Setting up life in a new country can be an exciting, if rather daunting, step. With a range of considerations and decisions to make – financial and otherwise – moving abroad needs careful research wherever you’re heading in the world. Chris Davies, Chartered Financial Planner in Dubai, explores some important steps to consider when it comes to your move overseas.
It’s clear that the financial challenges of moving abroad can be unsettling. Recent research on those planning or who have recently moved abroad notes the impact that complex financial admin can have on the early days of a move. Around half of those that took part in the research identified that juggling finances between two locations was a particular concern, with taxes a significant consideration for three in five of those responding.
Becoming an expat offers enormous opportunities with a range of benefits; a better lifestyle and career prospects along with the chance to travel and experience a different culture. Ensuring your finances are well managed, and your UK tax obligations are met, means you can take advantage of your new expat status without unnecessary financial pressures.
So, what are the top financial issues which new expats need to think about? Our recent webinar walked through some of what you might face when it comes to your liability to UK tax and how to maximise your expat status – from a financial perspective. Some of the key points to consider include:
- What you’ll need to put in place before leaving the UK
- The importance of updating your Will and pension plans ahead of any move
- UK tax rules when living abroad
- The UK taxes which apply when you’re overseas
- Managing a UK property
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With eight offices around the world, many of our team have experienced a move overseas themselves and enjoyed time abroad as expats. Together with their knowledge and expertise covering a wide range of tax and financial matters, they can offer practical and informative advice, wherever you are in the world. To discuss your plans in more detail please get in touch with your nearest office.