Topic: news Top 7 Financial Tips for Expats in China

I agree with #1. You should have medical insurance, especially if you are one of the older expats. Although Chinese healthcare is less expensive than the US, it can eat up your savings if you have a serious illness or accident. International healthcare can cost $1500-$2000 annually. As for investing, I also agree that one should not invest their money in China at this point. There are numerous investing opportunities available online through companies like Ameritrade. For me, I simply transfer money into a bank account in the USA. With all my debt paid off, I am currently building an emergency nest egg of $20,000. Once I reach that point, I need to look at investment opportunities for the remaining amount. One thing not mentioned is gold. Do not buy gold in China. I do not think you are permitted to take it out of the country. I could be mistaken on this, but I am not willing to take the chance. Americans are required to file their taxes every year, even if you do not owe anything. You must submit paperwork showing your income and tax liability. I use one of many free online tax programs to have this completed and sent to the IRS. It is a pain in the arse, but I recognize the penalty could be far worse. The online program also submits the other forms required for expats that show that they have lived in their host country for over a year that excludes them from having to pay Obamacare and federal taxes. Many people may scoff at these financial tips, but you are only damaging future is you do. If you are here just for a gap year or two, then you can ignore most of this information (not the taxes though). For those of us here long term, it would be wise to take into consideration the long term financial planning strategies. After all, you would do the same thing back in your home country, so why would it be different in a different country? Money management should not change just because your location has.