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What to Expect when Repatriating

Posted April 14 2015


repatriatingLucy…I’m home! You’ve been working for several years as an expat and now that you’ve completed your contract, it’s time to go home. Phew! It really has been a whirlwind experience. From the great friends that you have met from around the world, to the amazing places you have visited, you sure have made a lifetime of memories! But now that your time to head back home is drawing near, you might be feeling a range of emotions from excitement to sadness. Of course you’re looking forward to reuniting with old friends and spending time with family, but you’ve also made a life for yourself in this place far from home and you’re going to miss it immensely! As you start preparing yourself for the transition back home, here are a few things to consider. 

 

Déjà vu                                                 

Packing boxes, finding new schools for the children, closing out accounts, canceling subscriptions, garage sale…sound familiar? Well, unfortunately everything you did on your way over, you’re going to have to do again on your way back home. The best advice that we can give is to take one thing at a time because it’s easy to get overwhelmed. There are going to be hiccups along the way but try to take them in stride.

Finances 

Many expats while away from their home country, pay a different tax, such as a non-resident tax. When repatriating, you may have to re-register as a resident in order to begin to pay the necessary taxes, and avoid back taxes in the future. Also, while living abroad, you may have had your bank account(s) in an international bank, or a bank of that country. Now you may want to transfer your money to a local or domestic bank, and close out the old accounts. 

Emotional Concerns

While you may be very excited to return home, repatriating can be a bittersweet experience. Yes, you may be returning to your family, loved ones, and old friends, but you are leaving new ones. However long you have been at your new home, whether 5, 10, or 20 years, there are a plethora of memories that you cherish. The feelings and emotions you could be going through may be similar to those that you had when you first left. Also, this can be a stressful time. After all, you are moving your whole life from one place to another. Again. 

Health Insurance 

You have a long list of items on your to-do list, but one of the most important is arranging your health insurance. As an expat, you probably had an international health insurance plan, but now that you’re returning home, your coverage needs will be different and it’s important that you find a plan that will match your new lifestyle. Depending on where you call home will determine the type of plan you need, or whether or not you even need insurance. For example, if you’re returning to a social system, you may not need health insurance at all. Maybe you are retiring, and moving back to the U.S. where you may be eligible for Medicare, or maybe you will have to purchase an individual health insurance plan. 

Many of us at MHG are expats ourselves and understand the global insurance needs of international businesses, individuals, and families living and working around the world. Our Insurance Specialists have the experience, knowledge, and access to multiple international insurance carriers to help you find the most suitable plan based on your budget and future plans. At MHG Insurance Brokers, our commitment to your well-being does not end once you have purchased a plan; through our “Concierge Broker Service”, we will continue to assist you with questions about your policy and provide guidance throughout the claims process if necessary. Call MHG Insurance Brokers at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com for help finding insurance coverage for you, your family or business!