Moving overseas presents a series of great challenges and opportunities, but with careful planning, the opportunities will easily outweigh the challenges. This moving overseas checklist highlights some of the most commonly overlooked areas.
International moving is by its very nature complex and costly, but careful planning can ensure that costs do not spiral out of control and that any new investment opportunities that may be available to you are taken advantage of.
One of the most vital aspects of leaving the UK is ensuring that you are no longer considered resident in the UK for tax purposes. Prior to leaving you need to ensure that all tax refunds you are entitled to are claimed, something our financial advisors can help you with.
Another key decision is whether to sell or rent any property you may own in the UK. Both options have benefits and drawbacks so it will take careful consideration of your circumstances to make the right decision for you.
One of the principal benefits of becoming an Expat is the opportunity to set up offshore savings and investments. These can prove to be highly beneficial and can help ensure that any expenses incurred during the process of moving do not prove to be too overwhelming. Along with this comes new ways to arrange your pension scheme, as Expats can benefit from specific pension services that are often much more secure than traditional ones.
Things to Remember:
When leaving the UK, there are many financial and personal elements that you will need to review. Here are some things to remember that have helped our staff when returning to the UK in the past:
- Bank Account » Set up a bank account in the country that you are moving to before arrival rather than doing that when you arrive.
- Schooling » Research potential schools before hand and if possible, time your move over the summer holidays.
- Housing » Consider renting in the short-term as you get to know your new area, it will also give you more time and flexibility to find a local house that you really want to buy.
- Register » with a local doctor and dentist
- Register » with the local council for council tax and local elections
- Your Credit Rating » Depending on where you live evidence of you UK credit ratings will prove helpful in your chosen location.
- Medical » Within the European Union you will be able to “transfer in” to the medical system of your chosen country but in many countries you will need to buy a comprehensive health insurance if this is not supplied by an employer.
- Insurance » Ensure your contents and home insurance covers you in your new address