Relocation 101
My first overseas relocation was in 2004 from the UK to Australia with the Investment Bank Credit Suisse. It happened very quickly, and having spoken to many people over the years these overseas moves often do, so I thought it would be worth summarising the key components of what is involved in a relocation package, what you should expect, and specifically what you really need to look into and examine the small print. There is a lot of your own research you need to do, but that aside, lets just provide a list of the things you should consider trying to secure in a relocation package from your company.
- Shipping – In most cases this is the biggest expense and if not covered by your company will be a huge cost to yourself. Depending on your current circumstances, whether you are single or moving with a family, the amount container space will vary, but a normal home should be able to moved in a 20m shipping container.
- Moving and Packing – Most big corporations will provide a packing and unpacking service to make the move go smooth. Packing can take up to 3 days but unpacking usually only takes a day.
- Temporary Accommodation – Certainly on arrival in your new host country you should get up to 4 – 6 weeks paid accommodation, usually a serviced apartment but some companies do have their own accommodation they can provide to cover the time before you find and move into your new home. But also, you may need some temporary accommodation before you leave due to timings on moving out of your current home.
- Relocation Services Agency – Most companies will provide the services of a relocation agency that is a local company that specialises in giving advise on the various areas you could move to and schools etc in the area. They will normally assist arranging days for house viewings and drive you the various properties and explain how local rental agreements work.
- Flights – An obvious one, good companies will provide business class for you and your family but also you will want extra luggage allowances as it could be up to 8 weeks before your shipping arrives so that’s quite sometime to be living out of a suitcase.
- Hired Furniture – Depending on timings you may need to have hired furniture for a while if you move into your new home before your shipping arrives. Definitely, something to consider as timings don’t always go like clockwork.
- Visas – You should expect that your company will arrange the visas for you. You may be required to have medicals and provide lots of information but your company should assist with this. In many cases your company will actually be sponsoring your visa so it is their responsibility.
- Tax – You should get access to a tax accountant at least for your first year in the new country as filing your first tax return in a foreign country can be quite daunting.
Other Key Factors - Medical Insurance – When you get your new contract be very diligent when looking at medical insurance. Medical care, both private and public vary significantly all around the world but if you work for a large corporation, you will invariably expect to have reasonably comprehensive medical coverage for both yourself and your partner and children but take anything for granted.
- Because you are moving health insurance provider, it is highly likely there will be specific clauses on coverage of pre-existing conditions. If this is the case then ensure your company will get disclaimers and pay the required premium for you to avoid unforeseen costs
There are many other factors to consider that will be covered in the following articles.
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