Whatever your motivation for moving abroad, it can be exciting yet daunting.
There is a lot to organise and research before you take the leap.
This blog covers the critical factors to consider.
Common reasons to relocate overseas
People decide to move to another country for various reasons.
Identifying your key drivers will help with decision-making and planning.
Employment opportunities
The chance to develop your career abroad can provide exciting new possibilities.
Multinational companies may offer expatriate job packages. Or you could see local work overseas in your profession.
Considering language requirements, salary, taxes, visa rules, and career development prospects is sensible.
Lifestyle improvements
Seeking adventure, new cultures, or a better climate may all motivate you.
Before committing, you should assess the new country aligns with your lifestyle expectations.
Retirement plans
Retiring overseas appeals to many seeking sunnier climates or lower living costs. But you should research factors such as:
- Healthcare provision
- Financial implications,
- Visa constraints
- Family ties.
Personal relationships
Partners, family members or friends may live abroad or be moving overseas. If you want to be near them, be clear on your reasons for relocating.
Visit your desired location in advance
It is best not to rely solely on books, television, and hearsay about life in your desired overseas home. Visit it more than once to experience daily life there for yourself.
A recce trip enables you to answer questions like:
- Is the climate and landscape what I envisioned?
- Does the pace and culture feel right for me?
- Could I settle in this community and make friends?
- Are home comforts and amenities available if needed?
Base any visit around typical daily life, not just tourist activities.
Chat with residents you encounter to get their perspectives. Look at local property rents and transport options.
Shop at food stores and markets to check the goods available. And visit neighbourhoods at varied times and days to gauge their atmosphere.
This real-life experience can then inform your relocation decision-making.
Ensure you are well-informed on legal challenges
Certain practical admin tasks are essential for a smooth transition:
- Visas
- Taxation
- Healthcare
- Driving license
And more.
Rules differ vastly across countries and regions. You must be informed of your destination’s laws and paperwork.
Visa requirements
Check visa rules for extended stays in your chosen country.
Retiree, spouse, work or investment visas may be possible. But they often require an application demonstrating sufficient income, healthcare coverage and more.
Restrictions may apply to accessing employment or public funds. Using an immigration lawyer can be advisable to navigate regulations.
Tax implications
You may still have home country tax obligations even when living abroad.
Most countries tax based on residency. But the US and Eritrea, for example, apply citizenship-based taxation.
Tax treaties exist between the UK and certain countries to avoid dual taxation. Seek professional advice on liabilities.
Importing possessions
Customs regulations on bringing vehicles, pets, and household goods need checking.
Your belongings may be subject to import duties. Unless they qualify for transfer duty relief. Your shipment may also need formal customs clearance processes on arrival abroad.
Calculate the true cost of living
Crunch the numbers on what living expenses may be in your potential new homeland.
Compare rental, utility bills, grocery and transport costs with salary or pensions.
Remember that living an expatriate lifestyle often incurs additional costs. For example, visa applications or trips home to visit family and friends. Budgeting tools can help build a clear picture.
Some key aspects to factor in upfront are as follows:
- Housing costs: Rental rates, buying property, utilities, furnishings
- Vehicle costs: Import duties, registration, insurance, fuel
- Income tax rates: How much tax you will pay if working
- Healthcare and insurance: Private medical care, travel insurance
- Pension implications: Changes to pensions when abroad
- Travel costs: e.g., home visits
Running cost calculations early on can determine if relocating stacks up financially. Or it may be more expensive than envisaged.
Decide whether to sell your existing house
Should you sell up entirely before moving overseas or keep your home as a UK base? This depends on your situation and intentions.
Renting out your current property may generate welcome income, especially while living abroad. Equity in the house could also fund your overseas property purchase.
Keeping a British base may be reassuring if you wish to return periodically.
However, becoming an international landlord can be complex. Legal responsibilities apply, and UK rental income will remain taxable.
But perhaps you need capital from the sale to fund your relocation or are moving abroad long-term. In these cases, selling up may be prudent.
Seeking guidance on the pros and cons of your particular circumstances is wise.
Sort out your employment plans
If you are looking to work abroad, learn about the country’s employment landscape. .
Understanding the job market
Research job websites specialising in opportunities related to your profession and location.
Check that they advertise roles meeting your seniority, skills, and language abilities. Sign up for job alerts.
Assessing the local economy
Researching the country’s economic outlook, work culture, and business norms is helpful.
Study thriving industry sectors, labour laws and any language or experience prerequisites.
Transferring with your company
If an existing employer is relocating you, be clear about the package and support offered. You must establish:
- Contractual terms
- Job duties
- Salary localisation
- Bonus plans
- Taxes
- Pension rights
- Support (like relocation allowances, visa sponsorship, housing, schooling, return flights, etc.).
Seek legal and financial advice
Crucial life, work, and money decisions rest on your pending overseas relocation. So, seeking professional counsel can prove very helpful before committing.
Legal practitioners
Immigration lawyers and international tax accountants can ensure you don’t break any laws. These includes laws around import, visa, tax and residency.
Financial planners
Advisors with international expertise should assess how moving overseas may impact:
- Pensions
- Insurance
- Investments
- Mortgages.
They can also detail currency controls, bank accounts, and credit implications to consider.
Property consultants
An international property agent or equity release advisor can run through considerations.
They will understand issues unique to overseas moves. And they can also help flag aspects that need action or further research.
