Financial Planning For Moving Abroad
Moving abroad is an exciting opportunity, but it also comes with financial complexities. From tax implications to pension transfers and wealth structuring, expert planning ensures you make the most of your time spent abroad.
Planning for your move overseas
At Progeny, we specialise in financial planning for individuals and families moving to key international destinations, including Hong Kong, Singapore, Europe and the UAE. Our team of financial, tax, and legal experts provides tailored advice to help you navigate the regulations of your new country while ensuring you remain compliant in the UK.
We have experience supporting UK expatriates as they transition to life abroad. We work to protect and grow your wealth, so you can focus on enjoying your new cultural lifestyle.
Whether you are a professional, entrepreneur, or retiree, we’ll create a strategy that supports your long-term goals. With a fully integrated approach, we bring clarity and confidence to your international move, allowing you to relocate with peace of mind.
At Progeny we aim to achieve the very best for clients, businesses, and family offices with our diversity of expertise. Matching you with the right team of professionals, we can help you to achieve your needs and goals.
With offices worldwide, we can offer services globally and our extensive network of experts ensures that we are accessible and available to your needs.
We work hard to form excellent client relationships, understand their aspirations and give the quality service and bespoke structuring they require to address their complex needs.
Our tax experts can help you to determine your UK tax liabilities while living abroad.
Considerations for your move abroad
Relocating abroad requires careful financial planning to ensure your wealth is well-managed.
One of the first considerations is understanding the tax implications of your new country. Different tax systems, residency rules, and treaties can impact your income, savings, and wealth. Expert advice ensures you remain compliant and optimise your financial position.
Pension planning is another essential aspect. Whether you’re moving temporarily or permanently, making the right decisions regarding your UK pension is vital. A well-structured pension transfer or management strategy can help you avoid unnecessary tax implications and maximise your retirement savings.
You should also consider estate planning, as inheritance laws vary significantly between countries. Progeny’s experts can help you create a strategy that protects your assets, ensuring your estate plan is aligned with both your home country and your new destination.
Finally, cross-border financial planning helps manage investments and mitigate currency risks, giving you peace of mind to focus on enjoying your new life abroad.
Things to do before leaving the UK
- Decide on the timeline for your move – think about work, schooling and any other key dates which might impact your family.
- Schedule a visit ahead of your move to investigate the area and other practicalities such as where to live.
- Decide on whether to keep, sell or rent your UK property and make yourself aware of both the UK tax consequences of doing so and those of where you are moving.
- Research and engage a UK tax adviser and financial specialist.
- Apply for visa and residency permit.
- Set up local banking and credit card options or advise your UK bank or building society that you’ll be overseas.
- Check your insurance cover and add travel cover if needed. Consider healthcare options and understand any immunisation requirements before you leave.
Frequently Asked Questions
There are several tax considerations such as Capital Gains tax and Inheritance tax to be aware of when moving abroad. When living overseas, you could still be caught in the UK tax net. Both UK Income Capital Gains and Inheritance Taxes may apply if you don’t meet the strict non-resident requirements.
Regulations and laws vary widely between countries, so it’s important to do your research to understand the differences between your current country and the one you’re moving to. The main considerations being Visa requirements, living costs, wills, guardianship and pension contributions.
Getting the right financial planning and tax guidance in place will make your move overseas a much smoother process. With teams across the UK and overseas we can help support you before, during and after your move.
Pension contributions are related to your UK earnings; therefore, you’ll be unable to continue contributing to your UK pensions over the long-term while living abroad.
One of the first things to arrange is a bank account to help you with day-to-day payments and ongoing financial requirements. Other essentials include renting or purchasing a property, medical, home, travel and life insurance and Foreign Currency Exchange (FX).
Please Note
The Financial Conduct Authority does not regulate income tax planning, will writing, trusts or inheritance tax planning. Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
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