Ever find yourself looking at estate agent windows when you’re on a weekend away? Or signing up to language courses at your local college? Maybe it’s time to seriously consider moving abroad – at least for a while…
You might know people who’ve already made their overseas property purchase, or perhaps you have friends who too are considering moving abroad from the UK. If so, refer them to Smart Currency for assistance and guidance with their overseas transfers.
For those ready to make their dreams a reality, we’ve curated a list of 10 things to consider before moving abroad from the UK. All of these things require a bit of research, but we’ve done our best to point you in the best direction.
1. The culture
Depending on where you’re looking to buy, do you know what it’s like to actually live there? In other words, have you spent over a week there besides on a school trip in year 10?
If not, we recommend scheduling a viewing trip to scout out the location, get to know the locals and figure your way around the town/city/village ahead of time – the last thing you want when moving abroad from the UK is to get there and be completely lost.
2. Property
Perhaps the most exciting part of moving abroad from the UK is the variety of property styles to discover overseas. If you’re able to pinpoint the style or location of the property you’re after ahead of your move, it’ll make things a lot easier for you and your estate agent. For example, life in an apartment on the French Riviera is very different to a country farmhouse in northern Portugal.
For more information on what’s available & where, head to Property Guides.
3. The currency
If you’re moving abroad from the UK and buying foreign property, your dream home is likely priced in euros, US dollars or another currency. That’s why it’s essential you budget for your home overseas to avoid unnecessary overspending due to rate fluctuations. Once you’re settled overseas, you’ll likely be able to forget about the pound altogether but during the moving process, you’ll likely have bank accounts in each country and will require assistance from a currency specialist to reduce your exposure to the volatility of the currency markets. Register with Smart Currency today to discuss your budget and benefit from a Forward Contract.
4. Cost of living
It’s all well and good that your neighbour’s sister says that it’s cheap to live in Spain, but it’s important to look into this yourself. One good measure for this is the Your Overseas Home Cost of Living campaign. Updated each year in January, it provides insight into prices for everyday items and services to help you get a better picture of how much you’ll pay for things overseas.
5. The buying process
It shouldn’t come as a surprise that the buying process differs in every country. For a full outline of the buying process, head to Property Guides to download your free buying guide for France, Spain, Italy, Portugal, Cyprus & Greece. These guides also outline whether you’ll need a surveyor/conveyancer and the role of the notaire.
6. Schools/Universities
If you’re moving abroad from the UK with children in tow, then looking into education in your desired location is essential. Check if nearby schools are accepting new students and their inspection reports. For example, in France, inspections are undertaken by regional inspectors, and they have a different way of naming school years e.g. CM1 = year 5.
If you’re not emigrating with children, it can still be beneficial to look into education quality and availability overseas. This could help if you plan to seek further education in the future or wish to learn a new language.
7. Travel
How do you plan to get around when you emigrate? Will you be taking your car with you, or will you be settling down somewhere, say, a small village, where you can reach all the essential amenities on foot? If so, is there a good public transport service when the weather is bad? These are all things to consider. For example, lots of people aren’t aware there are no trains in Cyprus, so getting from city to city can be pretty hard without a car as the buses take a much longer route.
8. The language
Do you speak the native language in the country you’re moving to from the UK? If not, do you plan to learn before you go or when you get there? There are a handful of apps you can download for daily lessons and training, and Duolingo is a great one to try. Alternatively, there are often classes for English speakers across Europe, simply ask around when you get there or head to the mayor’s office or town hall to enquire.
Plan ahead and you’ll have a much more realistic budget for the year to come.
9. Tax & Financing
Once you’ve set your budget for your home overseas, you don’t want to be adding more and more on things you didn’t account for. That’s why it pays off to speak with a tax and finance specialist ahead of moving abroad from the UK. We recommend Chase Buchanan, click here to enquire with them today.
10. Healthcare
Last and by certainly no means least, is healthcare. Depending on your requirements you might want to consider proximity to hospitals or specialist services when choosing where to buy overseas. Healthcare in Europe differs slightly from country to country and for most long-stay visas, having private health insurance, at least for the first year is a necessity. Learn more about healthcare in Europe on Property Guides today.
For guidance on your currency requirements or to speak to a friendly foreign exchange specialist about your budget for moving abroad from the UK, register with Smart Currency today or call your account manager on 0808 163 0102.
