Planning Your New Life as an Expat
Around 431,000 people emigrate from the United Kingdom each year. Some go to live in popular destinations like Australia or New Zealand. Others move for work purposes, to business hubs like Dubai, while others may decide to retire in Europe for a warmer climate. Planning for an expat life is not just an instance of packing a case and departing. It requires careful consideration, to ensure you get the best from your new life.
Arrange Your UK Finances
The first step is to check any tax implications, both from a UK perspective and your new country of residence. Pensions and other investments may be impacted, so discuss this with providers, your banks, and the relevant authorities. Let the government know you are leaving, pay any outstanding tax with HMRC and let the local council know that you will no longer be on the electoral register.
If you have a property, then you will either have to sell this or rent it out. Consider that any rental money will be taxed both in the UK and in your country of residence. If you do want to sell up and are asking yourself “What is my house worth?” then there are companies who will give you instant valuations. All you need to do is enter the postcode and give some details, to see an accurate price prediction of the home. This is cross-referenced with four thousand data points and up-to-date property market movements.
Organise Your Banking
The next step is to organise your banking. You should always keep a UK bank account open, as you may still need to pay odd items and send international transfers. Let the bank know you will be abroad and provide your new address. This is also extremely helpful if you ever return to the UK, as it provides you with a way to get proof of address from a domestic institution for the period you were abroad.
You may be able to arrange a bank in your new home country before you go. If you know other expats there already, ask them who they bank with and call the customer service line. This will allow you to transfer some funds and have general items like a debit card for when you arrive.
Streamline and Simplify Life
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There is no golden rule for preparing yourself mentally for a new life abroad. You may take to it straight away, you may get homesick at some point, or you may just not like it all. The only thing that really helps is to simplify your life in the United Kingdom.
Make sure you close any legal aspects. This could be court hearings, or ongoing legal battles. Once this is done, tie up any financial commitments. How you approach them is up to you, but running things like rentals and businesses from abroad is not easy and may prey on your mind. Lastly, wind up any personal issues, such as arguments that need closure, and visit a few people you always meant to stay in contact with. All of this will stand you in good stead as you take the next step for a new life.
Finn H
Finn is the editor of You Well and has been writing about travel, health, and more for over 10 years.