Relocating abroad is a big decision and one that will definitely change your life forever, so it’s wise to take some things into careful consideration before making any plans. Relocating abroad is exciting, but requires a lot of preparation. Here are a few things to take into account before booking a flight and chatting with any overseas estate agents.
Do you need a Visa to work in your desired country? If you’re moving within the EU then a Visa isn’t necessary but countries such as Australia, China and the US make those relocating go through rigorous testing and paperwork to get a place in the country. Some countries will only allow you to enter and work there if you are offering a skill they need, which is why it’s best before doing anything to check what the country is asking for and if you can meet their needs to be allowed access. Click here for Australia’s skilled occupations list.
Selling or renting property in UK
Before you put a deposit down on a home in, say, Portugal or France, you need have either sold your home or have started letting it out as a second source of income.
If you’re desperate to get out of your home there are property buyers in the UK that will purchase your house for cash. It’s a much quicker way of selling your home for a decent price, instead of leaving it to sit on the market for over three months and having to inevitably drop your price to attract buyers.
Before you move to another country are you sure you can navigate it when it comes to language? It’s rare that legal documents will be translated for you so you must either be proficient in the language of the country or have a decent translator who you can rely on while living there.
Understanding and speaking the language will also help socially. You don’t want to feel left out when living in a new country and speaking the language will ensure you develop friendships and meaningful relationships. Look into classes or an online course before making the move.
If you’re not retiring, then you will need to secure a job while living abroad. Ensure you look ahead for this, so you don’t find yourself struggling in the first couple of months if you can’t find work. It’s a good idea to not make any plans to buy a house or hire movers until you have secured a job role, to ensure your finances are covered when you arrive. As noted when it comes to Visas above, you might be limited with what work you can secure or apply for.
We’re fortunate enough in the UK to have the NHS, a free service that allows us access to high quality healthcare 24/7, but bear in mind that other countries don’t benefit from such a service. Therefore you will need to look into health insurance to cover any medical issues you might have while living abroad. If you are moving to the EU you will need to apply for a European Health Insurance Card, which will entitle you to emergency medical treatment for a reduced cost.
Tax varies from country to country, but the one you should be most aware of is Capital Gains Tax, which means you will be charged on any profit you make when you sell your home and can be taxed in the UK and in your new country. Property taxes are also an issue to consider, as they can be much higher abroad; in Spain for example your tax will be calculated by taking your rental value and multiplying it by a tax rate which has been set by local authorities.
Relocating abroad should be treated with caution but is an exciting move to make. Enjoy it and experience a whole new way of living.
Have you relocated overseas or do you know someone who has? Feel free to share the experience with us in the comment box below.
Disclaimer: This is a collaborative post.