Almost Half Of The UK Interested In Foreign Property

Many of us have dreamt about owning a holiday home. Perhaps we found a beautiful location whilst away and would love to visit more often. Or maybe it is an investment for retirement to a warmer climate. Or simply an escape from the dreary British weather.

Nearly half of the British public are interested in buying or living abroad, it has been claimed. Research from a leading high street bank has found that 42 per cent would give the idea serious thought, with destinations all over the world cited.

Australia was favoured by ten per cent of the vote, with France the highest-ranked European destination, taking six per cent, followed by Spain with five per cent.

However a managing director at the organisation has commented that wherever people end up, personal finance should always be high on the agenda.

"[When moving abroad] you need the right products and services in place, so that you have a firm foundation for your finances, no matter where you are," he said.

Rising house prices in the UK may be the reason people consider a move abroad.

Here are some top tips to consider if you are moving or thinking of moving abroad:

·    Get a State Pension forecast.
·    Ask HM Revenue & Customs for information about your tax liability on any income over the UK personal allowance, UK tax payable from abroad can vary depending on where you decide to live.
·    If you are retiring abroad seek independent tax advice about the benefits of offshore banking.
·    Inform your social security office, HM Revenue & Customs Charity, Assets and Residence (Residency), and the Department for Work and Pensions.
·    Find out about welfare rights abroad.
·    Find out about healthcare costs in the country you want to move to.
·    Take out health insurance if appropriate to cover private medical and dental treatment, as well as medical repatriation to the UK.
·    Inform your and your family's doctor, dentist and other relevant practitioners.

If you would like to know more about buying property why not ask AnswerBank Home and Garden.

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