Moving aboard can be a brave yet daunting decision, particularly when it comes to getting your finances in order. Before the move, it’s important to prepare everything you could possibly need in the coming years. You need to think about your bank, your savings, work pension and more. Overall, it can be a stressful process. So, if you need some help managing your finances when you’re moving abroad, take a look at this simple guide:
Ensure Your Bank is Made Aware
Inform the bank of your intention to move aboard and update your contact details with them as soon as possible. Then, make an enquiry about the fees and accessibility while you’re away. If you’re with an international bank, this should be fairly straight-forward. However, if not, you may need to consider switching banks. If your partner is filling out a spouse visa application to travel with you, you’ll also need to move your joint account abroad.
Sorting Out a Pension
Your pension is extremely important and should not go ignored once you’ve moved aboard. Find out how you can continue making payments into your pension even while living in a different country. Moreover, if you plan on staying there and retiring aboard, then you need to find out how you can access your pension. The tax system in your new country may also impact your pension pot.
Investing and Estate Planning
If you’ve previously made some investments, you should liaise with immigration lawyers to see how they could be effected from your move aboard. And, if you plan on investing while you’re there, research what offshore investments will work for you. It’s also a good idea to look into how your estate may be affected by your move aboard. Contact an investment specialist who will be able to help you organise your investment portfolio.
Taxes and Moving Your Finances Abroad
This element can be the most tricky. You’ll need to inform your local tax authority of your intention to move. Then, research the new tax system you’ll be paying into in your country, it could be that there’s double-tax. This means that there’s an agreement between your home country and the country you’re now residing in that applies to you. Lastly, you need to find out if you will pay capital gains tax on any existing assets or properties you have in your home country.