This article addresses the concerns of those contemplating leaving the UK to create a new and potentially better life abroad. Over the past decade the number of high net worth and ultra-high net worth individuals who have left the UK has significantly increased.
This trend seems to also be gathering pace as the quality of life in the UK declines, tax increases, the NHS continues to decline, and the security situation worsens. As a member of STEP, it is clear all members are seeing an increase in enquiries. These enquiries are also spread out across different regions of the world including Europe, Asia, America and the Middle East.
Why People Are Leaving the UK
The trend of leaving the UK is nothing new—people have been doing so since time immemorial in pursuit of new opportunities and challenges. A long time ago people left for places like Australia, Canada and the US. More recently people have also chosen Europe, Asia and the Middle East along with other exotic destinations.
Often people leave during periods of high taxation and when the political situation is not favourable for them and their business. The current political situation in the UK is still encouraging many wealthy brits to consider leaving also non-doms who have been upset about recent legislation forcing them to pay tax on their world-wide assets.
How Brexit has affected the movement of people from the UK.
Brexit has also put a spanner in the works for many Brits who were perhaps looking for a hybrid life where they spent time in both the UK and Europe. Leaving the EU stopped Brits spending significant time in Europe as after 3 months you now must either leave or establish formal residence in the EU country where you want to stay. This causes issues for tax residence and significantly complicates life as well as adding additional costs for getting advice on this issue.
Considerations:
People of all ages leave the UK for different reasons including work, retirement, lifestyle, family. As it continues to become easier to relocate yet still communicate with family and friends you leave behind this trend will continue. The issues Brits face when they move abroad is a lack of support and knowledge about how to prepare for the move, what to expect when you get to your new destination and things to do and avoid when you get there.
The choice of places to relocate nowadays is vast and especially if you are fortunate enough to be able to work remotely. If you are moving for work, you won’t have a choice in terms of location, but it is still important to plan your move and do some research about where you are going. If you are moving abroad to retire the choice will depend on factors like access to good health services, weather, friends and family plus security and affordability.
Since the ‘global financial crisis’ countries around the world have queued up to attract wealthy retirees and global nomads to boost their economies and create jobs. The success of these ventures has been phenomenal and has forced certain countries and cities to curtail these programmes. The reason being that ‘local people’ have been forced out of both buying and renting property as the cost has shot up in certain locations.
New countries are still launching these programmes on a regular basis, and it is hard to keep up with all the choices. It is no longer expensive to move abroad and build a new life. You don’t have to be very wealthy to make this choice, you just need a plan and lots of determination and desire to succeed.
Get help and advice:
When moving it is essential to seek advice and support when making a major decision like this. You not only need to consider the financial implications and your employment opportunities but also the mental side, so you are prepared. Moving takes courage and it is also too easy to potentially stay in the same rut and sometimes not moving can lead to regret and a breakdown in mental health affecting work and relationships.
Getting the ‘right help’ is not going to be easy as moving is a very personal decision and there will be many factors to consider. It is very unlikely that a professional in the UK can help you with everything going through your mind.
Finding a coach who has therefore been through this experience and not only takes the time to understand you but also has the experience to help you run through all the different choices. A good ‘expat coach’ can not only help you think about employment options and financial considerations but also prepare you mentally regarding the issues you will face when you move.
Summary:
As the quality of life in the UK deteriorates the option to move abroad will become compelling for many. The choices of where to move to are vast and need careful consideration. This is a big decision, and it is important to seek the guidance of a coach who understands the issues and can help you choose the options which will work the best for you.
The ‘expat life coach’ has been living the ‘global nomad life’ for over four decades. I have lived and worked in the Middle East, Asia and Europe. I have worked as an employee as well as running businesses and have the skills and knowledge to help you make an informed decision if you are considering a move.
Drop us a line so we can help you create the ideal solution that not only works for you today but also takes care of yours and your families future.
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Discover more insights on relocation and Tax:
https://astraworldwide.com/expat-tax-planning-strategies/
http://Advising Clients on Escaping Looming Tax Traps Through Strategic Relocation
