Are you relocating overseas? If you’re thinking about making a new life for yourself abroad, there’s a lot to consider. Relocating overseas requires a big adjustment to local customs and traditions. But first, you must get your affairs in order at home. Start by making a relocating overseas ‘checklist’. We condensed our checklist down to six simple points. Cover this as part of your preparations, and the big move should go smoothly.
1. Research local house prices
Assuming you’re going to be buying a property in a new country, you should go into the process with your eyes wide open. First, research several neighbourhoods in the country, and find out which are expensive and which offer value for money.
The factors that determine house prices in the UK might not be the same as those that affect prices abroad. Start by researching the national housing market, and then move on to local areas. By changing your requirements slightly, you might be able to pick up a bargain with great potential for future house price growth.
2. Sort out your visa before relocating overseas
Don’t do anything until you know you can legally move to your chosen country. Each nation has its own rules on who can live and work there, so you might want to get some official legal advice from someone who lives there. Alternatively, contact the country’s embassy for more information.
If you aren’t eligible for a visa, you may still purchase property in the country. However, your time there might be severely restricted.
3. Register for tax
If permanently domiciled in your chosen country, the chances are you’ll have to pay local income taxes. If relocating overseas, reach out to the appropriate governmental body before you commit to buying a property. Get an idea about how much tax you’re likely to be paying once you’ve moved.
It doesn’t matter if you’re retiring abroad; there may still be taxes payable on your savings and pensions, therefore register with the country’s tax agency before you leave.
4. Count the cost of shipping
When relocating overseas, your initial instinct might be to ship all of your possessions abroad. However, this is usually a very costly process, and it might encounter red tape along the way.
Compile a list of all costs associated with getting your stuff to your new home overseas. For example, it might be more cost-effective to sell your possessions off before you leave. Then, you can use the money you raise to fund new purchases once you move into your new home.
5. Count the pennies when relocating overseas
If you’re buying a house abroad, don’t take anything for granted. While an asking price might be within your budget, you need to add up all of the associated costs before deciding.
Are there any local taxes on the property? And if so, what is the threshold? What is the current exchange rate? And could it change before your sale completes? Finally, draw up a list of moving costs, including removals, repairs, taxes, and conveyancing fees.
6. Follow Brexit developments
It might be several years before the future relationship between the UK and the EU is known, with many UK companies relocating overseas. Changes to this arrangement could affect your residential status. And new agreements may involve increases in the cost of living abroad. If you know what’s coming, you can plan your finances accordingly.
Leave nothing to chance when you’re relocating overseas. And if you need to sell your current home quickly to raise funds, contact us at Flying Homes for a quick and fair offer, and keep the stress of relocation to a minimum.