5. How will you pay for ongoing costs when you own property overseas?
You will need to ensure any regular bill and mortgage payments are covered, as well as ongoing maintenance, amenities, and so on. Remember that if you are paying these in another currency, the same currency market movements
will affect the price of these payments. Consider any recurring and regular payments
and discuss how you could potentially save money on these with a currency specialist
6. Do you have proper estimates for removals and shipping costs?
Have you thought about how much it will cost you to ship your worldly belongings from country to country? We recommend speaking to at least two professional relocation and removals firms to ensure you get the best deal for your move. If you are looking for recommendations for reliable help to move your belongings from the UK abroad, Halo Financial is a partner
of the British Association of Removers
(BAR) and can put you in touch with trusted removal specialists.
7. Have you looked in to inheritance implications?
A new property overseas is likely to have an impact on your worldwide estate. You may also be affected by Inheritance Tax in your new country, and we recommend speaking to a solicitor and advisor who specialises in international taxation, as this will ensure you understand the implications of your plans on your estate. This is an especially important area as inheritance laws are generally long and complex.
8. Do you have a bank account in your new country?
It's a good idea to open a bank account in your new country as soon as you decide to move there. In most places this will be relatively simple and can be done online. This will mean you can move quickly as soon as you find your perfect home.
9. How you will you organise regular salary or pension payments?
If you are emigrating or moving abroad long-term, ensure that your salary or pension can be paid directly to you in your new country. You may wish to consider, if appropriate, moving a pension into a Qualifying Recognized Overseas Pension Scheme (QROPS), which may offer improved control over your pension and can be a source of tax savings. Always consult an independent financial advisor (IFA) for any financial decisions of this nature and to find out what best suits your individual needs. Halo Financial would be happy to recommend a trusted financial advisor, just get in touch.
10. Have you thought about what happens next?
What next? Will you be moving overseas permanently, or using the property for investment purposes? Is it simply a holiday home? Each of these international property options has its own individual financial considerations, which need to be taken into account at the very beginning of your overseas property planning and search.
Will you be relying on savings, a salary, or a pension to fund your new property? To ensure you have accounted for all the financial aspects of your property purchase overseas, you need to factor in all ongoing costs once you have bought your home abroad, and your sources of income.