• International Insurance Blog

  • Sunday, March 18, 2018

Moving abroad doesn’t just mean new surroundings, new home, a new town, maybe a new language or even a new nation. Many expatriates quickly become aware of how much more complex their entire financial position is now that they have moved abroad. But remember one of the main reasons you decided on this change was to make some financial gains.

The first reality check would be to see what onshore benefits would you be loosing out as you move to your new destination. Incase you are a resident of UK you’ll become non-tax resident in the UK and lose tax breaks on your personal pension maybe, and lose eligibility to your work pension if you leave that company behind perhaps. You need to clearly plan out how you are going to cope with these losses and save more in your new place. Point to note is that high street banks such as HSBC, Halifax and NatWest offer overseas clients the chance to have offshore savings and investment solutions.

The next check would relate to insurances. Do you and your family have the right level of healthcare cover in place because you and your family have to be protected and looked after in your new home? Your circumstances have changed significantly, perhaps you have greater exposure to debt now that you’re living overseas, chances are you will not have the state to fall back on if you become critically ill, what’s more, how would your family cope and survive fiscally speaking if you or your spouse are unable to work?  Get these insurances reviewed and in place to ensure peace of mind and security.

Remember that in order to prepare for any emergencies one needs to have a minimum of three months salary in cash, make that six as you are offshore. Now go ahead and make your rules to offshore richness.

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