Planning your finances when contemplating moving abroad is vital. The old saying ‘Money makes the world go round’ has never been truer in today’s highly connected world.
The range of financial options is vast and can be confusing.When you add in the complication of moving abroad with the investment, tax, residency and currency implications, making an informed decision about the best way to maximise your wealth is vital for the long-term security of you and your family.
Issues such as potential pension transfer abroad, whether you should investigate the QROPS / QNUPS options, decisions about how best to transfer your investments most cost-effectively all need careful consideration.
Where to begin though? Planning on emigrating or simply working abroad is enormously complex, time-consuming and draining. Even when you have decided which country you want to move to, you still need to factor in all the other things you have to plan for such as what type of visa is suitable, how to find jobs abroad and how to plan the whole removals process.
Managing your finances can be easily overlooked as something you can focus on next week, next month or next year. The number of more immediate problems to solve when moving abroad can push the issue of your finances to the back of your mind.
However, if you take a careful approach to planning your ‘financial’ move, you could avoid some expensive mistakes or put your move on a more solid financial footing.
What should you consider and how do you find the information and advice you need?
Look no further than the Emigration Store Guide to Money to help you make the right decisions. Find out how to get the best deal on your currency exchange, how to ensure that your pension takes account of your new status as an expat or permanent resident, find out how you can get a mortgage in your new home and how to ensure that your investments and savings are best suited for your new circumstances.
This will leave you to focus on enjoying your new life as an expat, safe in the knowledge that your financial future is secured.