No
matter where in the world you live, as a British expatriate you will
need good, reliable and credible cross border emigration & financial
planning advice.
For a UK resident, the majority of the time, financial planning is
reasonably straightforward and there is a huge array of professionals
available who can guide you through your financial planning. However,
when moving overseas, a new tax jurisdiction needs to be taken into
account; you will likely leave assets or sources of income behind in the
UK, therefore you will need to consider the cross border implications.
A good example of where cross border advice becomes valuable is when
you access your traditionally tax free 25% lump sum payment from a UK
pension. This payment for a UK resident is clearly defined as ‘tax
free’. However, there are some countries that will tax this payment as
an income, therefore care needs to be taken on how and when you access
this money. An easy solution could be to access your 25% payment whilst
you are UK resident and defer taking an income until you are ready.
As you can see, cross border financial planning doesn’t have to be
rocket science, however speaking with someone who is aware of the common
issues for British expats is certainly sensible.
If you are emigrating, the areas you should be considering are:
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