Moving Abroad Checklist: 10 things you should know if you are leaving the UK to work
Moving Abroad Checklist
If you are thinking of leaving the UK for retirement, or to work, you’ll need a moving abroad checklist to make sure you hit the ground running, once you arrive in your destination. Whilst most of your attention is likely to be focussed on your new job, where you will live and, if you have family, where the kids will go to school, , if your move abroad is to be a success, there are a whole host of important financial tasks you need to be up to speed on. Our moving abroad checklist is designed to help you get the most from this important period of change.
- Do you qualify for local international private medical insurance? If not, do you know what to do if you fall ill or have an accident? Basic cover is a must for many, especially where English is not widely spoken. Sometimes it will be a visa requirement too.
- Have you told your mortgage lender you are moving abroad? In many cases, lenders will allow short term lets. If a lender finds out that you have moved abroad and you do not have permission to sub-let, they can and do ask for the loan to be repaid.
- Do you know if you qualify for an expat mortgage? Most expats can easily find finance at competitive interest rates, but be prepared to have at least a 25% or 40% deposit to access the best UK expat mortgage deals.
- Have you thought about pension planning? Should look at buy to lets which can provide both an income and capital growth?
- What have you done to provide for rainy day savings? Have you opened an offshore account?
- Do you understand your visa position locally – if you lose your job suddenly, how quickly do you have to leave?
- Have you thought about the precise timing of your move abroad? The UK Inland Revenue will normally require you to be abroad before the start of the tax year for tax benefits to be potentially applicable. Moving away before the end of the current tax year is therefore often beneficial.
- Have you informed the UK tax authorities that you have moved abroad?
- Do you understand the visiting rights you have to the UK and the maximum number of days you can spend here each tax year, if you wish to remain non-resident for tax purposes? It is now more important than ever to keep records of visits.
- Do you understand the tax position if you are thinking of returning to the UK? If you have made successful investments whilst living abroad, you should plan your tax strategy carefully before returning to the UK.