What Latin Americans need to consider before accepting a remote job offer
Remote work opportunities are exciting. In fact, 97.6 percent of remote workers would like to work remotely, at least some of the time, for the rest of their careers, according to Linkedin. A staggering quarter of all U.S. work has become remote as of 2022 leading to a massive increase in remote work opportunities. Now, more than ever before, people are landing remote jobs in companies outside of their home country.
For example, thousands of Latin American software developers and programmers are being hired to work for US companies while residing in their home countries. This means they get to earn more by being paid in dollars while enjoying the luxury of living in their less costly home country. Who wouldn’t jump at the opportunity to make a better living, not having to worry about commuting, and having more flexibility to focus on family or a beloved side project?
As awesome as this seems, there are some crucial aspects of international, remote working that everyone needs to consider before taking the big step. So, we’re providing you the ultimate checklist to use and consider before accepting your next, international remote job.
1. Review your job offer & contract
Carefully read each section of your job offer and contract. If you come across any clause or area you don’t feel you understand, it’s best to consult with someone who does. Labor laws vary by country and employment type. For example, many companies in certain US states aren’t obliged to pay severance packages while companies in Mexico are. If you’re a contractor or someone working on a per-project basis you may be terminated with little to no notice. Both parties have rights and it’s important to be well aware of them.
Make sure you’re aware of each clause in your contract before making a final decision. Look out for important information about your employment type (contract, per-project, full-time, etc), hiring company location, benefits packages, and whether there is any local entity such as an Employer of Record (EOR) involved in your hiring process and HR management.
2. Assess your benefits package
An important part of your contract will be about benefits. Benefits packages differ from company to company so it’s wise to make sure that you are fully aware of what benefits you will be eligible for as an employee, regardless of your employment status and type. Look out for benefits that include PTO, vacations, Christmas bonuses (aguinaldo), medical aid, and any extra allowances such as profit sharing, educational bonuses, and a home office setup allowance. Some companies offer a wide range of benefits while others may just include one or two.
Make sure that the benefits most important to you are part of the job contract.
3. Get legal & taxing assistance
One of the most daunting and stressful parts of remote working, especially if you’re a contractor or freelancer, is being set up legally while understanding taxing and fiscal compliance. Labor and fiscal laws differ from country to country (and go through frequent changes) and it’s important to know where you stand, what you can do, and what you cannot do as an international, remote worker. The best way to get set up is to find accounting and tax support from a local CPA (Certified public accountant) and, in the case of contractors or freelancers, being legally authorized by your country’s internal revenue service to invoice and do business with your customers. If you’re based in Mexico, you’ll need to be set up with SAT (The National Treasury of Mexico) as a ‘’persona fisica’’ and register your fiscal residence while being on top of monthly and yearly tax reporting. Once again, you can hire a CPA to help with this.
The best thing about being an international, remote worker is that you don’t have to be fiscally compliant when doing business with US companies. You’ll only be required to do your tax reporting and sign a W-8 form while in your own country of residence.
4. Set up a healthy workspace
Be sure you have planned out your remote work setup (especially if you haven’t worked remotely before). This includes setting up a workspace that will allow you to get your best work done, with minimal or no distraction. Some people find it best to literally work from home, while others perform better at a coffee shop or coworking space. Consider other aspects such as internet connectivity and having a comfortable workspace, too.
Set up a morning routine to jumpstart your productivity. A 45-minute workout, meditation, or reading something that motivates you will give you the positive energy you need as a remote worker.
5. Understand how you’ll be paid
Knowing when and how you’ll be paid is every team member’s right. Even though this should be specifically outlined in your contract, it’s important to understand the full context of being paid internationally. This includes all aspects of payroll, currency, and the platforms or setups through which your employer will be paying you.
Some helpful questions for you to consider:
Will I be paid on a weekly, bi-weekly, or monthly basis?
What currency will I be paid in?
Will I be paid the traditional way, by wire transfer directly into my local bank account or, will my employer be using other payment transfer tools?
If it’s the former, you’ll need to calculate how much money you’ll be taking home after currency conversion fees, transfer fees, and hidden bank fees. If it’s the latter, make sure it’s safe and convenient for you.
Get paid in US Dollars, the Coba way!
Whether you’re a seasoned remote worker or you’re just starting out, we want to make sure your experience is one to remember. Everyone deserves to get the most out of their professional careers by maximizing their wealth - remote workers included!
Start out by opening your US Dollar bank account, without even having to leave home. You’ll get your very own card, enjoy easy ATM withdrawals in your local currency, and experience instant, international transfers for peace of mind.
Sign up and join our waitlist here.
The financial stack for the modern remote worker
Whether you’re a seasoned remote worker or just starting out, we want to make sure your experience is one to remember. Everyone deserves to get the most out of their professional careers by maximizing their wealth - remote workers included!
Start out by opening your US Dollar bank account, without even having to leave home. You’ll get your very own card, enjoy easy ATM withdrawals in your local currency, and experience instant, international transfers, without hidden bank fees, for your peace of mind.
Join our waitlist on the next link.
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