One of the first things you’ll want to sort out when you move abroad will be your living arrangements. Property dealings will also differ from country to country, however a common practice is to first rent, even if your intention is to eventually buy, as you can get a grasp of the area before committing yourself to living there.
Another factor to consider will be the new currency, the implications of fluctuations, and managing multiple currencies. Again, early planning is a must in this situation as currency markets have a tendency to move at a frightening pace, giving your home currency a wide spectrum to vary by. Seeing as you will want to get the most out of your money leaving it till the last minute and facing potential depreciation is an undesirable outcome.
So the query that this throws up is how to manage multiple currencies? The best way of doing this is undoubtedly by opening up an offshore bank account. Doing so will be the best method of giving your finances the room they need to grow as an offshore account will allow you to better take advantage of offshore tax regimes.
You may also find that you have greater exposure to investment products that may be exclusively available to offshore account holders. An investment portfolio can often be improved with a selection of different products, and offshore products certainly add diversity.
Another important aspect of expat financial planning is retirement planning, in fact this is potentially the best way of ensuring the long term security of your family.
Expatriates who are entitled to a UK pension have a great option- the QROPS pension transfer. QROPS, qualifying recognised overseas pension scheme, enables anyone who has left the UK but is entitled to a UK pension the ability to transfer this pension into an offshore jurisdiction, and thus legitimately lessen your UK tax liabilities.
Learn more about expat retirement planning, by speaking to an IFA.