Things to Consider When Leaving the UK to Live Abroad

Contributed by Expatriate Healthcare, 29 January, 2019

There are hundreds, possibly thousands, of reasons why you might be taking the jump and moving away from the UK. Anybody that has ever made the choice to become an expatriate and set up home in a second country will know that it can be an exciting yet terrifying time.

There are a ton of things to think about and consider, which can sometimes become difficult, especially when that feeling that you've forgotten something starts to creep up on you.

There are, however, a number of different things that you can do to help prepare prior to starting on your new adventure. The following are all things that you should be thinking about checking prior to moving abroad from the UK:

Insurance

This is the first item on this list because it can often become the most confusing and difficult to deal with. There are so many different policies out there with all kinds of terms and conditions, that finding straight forward answers can often be difficult. Questions such as 'Will my life insurance policy continue to work abroad?' Can sometimes be tricky to answer.

At this exact moment in time, the looming cloud of Brexit is additionally adding to these complications. However, the whole process can be simplified by working out what existing policies you currently have and if they will continue to work abroad.

Once you have done that it is fairly easy to deduce what different policies you may need for your upcoming transition abroad. A good way to double check is to find a company that specialises in providing insurance for expats and look at the different types of cover that they offer. Are there any policies there that you are missing or might need?

Tax

The UK tax year runs from April 6, until April 5 the following year. If you are expecting to stay abroad for at least one full tax year or longer, then HM Revenue and Customs (HMRC) needs to be informed. This is something that can sometimes be forgotten by expats who only plan to move abroad for a few months but end up staying. Make sure that this is something you make a note of in case you change your mind and plan to stay outside of the UK.

It's important that you keep up to date with the different tax rules that might apply to your situation and to constantly update HMRC. Things, like getting married and forgetting to forward on that information, can become a real problem in the future if you ever decide to go back to the UK.

Visa

Every country has a different set of rules when it comes to acquiring a visa to live abroad. Some of these will require you to apply a long way in advance. It is important to look into visas as soon as you possible, depending on where your moving to, complications aren't uncommon and could entirely ruin your plans.

The earlier you apply and get your visa confirmed, the simpler and smoother the whole process will be.

Pensions Many people often dream about retiring abroad, laying on a beach somewhere, soaking in the sun, and generally enjoying the fruits from a lifetime of labour. This, however, might be difficult if you don't have access to your pension. Alternatively, if you are looking to keep your pension in the UK and plan to simply return to it in the future when you re-enter the country on a permanent basis, there are some things you should know.

There is no reason to not look into the different options available when it comes to your pension. There are multiple different companies offering a range of different services to help expats with transferring their pensions at the best rates, but it takes time to do the correct research and find out which one works best for your personal situation.

You should also take into consideration the different rules that might apply regarding the country you are moving to, pay specific attention to their tax rates and bank charges.

Tags: Healthcare | Immigration | Pensions | Tax | Tax Treaties | Expats | Health Insurance | Healthcare | Immigration | Pensions | Visas and Passports | Treaties | Insurance |

 

 





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