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Moving to another country is a dream for many people, but once you’ve bought a property and settled in, the chances are that you will need some form of income, unless you are receiving a pension or you’re independently wealthy.

 

 

How to create income as an expat

We’ve put together 10 ways to create income as an expat:

1. Teach English

This is one of the surest ways to make money, especially if you’re in a country where young people and business employees need to improve their English. There are multiple opportunities and acquiring the qualifications needed to teach English is relatively inexpensive and courses are short. International House is highly regarded for its CELTA certificates that are accepted worldwide.

2. Get into tourism

Starting a business that is tourist related is another option. One that caters to specific groups are often most successful, whether it is an Irish bar or a naturist B&B. Study the market and look for the gaps.

3. Import & Export

Is there a product that you could sell to your native country, or something from home that you could bring to your new abode? Again, research will guide you.

4. A transportation business

You could become an Uber driver, and this company is expanding in Spain for example. Or start a private airport collection and drop-off service. Many visitors are looking for drivers who speak their language.

5. Can you cook or bake?

Cake making, especially if you can produce special occasion confections, is one idea. Anyone with chef experience will probably find a position quite easily and there are shops serving the expat community who might sell your homemade pies, scones or cupcakes.

6. Drop ship online

By using sites like Amazon or Etsy you can create a business where the products are shipped directly to the customer without you having to bother about that aspect of it.

7. Freelance for a local business

Could you do photography for a real estate company, could you teach yoga at a hotel, or be a local tour guide? There is a multitude of possibilities.

8. Translate

You don’t need to be an ‘official’ translator to help local restaurants and bars translate their menus. Marketing flyers and tourist materials, plus websites are other examples where the language might need a bit of a polish.

9. Start your own business

Do you love animals? You could become a dog walker or provide accommodation for other people’s dogs when they are on holiday. Cleaning, painting, and all those other household tasks are other options, as other expats often feel more comfortable with a person who speaks their language.

10. Private tutor

If you’re in an area where there are international schools and you have a relevant subject degree, or a teaching qualification, there is always a demand for private tutors for all age groups.

As you can see, there are plenty of opportunities for expats to generate an income in a new country, so don’t let any fears that you won’t have a way to make money stop you from making a move overseas.

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Own a holiday home overseas and make money

Owning a holiday home can be a profitable business as well as a place where you can spend your own vacation. A report in Landlord Today UK magazine revealed that “the average UK holiday property generated annual rental income of £22,281 in 2016,” and this can be much higher if you own a holiday home overseas.

The first step to generating a substantial income from a holiday home overseas is to treat it as a proper business and not as a hobby. You will need to think about a marketing strategy, devise the best systems for ensuring your guests have an excellent experience and efficient ways of maintaining the property’s appearance and cleanliness.

You will also need to consider necessary expenses. Leaving aside the cost of having an agency manage the holiday lettings for you, you will need to build a fund for buildings maintenance and taxation, as well as any other incidental costs such as travelling to the property on occasion. And, if you do decide to use an agency to look after your guests and the property, then a percentage of the income will go to them. All this needs to be worked out so that there are no nasty surprises leaving you out of pocket, or wondering how you are going to pay for any damage to the property, or replacement of white goods or furniture, for example.

Where should you own a holiday home overseas?

The answer to this to some extent depends on whether you as an owner also plan to use the property, in which case it must be in a country and region that you love and want to visit again and again. Spain is obviously the top destination in Europe for British holidaymakers, and a good percentage of other Europeans as well. The demand for holiday properties is rising in Spain, with more tourists preferring to stay in a self-catering apartment or villa rather than a hotel or other type of resort. It certainly makes sense for families, who enjoy greater freedom by renting a holiday home.

Holiday homes for sale in Spain

Within Spain, the Costa del Sol, the Costa Blanca and Costa Brava are the key coastal areas that attract the largest numbers of visitors. The Balearic Islands are also popular. Of course, you need to consider your budget as well as the area you like, and you will also need to check that the property is sufficiently close to the kind f amenities people want when on holiday. Otherwise you may fail to get the number of bookings you are hoping for. Turkey and Cyprus also offer good value for money and attract large numbers of visitors, primarily to their beach resorts.

Turning a holiday home overseas into business can not only ensure that your second home abroad pays for itself, it can provide you with a lucrative income. For retirees, it can boost income from pensions, and for those who haven’t finished working yet, it offers a way to make financial plans for the future. It might even provide you with enough to buy more holiday homes and expand your business.

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SEARCH THROUGH OVER 50,000 AMAZING PROPERTIES FOR SALE IN SPAIN