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Emigration: money matters – live webchat with HIFX
Taking the plunge to permanently move overseas means not only uprooting your family and worldly possessions, but also your money, which may leave you wondering how best to protect it. Help is at hand from HIFX in their live web chat!
Start your new life with as much money as possible!
Help is at hand in our latest webchat as Richard Arundel, Migration Team Specialist from foreign currency specialists HiFX, Simon Neville from Prism Xpat, independent pension and finance specialists for both Australia and New Zealand, and John Hicks, property expert with Approved Properties Abroad answer your questions about financial aspects of emigrating and buying overseas property.
Disclaimer: The answers provided in this webchat are for information purposes only and do not constitute financial advice.
Host: Hello and welcome. Richard, Simon and John are here and ready to take your questions.
Richard Arundel, Simon Neville & John Hicks: Looking forward to it!
Jane : We are moving to South australia on temporary state sponsored visa - will it be possible for us to buy a home while under this visa and what will be the steps?
Simon Neville: Yes, you can purchase property on a tempory visa, though the purchase needs to be approved by the Foreign Investment Review Board (FIRB). Full details of the restrictions that exist can be obtained from www.firb.gov.au.
Martin Pengilly: A question about what to do with our house when we emigrate. We are going to Australia and expect to rent a property there until we know the area we want to live in and purchase a property. From a tax perspective, are we better off to sell before we leave the UK and take the proceeds with us when we emigrate or rent out our house until we have found the place to live and then sell up to pay for our home abroad ?
Richard Arundel: From a currency point of view, bear in mind the longer you leave it to exchange your funds, the more susceptible you are to risks in the currency fluctuations. What we have seen over the last 18 months, is a drop in the exchange rate and an increase in the house prices in Australia, so unfortunately some people have lost out in both respects.
Nobody can predict where the market is going, but those who do exchange their funds when they move will have complete peace of mind knowing exactly how many dollars they will have to buy their new home and start their new life.
Jane: I have heard indirectly that it is possible to "cash in" your pension to invest in Australia so long as you intend living there for 5years plus - as we are planning the move to be permanent - is this correct and are there any restrictions on how the money must then be invested?
Simon Neville: You cannot cash in a UK pension, though you can transfer a pension to Australia. The transfer must go into a QROPS (Qualified Recognised Overseas Pension Scheme) where it must remain for 5 years. There are also restricitions regarding withdrawals and breaking any rules could mean that there is a tax charge which can be over 50%. More importantly, you should establish whether a pension transfer is in your best financial interest - as it may well not be. Do seek advice on this before you go!
Roger Hill: If I emigrate to Australia will my pension increas as it does in the U.K.and what is the approx cost of health cover.
John Hicks: Health costs in Australia are very reasonable you are looking at £100 a month. Approximately per family per month for full cover or £80 for an individual. You will need to check if your pension increases I would not think it would.
Simon Neville: Personal/ Occupational Pension Schemes will still accumulate though dependent on what scheme you have you may have to pay tax on the growth you attain to the Australian Tax Office under their Foreign Investment Fund Tax regime. Australia has the Medicare system in which has a levy of 1.5% of your income (this can be waived or reduced if on a low income). Many Australians take out additional Private Medical Insurance, the cost of which is dependent on level of cover & age.
Jane: Is it possible to do anything to establish a credit rating in Australia before actually arriving and is it possible to open a bank account right now?
Richard Arundel: You are best off speaking to an Australian bank with a branch in the UK to discuss credit rating. Effectively there is no positive rating in Australia as you start at zero. In terms of opening a bank account it is very easy to do whilst you are still in the UK. A bank I would recommend is Westpac.
Alex Spicer: Would like to set up bank account in Red Deer Canada before we leave the UK in Hopefully May, June time. Thank You
Richard Arundel: Once you have an arrival date then we can certainly put you in touch with a bank in Canada who will start the process for you. They will give you a personal contact in you local branch and send you out all the necessary information.
John Hicks: Consider a global brand eg HSBC, look online
Mrs Karen Trout: My husband has a fire brigade pension & we would like advice on transferring it to Australia.
Simon Neville: Before transferring any pension you need to be comfortable that it is in your best financial interest. Australia does offer fantastic opportunities e.g. pension income is tax free. On the other hand the Fire Service Pension, like all Public Sector Schemes, is regarded of one of the strongest pensions in the UK and a transfer out of this would mean that the guaranteed benefits are forfeited. The crucial factor is what the Fire Service is prepared to offer to transfer out. This is called a Cash Equivalent Transfer Value (CETV) and it may well not be a true reflection of the overall benefit. Advice should definitely be attained to establish what to do. Additionally any analysis should involve input from an actuary, as only actuaries are authorized to calculate CETVs.
John Hicks: In most cases there are major tax benefits in transferring pensions to Australia. Australia introduced legislation (with effect from 1 July 2007) to encourage people to become self sufficient in retirement, and therefore gave pension or superannuation funds major tax free benefits on retirement. When you reach pensionable age or meet a condition of release you can receive 100% of what you transferred tax free.
If you do transfer your pension fund to Australia, it should be transferred to a QROPS (Qualifying Recognised Overseas Pension Scheme). This is an Australian superannuation scheme that has obtained approval from HM Revenue & Customs.
Peter Clark: Can you let me know what the Approved Properties website address is?
John Hicks: Certainly! www.approvedpropertiesabroad.com
Alicia Snow: Question for John Hicks. Looking to buy and move abroad but don't know how to go about it and I am concerned about the risk - any thoughts on how I can protect myself?
John Hicks: It is about taking independent legal advice and doing your own research about your country of choice. Make sure to take advice about your personal financial circumstances and not forgetting the impact on your family and friends.
Apart from all of that, it is about selecting a recognised source of information that can assist this process and I suggest you review our website (mentioned previously) to review the safe buying environment and our property portfolio.
Jane: What would be the most effective way of transferring moneys across - given the exchange rate now (we probably wont have the visa sorted for another 5 or 6 months) ?
Richard Arundel: There are different ways you can move your currency abroad, all depending on the amount of risk you want to take. One: The no risk option is to buy all your currency now by way of either a 'spot contract' (buy-now, pay-later) or a 'forward contract' (buy-now with a 10% deposit, pay the rest later) thus protecting yourself against any risk of the markets moving against you and thus giving you complete peace of mind. Two: The medium-risk method is to adopt a 'hedging' stratregy which is to perhaps buy some of your currency now and use a 'market order' (or 'target rate') for the rest, which is where you simply set us the rate you would like to achieve. If and when this rate is achieved, we then buy for you. Three: A high-risk option. This would be to do nothing and wait. Many people may rent for six to twelve months and therefore not need all their funds straight away, but in the last twelve months the rates have dropped almost 35 cents and you will need the fund at some point. You may be five or six months away from getting a visa but forward planning is essential and this time you have will fly by I am sure!
Chris Jinks: John Hicks. Just had a look at your website. What's the Safe Buying Environment all about?
John Hicks: The safe buying environment (SBE) was created with the express intention of delivering predetermined criteria delivering customer satisfaction to enjoy the features of the SBE. You would need to register your interest with Approved Properties Abroad. The properties currently on our portfolio would have undergone a due diligence assessment so you can be assured that the projects are safe for you to purchase. We can further explain all of the appropriate costs that area involved in the purchasing process. Further, we can work with you to achieve an understanding of your financial status and confirm with you a viewing trip.
Jane : What are the tax rates in comparison with UK? i.e paye equivalent? Are there any other taxes in general that are majorly different from here?
Simon Neville: What country are you referring to?
Gerry Gorman: What should I look out for when choosing a reputable currency company?
Richard Arundel: There are three things you should look out for when choosing:
One: Indemnity insurance - to protect your money from any possibility of, for example, staff fraud.
Two: Segregated client bank accounts - to ensure your funds are not part of the company's fixed assets.
Three: Size and reputation of the company - association with corporate clients. For example. HiFX, not only works with over 30,000 private individuals every year we also work with companies such as The Royal Mail, Dyson, and Manchester United FC.
Mrs Lucy Moore: With all the fluctuations in the euro rate it looks like my house purchase in France is going to cost about £26,000 more than I'd originally budgeted for. I haven't exchanged my currency yet so is there anything I can do to stop the exchange rate affecting the price even more by the time the sale goes through in a few months?
Richard Arundel: One of the best ways to protect yourselfc against the fluctuations in the currency market is to use what is known as a 'forward contract'. You simply fix the rate of exchange with a 10% deposit and then set a date to pay the remainder. No matter what happens to the exchange rate between now and the completion of your property, you are protected as the rate will remain the same.
Lindsay: I really want to buy a property in Spain. What is the best way to find out more information about the recent issue about public land and those properties that are illegally built?
John Hicks: You need to contact an independent legal advisor who will give you the appropriate advice.
a harris: How easy is it to have pensions paid to other countries baring in mind yhe exchange rate
Richard Arundel: If you are, for example, drawing a pension in the UK and sending it abroad on a monthly basis, then there is a product called a 'regular payment plan'. This is where you fix a rate of exchange for up to two years and the money is sent by a direct debit from a UK account to your destination country. There are no charges and much the same as a fixed rate mortgage, the amounts transferred stay the same since the rate has been fixed - again this can offer complete peace of mind, knowing you are in complete control of your budget.
Mike hagel: I hear New Zealand charge no income tax for the first four years to immigrants. Are there any penalties or lock-ins linked to this?
Thanks.
Simon Neville: Basically the new rule introduced last year means that if you emigrate to New Zealand, and those New Zealand citizens who return to NZ after being away for ten years plus, qualify for an exemption. Income derived from a foreign source will not be considered by New Zealand Inland Revenue for the first four years you are in NZ. Dependent on where your funds are invested in the UK, HMRC may well tax your assets during this period.
You should receive advice before you go that considers both the UK/NZ financial systems because after leaving the UK the choice of where you can invest your money reduces considerably within the UK market. Therefore if you want to maximise any money in the UK do it before you go!
Peter Ellis: I've been told to use a currency specialist to transfer my money when I move to Spain rather than my bank. Why?
Richard Arundel: There are three main reasons use a specialist over and above a bank.
Firstly, by using a currency specialist, you will get a better rate of exchange than your bank can offer. On average this can mean savings of up to 4%.
Secondly, no bank charges occur!
Finally, you are getting a much more bespoke and personalised service and you will be able to speak to your personal contact at all stages in order to adopt the most appropriate strategy when moving your funds abroad.
Do make sure that you shop around for the best deal and don't let the banks cash in!
Jenni: I am planning to immigrate to the U.S. as soon as I qualify as a teacher next year with my family.
What are the most important pieces of advice that you could give me please?
Richard Arundel: Not being a visa consultant I cant unfortunately offer any advice concerning that. But having experience in the migration field, I think the best piece of advice I could give you would be to plan as much as possible. Get yourself a list of what needs to be done, and work your way through it. Getting the visa is only the start!
Think about jobs, short term accommodation for when you arrive, hire cars, new mobile phones etc. And of course any financial issues e.g. the differences in the tax systems of the US and the UK and obviously exchanging your currency at the best possible rate.
If you are using a removal company always remember to pack some useful documentation in with your hand luggage (3 months worth of bank statements etc).
I could go on! Depending whereabouts you are moving in the US, the lucky thing for yourself is that there should not be too much of a cultural shock coming form the UK, but there will be differences, so it is always useful to speak to people who have made the move before. They may be able to offer advice on small but important things.
The more you plan, then the easier the process will be and it will make it all the more enjoyable. You will be able to enjoy the last few weeks in the UK rather than worrying what you may have forgotten to do!
Mike Hagel: Hi guys. Anyone aware of a comparison guide where I can easily compare income tax rates across a range of countries.
Background: retiring in 18 months and wondering where to reside for tax purposes.
Simon Neville: Different countries have different times throughout the year when their financial year runs. For example, the UK runs from 6 April - 5 April and Australia runs from 1 July - 30 June. To make sure you get the most up-to-date information I would suggest you check online with respective countries' federal banks..
shobha: Hi, I am a dentist in london and have a NHS pension worth about 30,000 sterling and a private pension worth about 60,000 sterling, what should I do if I emigrate to usa? I am 35 and pension due to be paid out at 60 yrs old.
John Hicks: The USA does not have a visa that permits people to retire here, even if they can show that they have plenty of money to support themselves. Instead, the person must qualify for a temporary visa or permanent residence visa, usually through family relationships, employment, or business/investment. You could use the money in your pension account (or take a loan secured by that money) to invest in a American business. This might qualify you for a visa to live here.
Lynda : Both my husband and I have private pension from the companies we woeked for that we re claiming (we are 55 and 57 ) do we have to pay tax still if we move to the USA or is there an offshore account we could use.
John Hicks: When you plan to move to the USA, you must consider tax and immigration laws at the same time. Sometimes, a strategy that is good for saving money on taxes is bad for immigration (and vice versa). My advice is to first develop an immigration strategy and then consider ways to shield your assets from taxation. There are tax specialists for this particular specialty who work in conjunction with immigration lawyers.
John Grahame: What are my options for sending my money to Australia?
Richard Arundel: Please see the earlier answer provided to Jane which outlined the various options.
steve pasha: Hi we are moving to oz in 2009 from london as a family and we were wonderingif we are getting an in come from our savings of 100 thousand dollars per year how much tax are we liable to pay
John Hicks: If you are getting an income and you are all permanent Australian residents I suggest you form a family trust which allows the trust to receive all the monies as a lump sum and then be distributed to all family members. This will reduce your individual tax to levels between 20-30% each in other words if there was 5 family members all only receiving $20,000 each then the rate would be around 15-20 cents for every dollar earned. Naturally say if the main income earner then earns a substantial income from his business or main employer then he or she will still save tax dollars.
Jane Janus: We are emigrating to Canada in 18 months time hopefully!!!! When should I start thinking about the currency aspect of the move?
Richard Arundel: With any aspect of your emigration, it is best to plan as far in advance as possible. This does not mean you have to start sending money straight away, but the more information you get at this stage, by speaking to experts, the easier the decision as to when to transfer your money will be.
To highlight how important planning your currency can be, the difference between the high and the low in the Canadian dollar over the last 12 months has been almost 40 cents which, put into perspective, could have been a saving - or loss - of $40,000 Canadian if you were transferring £100,000.
Taj: Would you say that Egypt was a emerging market? And would you encourage investment if the right project came along?
John Hicks: Egypt offers as much of an opportunity as many other emerging countries. As long as you understand your objectives and you can assure yourself of 'clean title' then the only other aspect to be concerned about is to have an exit strategy cleanly defined.
kerry mcdonald: Hi, myself and my husband are thinking of moving to france, we need to know about healthcare and fees and taxes on property.
Regards Kerry
Richard Arundel: With regards to taxes on property, if it is an existing property, budget around 6.5 – 7% and around 5-10% for the estate agent fees. For a new build, it is around 3% tax, with similar agent fees to pay.
There are 2 other considerations to be had; if you take out a Euro mortgage, then add approximately 1% of the value of this mortgage, and secondly the "tax fronciere" (similar to a council tax) will be apportioned on a yearly basis.
Always seek legal advice when buying a property abroad – even though France is widely regarded as one of the safest places to buy, there are intricacies between buying as a resident or non-resident and let out conditions etc.
John Hicks: Healthcare in France is not free. Through the French healthcare system you receive a 70% reimbursement of costs. It is advisable to take out additional cover through a private medical insurance. Broadly speaking, this can be around €30 to €100 a month depending on level of cover.
If you currently live in France and hold an E106 form (given by the British government to those who had fully paid their National Insurance contributions, and valid to a maximum of two years) you will have immediate access to French healthcare cover as the costs are covered by the UK government, until your form expires.
After your form expires, if you were resident in France before and including 23 November, 2007, you will be allowed to join the French healthcare system via CMU.
However, if you became a resident from this date you will need to take out private health insurance until you reach retirement age and are eligible for an E121 or you reach five years residency.
If you plan to move to France in the future and do not plan to work and will not be retired and hold an E121 you will need to take out private health insurance to cover you until you reach retirement age and are eligible for an E121 or you reach five years residency.
If you are eligible for an E106 form, this will give you immediate health cover, paid for by the UK government. Once this expires, you will need to take out private health insurance to cover you until you reach retirement age and are eligible for an E121 or you reach five years residency.
Brian Cadman: Hi there, my wife and I are retired and have a daughter and son-in-law who emigrated to Adelaide 2 years ago. He is in the police and she is a insurance investigator. The question is can we emigrate there too and what is the criteria in this matter..regards, Brian Cadman
John Hicks: It would be most likely you could migrate under the family reunion visa which would mean you would have to have a health check and be free of of any chronic diseases. Second opportunity would be under a business migration policy where you would have to be prepared to buy and run a business profitably .
Richard Arundel: You would need to speak to a registered migration agent in order to ascertain the best visa category for yourself and your wife. There are visa categories known as a Parent Visas (sub class 103) or Contributory Parent Visas (sub class 143) which depend on you having family who are residents of Australia (which you do), but contact a registered migration agent and they will be able to assess your situation and offer professional advice on this matter.
Andrew Noon: When transferring money abroad is it best to do it in one lump sum or transfer enough to get buy for a while and then transfer watch the markets for the best time to transfer the rest?
Richard Arundel: Hi Andrew. Again, see my previous answer to Jane re the various options you have, and the risks they hold. The problem of waiting for the 'best' time to transfer your funds is that you are susceptible to currency fluctuations and there is no guarantee that they will move in your favour.
Simon Neville: For those emigrating to Australia, you need to be aware that there is foreign exchange taxation if you retain money in the UK after emigrating. If a transfer is subsequently made and the exchange rate attained is higher than the rate on the day you migrated, the Australian Tax Office (ATO) will tax the profit you will make.
Cynda Gunn: What is the easiest way to have your pention paid into a US bank account and not have to pay UK taxes, since the bank account is in the UK. And get the best for your pound vs dollar exchange rate?
Richard Arundel: Unfortunately I can't comment on the US tax system but by using a specialist currency broker you get access to commercial rates of exchange as well as a very bespoke and personal service. Your personal dealer will be able to discuss the various options/strategies on offer when moving your funds to the US.
In terms of getting the best rates for your pound vs the dollar, it is a very uncertain, volatile climate at the moment and speculating on the market has rarely been harder! A rate of around 2 dollars to the pound is very attractive, especially when you consider how poorly the Pound has performed against the other major currencies of late.
Simon Faulkner: Hello panel, We have just completed on our house sale. We are planning to be in Canada in July sometime. Do you need an canadian account open to transfer money, or can it be held in some sort of fund? What would you recommmend our next step should be ref moving funds? Thank you..
Richard Arundel: You will eventually need a Canadian account to send the funds to but if you are looking at fixing a rate of exchange you can do so with just a 10% deposit. This is held in a segregated trust account whilst the remaining 90% remains in your UK bank earning you interest. Re next steps, speak to a currency broker, to discuss the options available and the 'best-fit' strategy.
Derek Nimo: John - what would be your top 3 tips when buying property abroad?
John Hicks: It's imperative that you undertake comprehensive research and understand the commitment that you seeking to make. You would be best advised to select an appropriate service provider and finally ensure you take independent legal advice.
Dee: I am thinking of moving to california with my family. my father lives there and i already pocess a social security card from living there as a child can you please tell me what I have to do now as my father has said he or my uncle will sponsor us and my husband needs to know if his citb card for construction is valid over there . thanks dee
John Hicks: A family member who is a US Citizen can sponsor an adult married son or daughther (and their kids) for a green card (permanent residence). But submitting an application only puts the relative in a queue. There is a long waiting time (about 8 years) for the green card to be issued. If you want to move here sooner, you would have to qualify for a temporary visa of some kind—possibly based on employment or investment in a business.
Rich Chapman: I'm moving to Oz next month - what's happening with the exchange rate?
Richard Arundel: It's a very difficult question to answer! Over the last 12-18 months, the Aussie dollar has been getting progressively stronger against the pound, The Australian economy is booming whilst it seems every time you read the news in the UK, it is bad news. The current global financial climate is extremely volatile, making it impossible to predict where the rates are going. My advice would be to speak to an expert and explore in more detail the options available to you. I would also say that although the rates have dropped, you are moving to a fantastic country with excellent job and lifestyle opportunities and the exchange rate is probably not the reason you are moving. Fingers crossed and good luck!
Chris: I am part of the NHS supperannuation pension scheme and am eligible to retire in 8 yrs although planned to work for another 13. We are going to NZ and I will be working as a consultant for DHB over there what advise can you give me regarding my pension. Shall I keep 'buying' years over the next few yrs, should I just transfer it if possible for the NZ equivilant or what else? Thanks
Simon Neville: Difficult to say at this stage. What is best is dependent on your scheme and circumstances. There are pro's and con's in keeping your pension in the UK as well as transferring it to NZ.
robin king: Please can you tell me if I emigrate to canada and am only 49 so not eligible for a pension, can i still pay into my pension schemes i guess i can and will my self or my wife be eligible for the goverment pension
Simon Neville: Stakeholder and some Personal Pensions allow for contributions to be made to them ongoing after leaving the UK, though there are time restraints (normally 5 years) and limits on how much you can contribute. If you emigrate you do not lose your State Pension; the amount you receive will be based on the number of years National Insurance Contributions paid.
Stuart Parry:
1. I have a house already in the UK I want to rent it out then sell it in 3 years time once I settle in another country to pay off a morgage is that posible.
2. What are the rules and regulations regaridng morgages in NZ.
3. Will my wages cover any morgages what is an average wage in NZ.
4. Can I my wife contiue with her pension benefits in NZ when they are due.
5. can I transfer my pensions across
Simon Neville: Stuart, hope the following helps...
1. Yes
2. To obtain a mortgage proving affordability is a key factor along with having no defaults against your name;
3. Depends on your profession though earnings in NZ are generally less in comparison to the UK;
4. Need to clarify your question;
5. Yes though this may not be a sensible move considering the type of pensions you have and the tax treatment pre & post retirement. Pensions in NZ (known as Superannuation/ Kiwisaver) are nothing like UK pensions in comparison and great care should be taken. NZ does provide opportunities but also significant risks. You should obtain advice before you go.
Will Cryer: where can I monitor the exchange rates?
Richard Arundel: HiFX can send your out a daily exchange rate email and you can also monitor the live rate of exchange as well as historical graphs on our website: www.hifx.co.uk (click on the marketwatch tab).
Rebecca Neilan: Simon - what is the most common mistake people make when transfering their pension overseas?
Simon Neville: The most important thing to do is to establish that a pension transfer is in your best interest. This means taking advice before you emigrate and speaking to a professional who understands the two financial systems i.e. UK and your destination country to ensure that a pension transfer should proceed. You should be aware that by transferring your pension overseas you could give up valuable guarantees as well as incur heavy penalties. Prism Xpat assists clients emigrating to Australia and New Zealand so do talk to us if you heading off to either of these countries!
Jonathan Crease: Hi there panel - i'm looking to buy overseas as an investment rathern than a holiday home - where would you recommend?
Richard Arundel: Traditionally cities give better rental returns all year around and capital growth has historically been better in these areas.
John Hicks: You need to understand your own objectives, make sure you research fully and take independent legal advice.
tony: I am soon moving to my house in Spain and am selling my sole house in uk what is your advice on transfer of funds or shoulld I keep a small house in uk with part of the proceeds? Thank you.
Richard Arundel: Most of our clients do keep a small property in the UK as protection in case they decide to move back. Once you are out of the UK property market it can be hard to get back in.
Jane: Sorry! Tax in Australia, specifically S Australia (if there is any difference)
Simon Neville: Australia has federal and state taxes. Income tax is a federal tax which has a tiered system - i.e. the more you earn, the higher rate tax band you fall into, as in the UK. The bands are 0%, 15%, 30%, 40% and 45%. There are state taxes such as stamp duty on property purchases. It is best to refer to respective state government websites if you are looking for any specific state tax. Be aware that Australia, as a rule, taxes worldwide assets. So if you retain any funds outside Australia there are various Australian taxations which may impact on these assets. However there are some exemptions, eg what Visa you are travelling on. This is the reason advice should be taken so you can plan accordingly if this impacts on you.
Sandra Thompson: Hi, I will hopefully be moving to France at the end of the year - do you think the Euro will continue to strengthen throughout 2008?
Regards Sandra
Richard Arundel: The Euro has gone from 1.52 in January 2007 to current levels of just under 1.26. However, where it will be in the future is, of course, impossible to predict, but you would do well to talk to a currency expert such as HiFX to gauge a feel for current market conditions the options and opportunities that are open to you. Bon chance!
Nick Bean: How can I get a mortgage for a property in France?
Richard Arundel: HiFX work with a panel of mortgage providers who can help you get a competitive quote for your mortgage. There is also a product known as a regular payment plan whereby you can fix a regular rate of exchange for up to two years so you know exactly how much your mortgage payments will be in Sterling each month.
Sara Chavasse: Simon - I'm coming back to the UK and selling everything in NZ. What is your advice?
Simon Neville: You haven't given me enough details to advise you, but please do contact Prism Xpat directly for specific advice. As a quick note now, however, I would note that if you are returning to the UK permanently, you will become a UK tax resident which means you will come back under HMRC rules.
Richard: Currency transfers will work very similarly whether you are moving to or from the UK. HiFX has an office in Auckland that can assist you if you need help with this matter. Over the last 8 months, the rates have certainly gone in your favour!
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Host: Unfortunately, that is all the time we have for today. Thanks for all your questions.
Richard Arundel: The one piece of advice I would give to all of those emigrating - or thinking of doing so - is to speak to the experts and plan as much as possible. Whether you are a week, a month, or a year away from your move, the more information you get, the easier it will be. The amount of money you get for your pound will have the biggest effect on your new life abroad. Good luck to all of you!
John Hicks: There are clearly a lot of people looking to purchase overseas property and the best advice is to ensure that each of you carry out your own independent research to satisfy your own requirements, select an accredited service provider that meets your needs and always seek independent legal advice. Enjoy the journey!
Simon Neville: For those that are emigrating to Australia and New Zealand, the move is not only big on a personal basis it is also has a major impact on your finances. Failure to financially plan could prove very costly! You should seek financial advice at least six months before your planned move to ensure that you utilise the best out of both the UK's and Australia / New Zealand's financial systems. It is a risk not to plan, but it is in fact an opportunity if you do financially plan for the move.
Host: Thanks for all your questions, we hope we managed to answer a fair representation of those that we received. If you would further advice, do feel free to make contact via the individual websites of each of our guests - details are at the top of the page. Thanks to Richard, John and Simon and for everyone who has joined us online this afternoon!
www.hifx.co.uk
31st March 2008
31 March 2008