Money News
A new study from Alliance & Leicester International (ALIL), the offshore savings bank, reveals that the main reason Brits are leaving the UK is to start a completely new life (40%), whereas around a third (32%) moved abroad because they were seconded as part of their job.
Given the poor UK weather conditions this summer, it's no surprise that when asked what other factors were taken into consideration when making the decision to move abroad, 40% of those questioned said the weather.
But an even bigger factor uncovered by the survey was that 52% are choosing to escape Britain's high cost of living, with the move designed to improve their standard of living.
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When it comes to deciding on a destination, the desert sunshine and bustling economy of the Middle East is an emerging hotspot for Brits, with 21% of people choosing to move there. Australia and the USA also remain popular destinations for expatriates to set up home, with Spain and France first choice in Europe.
Before you decide to make your move, however, it may be worth considering the following, says ALIL.
1- Property - Make sure you carry out thorough surveys and searches before you purchase a home overseas. Ask for references if you are hiring a property finder.
2- Finances - Provide your bank or building society with new address details for future correspondence. Most of the major banks have offshore banking and savings services, so you may be able to access your finances abroad without changing provider. However, when it comes to savings accounts, research the offshore market to make sure you're getting the best deal.
3- Insurance - Use a local insurance broker to find out standard practice and insurance requirements, as they often offer better deals than UK based companies with overseas policies.
4 - Identification and documentation - Find out whether you need to obtain visas or other documentation before entering a new country. You may want to apply for residency, as some countries insist that non-residents carry their passport with them at all times for identification purposes.
5- Amenities - Notify your doctor and dentist before leaving the UK, and look into healthcare costs in your new country of residence. Register with a doctor and dentist as soon as you move, and ensure you know the local emergency services number.
16 August 2007 © Moneyextra.com
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