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What to consider before moving overseas.
There are lots of things to consider before moving overseas, to make sure that everything goes well.
Find out if you get free health care. You should do if you’re in the EU, but it may not be as all-embracing as on the NHS. In some countries, you’ll have to go private for all your treatments.
Decide if you can afford to keep the place for your exclusive use.
Will you need to rent it out, to make ends meet?
Find out if your pension will freeze, ie not go up automatically with
inflation. It might do, if you move outside the European Union.
Choose between living with the locals (for the authentic experience), or with
expats (good if you don’t speak the language).
Think jet lag and journey time – how many hours’ difference between your
foreign home and GMT? Or BST, for that matter?
How much tax will you have to pay? Will you be better off if you are
classified as a tax resident of the country you have moved to? Or not? Will
you even have a choice?
Be wary of burning your British property bridges. Where will you live if your
foreign life goes pear-shaped and you have to come back to the UK?
Work out how dependent you’ll be on low-cost airlines. What happens if they
stop flying to your overseas location?
Study the local inheritance laws. Can you pass on your property to family
members, and if so, how much tax will they have to pay?
Do your currency sums. What happens if the pound plummets – or soars?
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