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31st July 2010
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 Get your finances health checked before moving to France Tony Wilcox, Managing Director of Bank of Scotland International (left), argues that it pays to get money matters sorted out before you go
Moving abroad can be a really exciting experience but before setting off for foreign pastures new, it is important to check your finances are in order. As in the UK, you need to decide how to make the most of your money by making it work for you. There are a number of different things to consider but thinking about your day to day needs is a good starting point. Look for a flexible bank account which offers the option of managing your finances in Sterling and Euro's or the currency of the country where you are intending to reside. It is a good idea to look at opening a suite of products which allow you to move money between your accounts without charge as these can mount up over time. Once you have arranged these basic banking tools, it is important to consider your future. You should ensure that you have a savings account so there is always some money available for emergencies such as a flight home at short notice. Many people find offshore savings accounts especially beneficial as these can offer a great return on your savings with certain tax benefits. Retirement planning should also feature highly on your list. Moving abroad may affect your entitlement to UK pension credits, especially if you are intending to make the move permanently. It is possible to draw your pension abroad, or have the money saved for you for collection on your return to the UK but this must be within an allotted time frame. Whatever your intention, order a state pension forecast by filling in a BR19 form. These are available from the Job Centre or from HM Revenue and Customs. You will then be informed of the amount of state pension you are entitled to which will help you make informed decisions about your retirement planning. Similarly, moving abroad may affect any benefits you are entitled to. Social Security will be able to advise you on any impact this may have. Your tax liability could also change as will your National Insurance contributions. By ensuring all such aspects are in order before you leave the UK, you will be able to plan properly for your new life overseas.  Health insurance
When moving abroad, your experience will depend on where you intend to reside and the services available in that locality. Customs also vary widely in different countries. Wherever you choose to live, it is important to make the most of your expat status. Look at how local life will affect you. For example, driving and traffic regulations may differ from the UK so it is essential to familiarise yourself with these before setting out on the road. You entitlement to free healthcare should not be taken for granted as each country has its own system and you may be required to pay into the state system to receive such benefits. Consider taking out a health insurance policy before moving as this can cover you against a variety of treatments and can even cover repatriation costs should the need arise. On arrival in your new country you should register with the British Consulate who will be able to advise you on your residency and can prove to be an invaluable contact in the event of a problem. There is a great deal to think about and there is no hard and fast rule to financial planning for such a big move. Visiting a financial advisor can be very useful as they will be able to advise you on your individual situation. The more preparation you do before you move abroad, the more you will be able to sit back, relax and enjoy your new life… once you've finished unpacking! Tony Wilcox Managing Director, Bank of Scotland International. www.bankofscotland-international.com See also: Retiring to France – what you need to consider FrenchEntrée health zone Insurance in France  How Do I Choose My Financial Adviser? Financial Planning For Your Life In France - an Introduction What happens to your UK investments if you move to France? How to protect your finances when retiring to France Finance Home Page |
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