Around 23% of British people are planning to move overseas within the next 5 years. Reasons for wanting to leave include the high cost of living, the high cost of UK property, and attractive employment opportunities abroad.
If you are thinking of taking the plunge, it is important to plan ahead. In particular, your wealth and finances need special attention to ensure you can support your lifestyle and move towards your long-term goals.
On the 30th of October 2024, Chancellor Reeves stood before parliament and delivered her first budget. It includes a range of tax rises, borrowing and spending commitments.
Most of the media coverage has focused on how this Autumn Statement will affect household finances in the UK. Less has been said about its potential impact on expats.
As a British expat, it is vital to have a financial plan to help you progress towards your long-term goals. With a strong plan whilst living overseas, you could take advantage of a special chance to grow wealth and maximise financial freedom – especially in retirement.
Yet, financial planning for expats is often different from financial planning for people based in the UK. There are unique challenges and opportunities to consider.
The Autumn Statement is typically one of two key dates in the UK’s financial calendar (the other being the Spring Budget). This year, the Chancellor (Rachel Reeves) is expected to announce the new government’s Autumn Statement on 30 October 2024. There is plenty of speculation about what policy changes it might contain. However, how might the Chancellor’s decisions affect those living abroad?
Wellbeing is defined as a general state of comfort, health and happiness. It is vital for functioning well in life, emanating from your thoughts, actions and experiences. Whilst wellbeing is very much an internal dynamic (in our minds), our financial circumstances play an important role in determining how we feel about ourselves and our surroundings.
The Bank of England (BoE) recently took the significant decision to lower UK interest rates on 31 July 2024. The Monetary Policy Committee (MPC) chose – narrowly, by 5 votes to 4 – to lower the base rate from 5.25% to 5%. Naturally, this has important implications for savers and borrowers. Traditional wisdom states that the former suffer when interest rates decline, whilst the latter (e.g. those with mortgages) benefit.
Divorce is the second-most stressful event that someone can experience after the death of a spouse (according to the Holmes and Rahe stress scale). However, getting divorced as an expat can be even more challenging. Different citizenships, legal systems and asset locations can further complicate things.
A lot has been written about how financial planning can help with wealth building and preservation. However, it can also be valuable from an emotional, relational and psychological perspective – helping to create and sustain lives which (according to the Mental Health Foundation) are “comfortable, healthy or happy.”
With the 2024 general election campaign in full swing, many expats are asking how the outcome of the poll (scheduled on 4 July) might affect them. In particular, are tax changes on the horizon? What could a change in government potentially mean for Brits living abroad?
Life insurance and tax. How do they relate to each other, and how does this affect your finances? In today’s uncertain world, it is vital to have a financial safety net in place, ready to protect you and your loved ones. However, you do not want any unexpected taxes arriving, potentially eroding the lump sum (or replacement income) you hope to receive.