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Live Abroad

Jun 18, 2007
Migrating and Your Finances
- Carmela Bignotia Email this article

Now that you are finally out of UK and are about to start a new life overseas, one of the very first thing you should do is to register with your consulate in your new country and with the local tax authorities.

 

Regarding tax matters, it is recommended to seek the help of a financial adviser and a UK bank with expertise in this area. This is because there is a great chance that you will return to UK or move to another country. Local advisers from some countries may not be independent and regulated to the UK standards. There is a chance that local advisers will not declare hidden fees and charges.

 

In buying investment products, you can do your own research (execution only service) or you can opt to seek the help of a financial adviser for a detailed advice. The adviser should start by understanding and analyzing your overall finances. The adviser will be a great help for people whose financial situations are complicated. People who live and work in different countries and are too busy to conduct their own investment research also needs a financial adviser.

 

The adviser will provide different types of investment products as well as the payment mode. They will also try to determine your financial status and inquire the goals you wish to accomplish. The adviser will provide the easiest and fastest strategy to achieve your goals.

 

When you return to UK, the assets you acquired in other countries also needs to be transferred home. Before returning to UK, get some advice on taxation such as establishing any liabilities for capital gains tax. Ask the advice of a financial adviser to know the tax-efficient way of transferring assets home.


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