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Moving
Overseas -
Moving
overseas to retire is one of the most stressful things
you can consider doing. There are the worries about
friends and family, pensions, tax and health care costs
- all of these things will need to be taken into account
when you plan your move.
Places
You Are Allowed To Move To -
If
you are a national of the UK then you are entitled to
live in any EEA country (European Economic Area). If
it's your intention to move to a country that isn't
part of the EEA then you do need to speak to the British
Consul in that particular country as well as it's foreign
consulate in the UK. Countries who make up the EEA are
the countries who have full membership of the European
Union (EU) these include - Austria, Belgium, Denmark,
Finalnd, France, Germany, Greece, Italy, Luxembourg,
Netherlands, Portugal, Ireland, Spain, Sweden, UK, Iceland,
Liechenstein, Norway, Cyprus, Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Malta, Poland, Slovakia
and Slovenia.
Tax
and Pensions -
Before
you move you should -
a)
get a State Pension forecast - obtain form BR19 from
your local Jobcentre Plus or HM Revenue & Customs if
you already live abroad - entitlements can vary according
to the country of residence
b)
ask HM Revenue & Customs for information about tax liability
on any income over the UK personal allowance, UK tax
payable from abroad can vary depending where you decide
to live.
c)
seek independent tax advice about any benefits to you
in offshore banking if you are retiring abroad, as this
could reduce your tax liability depending on where you
are living.
d)
inform your social security office, HM Revenue & Customs
National Insurance Contributions Office (International
Services) and the Department for Work and Pensions when
you move and provide your contact details abroad - you
should also tell them if you change address again or
return to the UK to live.
Healthcare
-
These
are some of the things you need to consider :
a)
First find out about welfare rights. Some of the UK
benefits are not actually payable outside of the UK,
others apply only in the EU.
b)
Make sure you research all the healthcare costs in the
country you are considering retiring to. If it is apporpriate
you should be strongly advised to take out health insurance
to cover private medical and dental treatment. as well
as medical repatriation to the UK
c)
inform your and your family’s doctor, dentist and other
relevant practitioners
Home
and Family -
a)
if you decide to keep your property in the UK and it
is going to be empty or rented out, you will need to
let your mortgage lender, insurance providers know
b)
contact your local council - their Council Tax department
and electoral registration unit will need to know when
you are leaving and a forwarding address
c)
notify your utility companies that you are moving in
order to get your final bills and provide a forwarding
address for them to send you any outstanding payments
or refunds
d)
tell your bank, building society or any financial institution
that you have a policy or agreement with that you are
moving abroad
e)
have your mail forwarded by asking for a re-direction
form at a Post Office - allow enough time for this to
be set up as it can take a few weeks
f)
if you have children, notify the school and the local
education authority of the date when you will be withdrawing
them from school
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