There are important things that everyone should consider before they head off to a new country to live and work. So the more facts you have to hand, the more you will get out of your experience, both financially and in terms of your standard of living.
If you are currently living and working overseas or are planning to do so, we can be there for you.
Money Honey Financial Planning can offer advice to UK expats in Europe, Australia and New Zealand who are still domiciled in the UK and will be subject to the UK tax laws or who require FCA regulated advice on their UK pension. In many instances, we will need to work with a local tax advisor in the country you are living in or hold assets, in order to determine how any UK regulated advice might affect your position in that country. In this new mobile world, there are many advantages for expatriates, not simply in terms of a high standard of living but also in terms of tax arrangements, especially if you have us on-hand, working with you and/or your local tax advisor.
Investments and pensions can fall as well as rise and you may get back less than you invested.
The Financial Conduct Authority does not regulate tax and trust advice.
This is the most important thing that expats need to ascertain as an expat as it dictates whether you pay tax back home or in your new country of residence. It can also affect your pensions, investments and assets. You can be resident, ordinarily resident or domiciled in the UK or overseas. This status is based on your long-term plans, where your property is and how many days you spend in each country in a tax year.
After a year overseas you lose your right to free NHS care, so you need to make provision for taking care of your health and that of your family and have cover if illness strikes. If you cannot get coverage in the UK or overseas, you need to think about private medical insurance. But it's worth checking out what you may be eligible for in your chosen country of residence.
Where you're living can massively affect your taxes, savings and investments. Some people benefit from moving investments offshore to take advantage of UK tax status or get more favourable pension provision. Tax years are significant so you need to understand how timing your move can affect this before you set off. Expats should also fully utilise tax concessions before you head back to the UK or return money to UK accounts. Living overseas gives you an excellent opportunity to reduce your tax legally, so it's well worth finding out your options before you travel as well.
INVESTMENTS & PENSIONS
Some offshore funds and pension plans like QROPs and QNUPS don't have the same protections as they do in the UK but should be considered provided you have a quality provider.
Money Honey Financial Planning is a trading style of 4 The Record Compliance LTD, registered in England & Wales,
20-22 Wenlock Road, London, N1 7GU. Registered Number: 08107961.
4 The Record Compliance LTD is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register Number 772350. This can be verified via the online FCA register ( or by contacting the FCA on 0800 111 6768
If you are unhappy with our service
If you have a complaint about your advisor or any financial advice you have received from your advisor, please contact us:
Tel: +44 203 286 1648
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk )