Have a family and want to move abroad? Be prepared for high costs

One of the main challenges of moving abroad is the financial preparation involved – especially when taking family along.

To help expats prepare for their move, in April of this year, The Guardian and HSBC launched a series of guides for expat finance. The second instalment is online now: Family Finance.

Topics covered include inheritance planning, income protection and costs of educating children abroad.

The guide includes useful information regarding the costs that expats could face, such as:

Nat Price, owner of specialist education consultancy Dean Associates, says that if the cost of a day-school place at a private secondary school in the UK is about £15,000 then the comparable figure for a place at an international school is about £20,000, but the costs do vary from country to country. For example, the cost of a typical day-school place a private school in Abu Dhabi can range from £8,000 to £15,000.

There is also an interactive checklist that makes it easy for expats to learn more about how to provide financial security for their family while they’re living abroad.

Lisa Wood, Head of Marketing at HSBC Bank International, said:

Starting a new life overseas is a fantastic and exciting experience, but for those relocating with a family it can raise some quite unique issues. We speak with expats on a daily basis and understand the concerns they have such as ensuring the family will be protected in the event of any changes to their financial situation.

The Expat Guide to Finance series will continue later this year with the third and final instalment, Growing your Wealth.

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