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    An announcement by the Chancellor last week, was made to lower the limit on lifetime tax-free pension savings. Which meaning a punitive rate of tax will be levied on all pension pots totaling more than £1.25 million. A male worker in the private sector would have to save £1.44 million to receive a £43,387 pension at current annuity rates. A woman would need to save £1.34 million. Ministers said the cap would …

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Home / News / Thinking of living abroad? Here’s some useful advice…

Thinking of living abroad? Here’s some useful advice…

There’s plenty to think about if you’re contemplating the move abroad; you will need to study your new destination, think about your long-term strategy and organise critical safety measures like life assurance or medical cover.

In the case that your living abroad adventure is taking you from the UK to a country also inside the European Economic Area, your move ought to be fairly straightforward with regards to the legalities. If you are preparing for moving to a further-flung destination, you need to speak to either the British Embassy or the embassy for the intended country of residence prior to you making any plans.

Living abroad – before taking the plunge

Living abroad doesn’t have to be an enormous headache, but it does call for investigation. You must make certain to stop by your intended new home at least once to be confident that you’re making the correct choice. Also be sure you look into any related laws or customs, and give some thought to your income and currency fluctuations very carefully.

If you are used to free healthcare, including the NHS within the UK, make certain that you’re aware of how the health care system operates in your new country. Benefit systems, pensions and support for widows and dependents may also vary from country to country – so organise your life assurance to make sure you’re covered in the new country, the most effective way to seek this advice is via an International Financial Adviser who understands your new destination. If you will be living abroad with youngsters, ensure you investigate the education system in your new country too.

As soon as you’re living abroad, what else ought you to contemplate?

When you’ve arrived, you might need to apply for a residence permit and/or register with the neighborhood authorities. You’ll want to also register with your local embassy and organise any ID documents that you may possibly need – you might even need to make adjustments for your driver’s license in case you intend to get or hire a vehicle. If you’re moving within the EEA, you might be able to organise a non-resident bank account as soon as you get there, with the option to upgrade to a common bank account as soon as your residence permit is made available.

If you haven’t yet organised that critical life assurance, then now may be the time to look into it; you might want to find expat financial advisors inside your region, or merely use a neighborhood service if you’re confident that they are regulated and bona fide. If you haven’t yet done so, you must also make a will now, and on a more personal level, try to learn the nearby language so that you’ll be able to fit in with your new community.

Our advisors here at Guardian Wealth Management have lots of firsthand experience with the challenges you face when living abroad – a large number of our advisors are living as expats, so we can entirely comprehend how you really feel as well as the different issues you will need to think about. With advisors across the world, we can assist you to organise your pensions, life assurance and wills, as well as coping with matters which include inheritance tax. So no matter if you’re just thinking of living abroad, or you’ve already made the move, feel free to contact us at any time for some correct and friendly advice.

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