In Search Of A Better Life

Latest figures from the Office of National Statistics show that 200,000 British citizens are leaving the country each year.

With over 5 million Britons living abroad, emigration is a growing trend. For those considering relocation, it is vital to research the options diligently.

Ian Tonge, international expert at the NAEA, advises on how to ensure the reality matches up to your vision:

Relocation checklist:

• Visit the area you intend to move to
• If English is not primary language, learn some of the local language
• Choose an estate agent who belongs to a professional body
• Deal with as many of the legalities as possible in the UK
• Decide if you will be keeping your UK home
• Research tax laws thoroughly for your chosen country
• Consider currency fluctuations and implications
• Get every agreement in writing
• Use professionals who speak English fluently
• Join a society to aid integration

“It is surprising how many people decide to live abroad without really knowing the area they are moving to. It is important to always visit the area to inspect potential houses, schools and social opportunities. Moving to an isolated area may become very lonely, especially if there is a language barrier.

“When choosing an estate agent overseas, look for someone who is a member of a professional body. Over 700 agents at home and abroad are members of the NAEA and are specialists in international buying.

“Once you have found a property, deal with as many of the legalities you can whilst in the UK. Property purchase rules, formalities and searches vary greatly between countries so seek expert advice to avoid potential misunderstandings before buying.

“If you are already a homeowner in the UK, decide whether you are going to keep your current property. It may be useful to keep a foothold in the UK market. If you keep a home in the UK you could be liable for Capital Gains tax if you let either property out or sell one.

“If you intend to work abroad, check whether your adopted country has a taxation treaty with the U.K. to stop you paying income tax twice. Inheritance tax laws can be very stringent so make two wills: one in the UK and one in your adopted country. Local laws can sometimes create problems with inheritance tax laws in the UK. It is always advisable to consult a taxation professional as tax implications vary greatly.

“Money is an important consideration as even if you buy your property outright you could be at risk from currency fluctuations. Britain has lower home buying costs and quicker time scales for moving than much of Europe so bear in mind that a longer completion on your new house could cost you money if the currency value changes. Your bank or mortgage provider can recommend a professional in your chosen country. Whoever you deal with should speak fluent English and make sure you get every agreement in writing. If anything does go wrong, you will have proof of agreements.

“Once abroad, you can register with the British Consulate who can provide assistance if you run into any difficulties. Local newspapers will provide details of clubs, societies and local events such as fiestas for you to enjoy. Above all, where ever you live, remember to enjoy it!”