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Published: February 17th 2018
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Relocating to another country is never a split-second decision. Deciding to be an expat is a decision that made when you have a particular destination in mind. However, the resolution is also coupled with the need to make adequate plans for how the move will be a successfully smooth transition.
Moving abroad should not be such a complicated affair. The checklist below can help make the move smooth for you and your family.
1. Pick Your Destination You need to have a place in mind before you decide to leave your country. It could be a place you vacationed in and fell in love with and are ready to move to without a second thought. However, have you evaluated the cost of living at the new destination? Are things affordable to you and will you be financially able to accommodate the change?
"As such, it would be wise to choose a country that offers affordable cost of living, from the price of the properties, food, and transport to the social amenities. It also should be a place that is politically stable," says a
Menorca property expert.
2. Purchasing New Property Abroad Do you intend to rent or purchase a place of your own? Whichever the case, you will have to make payments for the property just make sure that you get value for your money by fishing for the best rates. Only transfer the money when you are certain of what to expect and do this within ample time so that you can take advantage of the best exchange rates. Shop around early so that you can have several viable options to compare as you also look into the various providers you may be doing business with before you purchase any property.
3. Know the Tax Requirements You should ensure that sort your tax bill before you leave the country. Tax eligibility and tax relief are all subject to your residency status and other set standards in your country and as well as the destination of choice. You should know your residency status in the UK to understand your tax eligibility and factor in things such as your ISAs and UK savings accounts.
Notify the HMRC of your plans to move to another country and also reach out to the tax authority in the new destination country to inform them of your job situation, income and assets. You should acquaint yourself with the tax rules of the new country. You can get advice about the tax requirements from the authorized financial advisers so that you comply with the tax laws.
4. Healthcare You may think that you are in good shape and health and will not need medical assistance when living in the new country. However, you can never be too sure about this so you should get a full medical check. Also, register with the local healthcare providers in your destination of choice before you leave or as soon as you arrive in that country.
You should do this so that you also can know if you are expected to pay for private medical insurance or register with a national medicare scheme. Check out the NHS Choices website to find out more.
5. Money When You Arrive You may consider holding your UK bank account if you have any direct debits, ongoing expenses, or plan to return after a few years. It also will come in handy if you have to do any transactions back at home. You can liaise with your bank to make plans for your banking when abroad.
Opening a bank account when in the new country is essential, more so if your residency is permanent. In doing this, you eliminate the need for currency conversions whenever you have to buy food and other items. Choose a bank and make plans to have an account opened and ran before you get to the new destination, but you may have to visit and register with the bank in person. Well, you at least will have booked an appointment and known which documents to present before you get there.
6. Get Your Documents In Order You should ensure that you have printed copies of all the travel documents and any other relevant piece of paper you will need when in the new country. Make sure your visa and your new address are in order because you will have to present it to immigration control. You also will need the same documents when opening the new bank account or when registering with the national medicare scheme or any other local service.
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