As expats, we often tend to ignore the fact that the national budget of the country we live in does have an impact on our lives too. In fact, many decisions and new measures can affect our daily life in various ways.
The cost of living
The cost of living is one of the main concerns of all nations, and even more when you're an expat. Most of the time, budget presentation symbolises price rises or drops. It all depends on the country's economic situation. Of course, as an expat you may have a certain standard of living that you would like to keep at all costs. However, whether your salary is high or not, price fluctuations will affect your everyday life. Food shopping, rents, or even dining out are just some of the inevitable changes. You definitely wouldn't want to wake up one morning, go to the bakery and learn that bread costs a few cents more than the day before. So you better be careful. Still, budgets might as well bring good news. For example, if the government announces subsidies on certain products or services, you can also enjoy them as expats.
Job creation
As an expat, it's likely that you have ended a job offer from abroad, or you have found a job on the spot. But is that all? Are you so content with your current life that you don't care about new prospects? What if the government of your country of adoption comes up with a new strategy for job creation in a sector that you are interested in? Wouldn't you take the chance? Indeed, governments often seize the opportunity of the budget presentation to announce new projects and recruitment strategies. But that doesn't only apply to expatriates. People who are looking to move abroad should also keep an eye open to such opportunities. So if there's any country that you're particularly interested in and you have always dreamed of boosting your career overseas, make sure to have a thorough read of budget announcements.
Aid plans
As we have mentioned already, the national budget will affect your expat life in many ways, whether you are employed or retired or moved with your family. For example, governments often announce aids for trailing spouses, encouraging women to build a career or start a business, or child care programs, etc. Depending on how long you are planning to stay in your host country, you may also be eligible for these aids.
Taxes
The crucial importance of tax for economies cannot be denied. And this is the case in most countries around the world. If you're currently employed in your host country, it's very likely that you will pay income tax. Most of the time, national budgets bring the fear of rising tax rates, be it income tax, value-added tax, property tax, etc. Entrepreneurs and business people, for example, have to keep an eye on corporate tax rates. However, there might be good news as well, such as a drop in tax rates or other tax benefits for expats.
Investment
Investments are another crucial aspect of economies. To boost their economy, many countries implement new measures to attract foreign investment. You could benefit from these if, for example, you're someone who's looking to start a business or own property abroad. It's worth noting that some countries offer not only tax and other incentives but also attractive visas. In fact, some of these investment programs pave the way for permanent residency or citizenship as long as you're willing to make a certain investment. But it's also possible that conditions or formalities relating to a particular visa or investment program are amended, so keep an eye on these to avoid any unpleasant surprises.
Everyday life
The national budget can include many other benefits, such as assistance for purchasing an electric car, low-interest home loans, a bonus for energy-saving installations, etc. So there are many things you can enjoy as an expat in your host country.
