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Started By
Message
Overseas Employment Opportunity
Posted on 4/19/17 at 5:20 pm
Posted on 4/19/17 at 5:20 pm
I may have an opportunity (2nd round interview was today) to relocate to Germany for a new position. It would be a 3-5 year commitment and would really get my foot in the door as far as future career opportunities go.
My question is regarding lost retirement account opportunity. I can still do an IRA but 401k is only for US based employees (bye bye company match). Also wouldn't be able to continue contributing to my HSA. Other than those concerns any one else have some overseas experiences to share that I may have overlooked?
My question is regarding lost retirement account opportunity. I can still do an IRA but 401k is only for US based employees (bye bye company match). Also wouldn't be able to continue contributing to my HSA. Other than those concerns any one else have some overseas experiences to share that I may have overlooked?
2
Posted on 4/19/17 at 10:02 pm to Big Saint
Not sure if still true but I know for sure that years ago you didn't pay Federal income tax on a certain amount of income if you were based in a foreign county for a certain period of time (18 months ?).
Posted on 4/19/17 at 10:22 pm to Big Saint
It really depends on the company's policies. I still get a company match but my contributions have to be post tax. Financially, I am much better off with an overseas assignment, but we have excellent expat policies. I don't know many folks that have been worse off with a delegation. Typically you get housing paid for, a travel budget, and an increase in pay for "hardship". Plus as you mentioned, it is great for your career to have international experience.
Contrary to the previous poster, I definitely still pay federal taxes!
Contrary to the previous poster, I definitely still pay federal taxes!
This post was edited on 4/20/17 at 1:08 am
Posted on 4/20/17 at 7:36 am to Spirit of Dunson
Yeah you definitely still pay US income taxes but you are eligible to either exclude your foreign income up to a certain point or use the foreign tax credit to wipe out your income tax for the most part. At least with Germany because the tax rates are higher than I'm currently paying in the US.
Our company has an International Retirement fund that would mimic a 401k as far as contributions and company match but it's not offered to US citizens so I'm SOL there.
For a year or less company stents in the country I would get all this but the position I'm looking at is longer term (3-5 years) and puts me on a local contract so all I get is some extra "transitional" bonus as it's called.
Our company has an International Retirement fund that would mimic a 401k as far as contributions and company match but it's not offered to US citizens so I'm SOL there.
quote:
Typically you get housing paid for, a travel budget, and an increase in pay for "hardship".
For a year or less company stents in the country I would get all this but the position I'm looking at is longer term (3-5 years) and puts me on a local contract so all I get is some extra "transitional" bonus as it's called.
Posted on 4/20/17 at 8:08 am to Big Saint
quote:
Yeah you definitely still pay US income taxes but you are eligible to either exclude your foreign income up to a certain point or use the foreign tax credit to wipe out your income tax for the most part.
Don't know the exact number without looking it up, but +/- $110,000 USD
Posted on 4/20/17 at 9:28 am to Big Saint
quote:That is form 1116 - the foreign income tax credit. I don't know the percentages or limits, though.
but you are eligible to either exclude your foreign income up to a certain point
quote:That sucks.
Our company has an International Retirement fund that would mimic a 401k as far as contributions and company match but it's not offered to US citizens so I'm SOL there.
quote:That sucks.
longer term (3-5 years) and puts me on a local contract
I'm here for ~5-6 years and have a delegate contract which is pretty typical from what I gather from delegates with other companies. Are you moving to Germany? Do you have a family? Will the project eat up all of your time?
Posted on 4/20/17 at 9:40 am to Spirit of Dunson
Yes I'd be required to move to Germany. It's just the wife and I. No kids yet but we'd be bringing our two dogs.
It being a local contract means I get all the same peeks as other Germans... 30 days vacation, 35 hour work weeks so the project won't take up all my time at all. There's be some travel involved eventually which I'm fine with.
It being a local contract means I get all the same peeks as other Germans... 30 days vacation, 35 hour work weeks so the project won't take up all my time at all. There's be some travel involved eventually which I'm fine with.
Posted on 4/20/17 at 9:44 am to Big Saint
Bringing the dogs can be a hassle with customs, but it is doable. We brought our dog, but it was a tiresome process.
Germany is a great country to live and work in, but can vary greatly based on the area. If you don't mind me asking - what part of Germany?
If you have any specific questions, you can email me. I've been here for almost 3 years now, and have worked in two different parts of the country.
<--- @ g m a i l
Germany is a great country to live and work in, but can vary greatly based on the area. If you don't mind me asking - what part of Germany?
If you have any specific questions, you can email me. I've been here for almost 3 years now, and have worked in two different parts of the country.
<--- @ g m a i l
Posted on 4/20/17 at 9:51 am to Spirit of Dunson
Appreciate it. I'll send some over this afternoon.
I've looked into the pet transportation and while it does look like a pain I don't think we'd go if we couldn't bring them with. Definitely know my wife wouldn't go.
I've looked into the pet transportation and while it does look like a pain I don't think we'd go if we couldn't bring them with. Definitely know my wife wouldn't go.
Posted on 4/20/17 at 10:00 am to Big Saint
I brought my 2 dogs w me to Indonesia and dont regret it. It's expensive but my company picked up a large portion of the bill. Countries vary greatly though as far as import and quarantine requirements
Posted on 4/20/17 at 10:03 am to lsugradman
Germany and the EU as a whole have fairly standard requirements so it's not too big a deal. Relocation package will help as well.
Glad you had a good experience. That's a big worry for us because they aren't great even in a car but it's a necessary evil to get them there.
Glad you had a good experience. That's a big worry for us because they aren't great even in a car but it's a necessary evil to get them there.
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