Thinking of moving abroad? Here’s some expert advice.
Becoming an expat can seem like a complicated process, especially if you haven’t spent any time living abroad before. It’s easy for inexperienced expats to overlook important details about moving abroad, which can cause annoying problems later. Luckily, the most common oversights and errors can be easily avoided, provided you know what they are. That’s why we’ve decided to create a list of common expat errors and how to avoid them. Here at Harrison Brook, we want you to be able to start a new life abroad with confidence, so make a note of the mistakes we discuss in today’s blog entry and don’t make them yourself.
Not moving finances abroad
Some expatriates keep a UK current account and other UK bank accounts, because they find them familiar and easy to use. However, if you do this, you might end up paying more tax in the UK than you need to. That’s why you should make sure you set up an offshore account that can receive any earnings that you make after moving abroad. You should also consider moving all your other finances abroad with you, including savings. Don’t worry if this sounds like a daunting undertaking. You can get expert expat financial advice about moving your financial affairs out of the UK. You may wish to keep a UK bank account in case you need to return to your home country and access money quickly and easily… just remember that it shouldn’t be your main account.
Not learning the language
Even in foreign countries where most people are fluent in English, we believe that it’s best to know the local language. While you may be able to communicate perfectly well in your new country using English, knowing the nation’s language opens up more economic opportunities and can help you find work. Try to learn the basics before you move abroad and make time to improve your linguistic skills once you’re settled in.
Not maximising savings
Moving abroad needn’t be super-expensive. However, you will have to spend some of your savings to get set up. That’s why it’s important to maximise your savings using high interest accounts or investments before you leave. Many aspiring expats don’t take the time to boost their savings before they leave the UK, meaning that they have to budget very carefully when they arrive in their new country. Don’t make this mistake – talk to us about maximising your savings.
Leaving the UK and becoming an expatriate can be complex, but it doesn’t have to be stressful. Avoid the mistakes we’ve mentioned in today’s blog entry and you’ll find starting a new life abroad easy.
The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.