There are important things that everyone should consider before they head off to a new country to live and work. So the more facts you have to hand, the more you will get out of your experience, both financially and in terms of your standard of living.
If you plan on living or working overseas or are about to come home, we can be there for you.
Money Honey Financial Planning help UK expats who are still domiciled in the UK and will be potentially subject to the UK tax laws or who require FCA regulated advice on their UK pensions. In many instances, we will need to work with a local tax advisor in the country you are living in or hold assets, to determine how any UK regulated advice might affect your position in that country. In this new mobile world, there are many advantages for expatriates, not simply in terms of a high standard of living but also in terms of tax arrangements, especially if you have us on-hand, working with you and/or your local tax advisor.
Investments and pensions can fall as well as rise and you may get back less than you invested.
The Financial Conduct Authority does not regulate tax and trust advice.
RESIDENCE AND DOMICILE STATUS
This is the most important thing that you need to ascertain as an expat as it dictates whether you pay tax back home or in your new country of residence. It can also affect your pensions, investments and assets. You can be resident, ordinarily resident or domiciled in the UK or overseas. This status is based on your long-term plans, where your property is and how many days you spend in each country in a tax year.
HEALTHCARE
HEALTHCARE
After a year overseas, you lose your right to free NHS care, so you need to make provisions for taking care of your health and that of your family and have coverage if illness strikes. If you cannot get coverage in the UK or overseas, you need to consider private medical insurance. But it's worth checking out what you may be eligible for in your chosen country of residence and what you need to do to qualify.
TAXATION
Where you're living can massively affect your taxes, savings and investments. Some people benefit from moving investments offshore to take advantage of UK tax status or get more favourable pension provisions, but it's often better to leave them in the UK. Tax years are significant, so you must understand how timing your move can affect this before you set off. Expats should also fully utilise tax concessions before returning to the UK or returning money to UK accounts. Living overseas gives you an excellent opportunity to reduce your taxes legally, so it's well worth finding out your options before you travelling.
INVESTMENTS & PENSIONS
Some offshore investments and pension plans like QROPs and QNUPS don't have the same protections as they do in the UK but could be considered, provided you have a quality provider. UK pensions can also be part of your overseas retirement plans just as effectively (bar a few countries like Australia and NZ), so don't feel pushed into moving your assets around, particularly as you might return to the UK in the future.
Money Honey Financial Planning is a trading style of 4 The Record Compliance LTD, registered in England & Wales,
20-22 Wenlock Road, London, N1 7GU. Registered Number: 08107961.
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4 The Record Compliance LTD is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register Number 772350. This can be verified via the online FCA register at www.fca.org.uk/register or by contacting the FCA on 0800 111 6768
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If you are unhappy with our service
If you have a complaint about your advisor or any financial advice you have received from your advisor, please contact us:
Email: complaints@moneyhoneyfp.co.uk
Tel: +44 203 286 1648
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If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk )