Before making a move abroad, you need to ensure that you are financially stable. Agreements to buy homes can fall through overseas as easily as they can in the UK, and the last thing you will want is to be stranded in dire financial straits in unfamiliar territory.
Funding an overseas purchase
- You can re-mortgage your home in the UK
- Borrow from a UK bank to buy overseas
- Borrow from a bank in the country to which you will be moving to.
Emigrating for work
If you are emigrating for work and have already secured a position, your new employer may offer you contribution towards costs to help with the move. Ask your employer what assistance is available.
Research the requirement for opening a bank account before you leave, as you may need to provide evidence, for example of name changes, which will be easier to gather while you are in the UK. You may need proof of long-term residency.
- Calculate how much tax you have to pay in the UK
- If you owe tax to the other country that you lived in
- Ensure that you don’t pay tax twice (the “double taxation agreement”)
Financial advisers will be able to guide you through the process and ensure that you take the route that is best suited to your situation. It is advisable to conduct your own research to answer any questions or flag any areas of concern.