenging times, an expat accountant is what you need to help with your decision’s logistics and impacts.
An accountant that specializes in expatriate taxes can guide you in matters of tax and cost of living and all the requirements to ensure the remote working is flourishing and you’re still able to abide by the laws of the US.
Before relocating to your country of choice, there are a few things you will have to consider to enable your remote working successfully. Consider the following as you plan on moving:
1. The option to move to your chosen country
Most countries do not accept citizens from the USA, mainly when the visit is based on non-essential travels. The restriction is primarily experienced in European countries. Due diligence on the countries and polices of living in your chosen country will enable you to settle in quickly. A perfect example is working in the Caribbean for at least two years if you have a salary of fifty thousand dollars and pay the $1500 fees for Nomad Digital Residence.
2. Continuous tax payment
Having an accountant is vital if you are an expat. The reason for having an accountant is to help out with the requirements of the US government concerning the tax. The tax issues when you are an expat tend to be complicated, and this is where the accountant will guide you on the necessary steps to exempt you from having to be double taxed.
3. Have a valid Visa
Unless your company is relocating you to another country, you have to ensure that the visa you are holding is for the right reason. The best way to ensure you follow the requirements needed for the visa is to contact the US embassy of the country of choice to provide the guidelines needed for your stay.
Some countries have a temporary work visa that you can renew if it expires, while others offer work visas to enable you to be in the country. Some countries can give free entry for at least ninety days, like Croatia, to an easy transition.
Although the migration sector keeps changing and different things are being introduced, as an expat, you are encouraged to be flexible to changes stipulated by the country as it will be communicated. The US government is working extra hard to make the transition easier, especially with the pandemic.