Moving Overseas: Financial Implications
Moving abroad is full of many stresses and complications and the whole ordeal can be rather complex.
From putting your home up for sale, packing and hiring an International Removals firm to organise your shipping and removals; money woes may be the last thing on your mind.
But moving overseas also has financial implications as you will need to set up a new bank account to look after your money.
As you are probably aware, each country has different rules and regulations and you need to understand this before you move in case anything jeopardises the move such as credit ratings or arrears. Pensions or assets may need to be transferred and your tax liabilities may change; all these are problems which you need to be aware of before you move across the pond so do your research.
If you are moving to France;
– French residents are liable to French income tax, capital gains tax and inheritance tax on their worldwide assets. France also imposes an extra form of tax and wealth tax, depending on the total wealth of a person’s household.
If you are moving to Spain;
– Spanish residents are liable to Spanish income and capital gains tax on their worldwide income and gains. Spanish residents’ estates are subject to succession tax; the rates and reliefs vary depending on whether state or regional rules apply. In certain circumstances it can be very expensive.
A big part of your move is sending money overseas and transferring assets. At some point you will need to exchange your existing currency for foreign currency and there are various ways to do this but ensure that you get as much money as possible.
Currency markets are constantly fluctuating and making a transaction at the right time can make a big difference to the amount of money you end up with, which will either give you a great start in your new life abroad, or kick it off on a downer.
Send money either through your high street bank or using foreign exchange specialists.
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