the company said. Mr. Ghosn said: "The appointment of Carlos Tavares is a first step in strengthening Renault's management." The appointment followed the resignation in April of Chief Operating Officer Patrick Pelata, who took responsibility for a debacle in which the company was misled into firing three executives--including a member of its management committee. It accused them of selling proprietary information outside the company, but eventually exonerated and compensated them. Police are now investigating a plot to defraud the company by members of the auto maker's internal security service, three of whom have been fired. The incident badly damaged staff morale, and Mr. Pelata's departure left a large gap in senior management, as he had been effectively running Renault's day-to-day operations since the 2008 financial crisis. Renault also faces business challenges. Renault-branded cars have struggled against the brands of French rival PSA Peugeot Citroen. Sales have risen strongly for Renault's low-cost brand Dacia, but these are mostly made in Romania, leading to complaints from the French government that Mr. Ghosn is shifting production out of France. Mr. Tavares arr Develop a Budget Having a healthy savings account is great, but if you don't have an accurate sense of the cost of living in your host country, you might blow through it faster than anticipated. Before you go, identify the costs of housing, food, education, entertainment, transportation, utilities and insurance in your target country. From these figures, create a monthly budget based upon your income and projected expenditures. "Don't forget to figure the costs of going back to the 'old country' for special occasions or emergencies," says Dan Prescher, special projects editor of InternationalLiving.com. Prescher, himself an expat residing in Ecuador, says you can find sample budgets for many countries on the International Living website. Expat blogs and online cost-of-living calculators are also key sources of information. "Run your budget for a few months and adjust as needed," Prescher says. "Things always change once you're on the ground." Investigate Your Banking Options in Advance Future expats heading to countries with less developed banking systems should prepare to put any prospective bank under a microscope. Focus on the target bank's international clearing networks, says banking lawyer Michael Cavendish of Gunster law firm in Jacksonville, Fla. Determine whether the bank issues U.S.-style credit cards with the Visa or MasterCard brands, or whether it participates in a shared ATM or payment clearance network, such as Cirrus. "Participation in consumer-oriented networks and partnerships is a sign of reliability since it indicates the bank has been vetted by the network or another major business," says Cavendish. Also verify whether deposits are guaranteed and by whom. If the host country's government guarantees the accounts, consider the stability of the government. If the guarantor is a private organization, research the strength and reputation of the organization. Once these questions are satisfactorily answered, examine interest rates, fees, ATM availability and other conveniences. Set up Your Bank Account Early When possible, initiate the application process for an overseas bank account well before your departure. Although it may not be possible to open an account before arriving in your host country, identify and collect all the documents required to get the ball rolling. Jesse Finch Gnehm, an American entrepreneur who recently moved to Scotland, learned this lesson the hard way. "Financial institutions are taking longer to process documents as they look to combat money laundering," Gnehm says. "This means the overseas bank may need documents and time to process them for which you hadn't planned." Delays in opening a bank account can cause unexpected financial stress. Without a local account, you may encounter difficulties finding housing, obtaining a credit card or cellphone, or cashing your paycheck. Understand Your Tax Responsibilities If you think moving overseas will free you from paying Uncle Sam, think again. The U.S. requires citizens and green card holders to file returns and pay taxes when residing abroad, even if they also file a return in the host country. Does this mean you'll be double-taxed? Not necessarily, says Steven Schwartz, tax director of Schwartz & Co., an accounting firm in New York. Under the Foreign Earned Income Exclusion, if your foreign earned income is less than $92,900 in 2011 and you meet certain time tests for residency abroad, your income is not subject to U.S. taxes, although you should still file a return. If your income is higher than this amount, foreign housing expenses or taxes paid to your host country may be applied to offset or reduce your U.S. liability. State taxes may also apply if you're renting or selling your home while abroad, says Schwartz. Given the complexity of these issues -- and stiff penalties for noncompliance -- discuss your situation with a qualified accountant before you go. Save for Retirement No matter how easy the living is in your host country, remember to stash away cash for your golden years. Individuals working for companies sponsoring a 401(k) plan should negot