Moving Abroad Checklist

The exodus is in full swing: Whether you are retiring abroad or moving overseas with a young family, there are a number of practical considerations to think about. There is no shortcut to good specialist legal and tax advice but here are some pointers to think about beforehand, schools, healthcare, taxation, work permits, residence cards

Inheritance

Passing your property on is probably at the very bottom of your list of things to think about when moving to abroad – that’s if it even appears on the list at all. However, there are a number of things you will need to take care of, such as making sure that your will covers your overseas property assets. Even how you set up the purchase of your property in the early stages will have enormous bearing on how your estate will be dealt with and taxed in future. As inheritance tax bills can be high, it is well worth planning thoroughly with your solicitor and financial advisor.

Taxation

Where you are deemed to be resident affects what taxes you pay as well as in which country, and it is vitally important to understand these implications. There is a double taxation agreement between the UK and many countries, which means that you shouldn’t be taxed for the same things twice. However whether you are considered resident in the UK or elsewhere depends on factors such as how much time you spend in each country and where the majority of your assets are held. You should find out about wealth tax, capital gains tax, as well as local taxes – your lawyer should be able to advise you on this as well as how to go about obtaining a tax identification number.

Retiring Abroad

People think about retiring abroad for a range of reasons, such as a change of lifestyle, or cheaper cost of living. However, retirees will have specific questions that need to be addressed, whether it is about pensions, healthcare or tax. This is a decision that shouldn’t be rushed, and research, professional advice and good planning are all essential to making the move a successful one. Age Concern (www.ageconcern.co.uk) produces a useful booklet 'Retiring Abroad'.

Work permits and Residence cards

If you are an EU resident, you can work in the EU without a visa or work permit. The type of permit you need, however, depends upon the job, whether it is permanent or temporary and in which region you’ll be working. Some are non-renewable or valid only for a certain period, others are permanent.

You should also find out about Residence cards. Again you need specialist advice.

If you are thinking about moving abroad now or in the future, then we can provide you with a breakdown of the stages you will need to go through in order to reach your objective of owning a new home, selling your current home or assessing other alternatives. We offer help at any stage in finding suitable professional help or alternatively by doing the work ourselves.

We aim to provide you with personalised information and guidance, and for this reason, may need you to answer questions that help us to understand your personal situation.

As a first-time overseas property buyer, we understand that you may have different needs. You will need to deal with mortgage lenders, estate agents, surveyors or solicitors. We can help you understand the new terminology and explain the processes. You may need information about the local amenities or the current market conditions, as well as seeing a range of properties currently on the market.

You may hold a property abroad as a passive investment, and when the time comes to sell, you will want experts to maximise your profit or as an executor needing to sell a property, which is unfamiliar to you, we can provide the service to meet your needs.

Having taken your circumstances into account, we can help you make the right choices.

Six to Eight Weeks before your Moving Day

• Begin 'weeding out'

• Attend a 'car boot sale'

• Obtain estimates from three moving companies

• Contact your home and contents insurers to arrange the transfer of your policy to your new home

• Notify all professional contacts and banking institutions of your forthcoming move

Four Weeks before your Moving Day

• Select a mover

• Begin packing items that are seldom used

• Make arrangements if pets need to be transported

• Contact the DVLC

• Make forwarding arrangements with the Post Office

Two Weeks before your Moving Day

• Confirm travel arrangements

• Have your car serviced so that it is prepared for the trips it may have to make

• Notify the utility companies of the exact completion date on both the old and new properties. Arrange for transfer of utilities for the new property and final accounts for the old one

• Notify other service companies with whom you may have an arrangement

• Telephone the moving company and speak to their representative to review the details of your move and confirm their schedule.

One Week before your Moving Day

• Make sure the moving company has the address and phone number of your new residence and a contact number on the completion day.

• Set aside all documents, valuables and important papers that will be travelling with you.

• Make final arrangements at your bank to ensure that they are aware of any money movements on completion day.

• Make sure that utility and service companies have your new address if matters with them are unresolved.

• If you hold a 'Farewell Party', keep it simple and use disposable paper plates and cups.