Moving your finances abroad: A checklist.
Moving abroad is a major decision that brings with it a lot of work, house hunting, job hunting, and farewell parties. But that’s just the fun stuff which is followed by a ton of administrative work, from finances, pension plans, tax changes and investments.
Though definitely not the fun parts of your big move, financial planning is one of the most important aspects. Definitely not as easy as packing all your things up in a box, putting your finances in order will take time and effort. Here is a handy checklist you can use, wherever your destination might be.
1. Banking
Before making your move, let your bank know of your plans. Make sure you give them your updated contacts and ask about fees and accessibility when you move. Any direct debits or standing orders that you don’t need can be cancelled. Also make sure you pay any outstanding debt and think about the possibility of opening an offshore bank account (with multi-currency options) to keep your money safe and secure.
2. Pension
Look for solutions on how you can keep making contributions to your pension when moving abroad. If you are also thinking of retiring abroad, find out how you can access your pension and the impact of the new tax regulations of your country of choice on your pension pot.
3. Investments and estate planning
Find out how your current investments will be affected when you make your move. There will be solutions such as offshore investment that you could also look into. Rope in a qualified financial adviser to help you with the right advice.
Contact deVere Spain to book a meeting with one of our financial advisers.
Moving abroad is a major decision that brings with it a lot of work, house hunting, job hunting, and farewell parties. But that’s just the fun stuff which is followed by a ton of administrative work, from finances, pension plans, tax changes and investments.
Though definitely not the fun parts of your big move, financial planning is one of the most important aspects. Definitely not as easy as packing all your things up in a box, putting your finances in order will take time and effort. Here is a handy checklist you can use, wherever your destination might be.
1. Banking
Before making your move, let your bank know of your plans. Make sure you give them your updated contacts and ask about fees and accessibility when you move. Any direct debits or standing orders that you don’t need can be cancelled. Also make sure you pay any outstanding debt and think about the possibility of opening an offshore bank account (with multi-currency options) to keep your money safe and secure.
2. Pension
Look for solutions on how you can keep making contributions to your pension when moving abroad. If you are also thinking of retiring abroad, find out how you can access your pension and the impact of the new tax regulations of your country of choice on your pension pot.
3. Investments and estate planning
Find out how your current investments will be affected when you make your move. There will be solutions such as offshore investment that you could also look into. Rope in a qualified financial adviser to help you with the right advice.
Contact deVere Spain to book a meeting with one of our financial advisers.
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deVere France’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere France’s Head of Public Relations on [email protected] or call +44 2071220925