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FRIDAY Five: 5 Money Tips When Moving Overseas

Welcome to the Friday Five! Each week we’ll provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to info@dentalandmedical.com


This does not constitute advice and advice should be sought in all instances before acting on it.


According to the UK Foreign & Commonwealth Office (FCO), there are roughly six million British nationals currently living abroad. If you long to join them, and become an expat, you’ll need to make sure that you are prepared and your finances are in order before you go.

As you can imagine, there’s a whole lot to consider when moving abroad. You’ll need to do your research about your new home, their laws, and the local culture of the area you’re moving to. There’s also things you’ll need to sort out before leaving home, as well as things to remember to do while living abroad.

Read on for our top tips when moving overseas.


1. Gone, but not forgotten

Prior to leaving the UK, you’re required to notify the government, HMRC, and the Department of Work and Pensions that you’re emigrating. Unfortunately just because you’re abroad, that doesn’t mean you’re free from paying tax. Be sure to read up on the tax laws for both the UK and the country you’re moving to. It’s worth checking how your pension will be handled before you leave so you can adjust any plans accordingly.


2. Try before you buy

We advise against buying a home as soon as you land. Buying property is a great investment, but take your time learning about your new home and identifying what features you’re looking for, where you’d like to buy, what kind of property, etc. Once you’re ready, be sure to work with a reliable team who can help you get the best deal.


3. Make your presence known

One of the first items to tick off your list once you’ve moved is to register with the local authorities. If you’ve moved to an EEA country, you have three months to apply for a residence permit, which provides you with access to local benefits.


4. Funds & Cover

If you’re moving for work, check the insurance you’re being provided and consider purchasing additional cover if necessary. If you’re not, check out specialist expat PMI.

Opening up a bank account in a new country is usually fairly straightforward. Just be sure to bring all documentation required. You’ll even be able to set up your new account to receive your pension, no complicated transferring required.


5. Keep your voice

Don’t forget to register as an overseas elector so you can still influence the trajectory of your home country whilst living abroad. This enables you to cast a postal vote in Parliamentary and European Parliamentary elections, but not local government – your vote counts!


Do you dream of living abroad?

Get in touch with the experts at Dental & Medical Financial Services for an evaluation of your finances and recommendations for you to implement so you can make your dream a reality.


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