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The Expat Checklist
The Expat Checklist, May 2007, Pages: 8
Preface
The first time I moved overseas for work I was 21 years old, and moved to Japan with a single suitcase, no knowledge of Japanese, and a bucketful of naïve optimism. The second time I moved overseas for work I was 40 years old, married with three daughters, 2 dogs, horse, house, cars, and concerns about health insurance and my retirement planning.
My first overseas experience did not prepare me at all for negotiating an expatriate contract that fit my life 19 years later.
In negotiating that expatriate contract I found a lot of resources about managing through culture shock, but what I needed was a quick checklist to use as a guide for negotiating my contract. I didn’t have time to read lengthy books – I was a busy executive working a full time job, researching a potential move overseas at night, and trying to take care of a family. And so I reached out to my network, listened to the advice of other expatriates, and in the end negotiated a contract that proved to be the basis of a successful assignment, despite an acquisition of my company by a competitor.................
Exchange Rate Risk
Inevitably, someone will own this risk, and it is usually the employee. So, you’ll need to negotiate how this risk is managed, and that ultimately will depend upon how the salary payments will work (as discussed earlier in the document). If your salary is denominated in the home-currency, buy you are paid in the work-country currency, then you’ll want to negotiate a setting of the exchange rate on a monthly or quarterly basis, with a volatility band to limit your exchange rate risk exposure. This also benefits the company.........
Investments at Home
Check with your current investment advisor to ensure they are registered to take orders from overseas clients. The investment advisor that has been servicing you locally may not be able to service you from overseas. If they cannot, then locate an advisor that can provide you service while you are overseas. Otherwise, you may be forced...........
Home Visits
Many expatriate packages include home visits each year for the family. If this is offered, you’ll want to negotiate flexibility in the home visits so the agreement reads that the trips can be used for visits home, or can be used for visits to other destinations provided those trips do not exceed the cost of the trip to your home of record. This can benefit everyone as the expatriate has flexibility to meet family at a location closer to their work country in order to limit travel time for young families, and the company benefits by potentially paying less...............
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