The dream is nearing reality - you are relocating to France. Sounds idyllic but you need to have an action plan before you complete the move.
Top Tips Before Moving:
1. Pay off all your outstanding Debts
2. Get a Reference from your Bank
3. Sort out Tax
4. Open an International Bank Account
5. Sell or Rent Your current Home
6. Which Currency for Your Money?
7. Investigate Expat Investments
8. Check all Contracts especially the fine print.
Some of these tips are self explanatory but let us explore them more fully. You might not want to pay off all your debts before you go but leaving it till later can prove expensive. It is often difficult to deal with these issues remotely, and you might suffer financially if currency exchange rates move against you.
In France, many foreigners will rent whilst looking for a permanent property. The "Locations" providers will require a bank reference before letting a property!
Speak to a Tax adviser before you move; they will provide invaluable advice on Tax. After all, make sure you are paying the minimum tax!
Opening an international bank account with both sterling and euro accounts can help when paying bills in both countries. However, do check the monthly charges and typical exchange rates to move currency between the accounts - see later about currency exchange.
Sell or Rent our your existing property - this is a big decision. Is it a good time to sell? It is not unusual for the rental income in the UK to exceed significantly the rental in France. However, make sure you use a good property management company in the UK to minimize headaches!
If you decide to sell your UK property or you have significant savings - what currency do you choose - euro or sterling? If you choose sterling but will regularly require euros, then bear in mind the fluctuation in exchange rates. Using a currency broker rather than a high street bank could save you thousands. Currency broker rates are much more competitive than banks.
Expats often have serious wealth - yes, lucky them. Speak to a financial adviser who specializes in expat investments; again with their advice you can continue to grow your investment wealth.
Finally, you will be signing lots of contracts often in French. Make sure you get a full explanation of all the clauses and charges. The small print can easily be ignored at your peril. You will find many English speaking agencies/services in France who can help you relocate without the hassle!
Top Tips Before Moving:
1. Pay off all your outstanding Debts
2. Get a Reference from your Bank
3. Sort out Tax
4. Open an International Bank Account
5. Sell or Rent Your current Home
6. Which Currency for Your Money?
7. Investigate Expat Investments
8. Check all Contracts especially the fine print.
Some of these tips are self explanatory but let us explore them more fully. You might not want to pay off all your debts before you go but leaving it till later can prove expensive. It is often difficult to deal with these issues remotely, and you might suffer financially if currency exchange rates move against you.
In France, many foreigners will rent whilst looking for a permanent property. The "Locations" providers will require a bank reference before letting a property!
Speak to a Tax adviser before you move; they will provide invaluable advice on Tax. After all, make sure you are paying the minimum tax!
Opening an international bank account with both sterling and euro accounts can help when paying bills in both countries. However, do check the monthly charges and typical exchange rates to move currency between the accounts - see later about currency exchange.
Sell or Rent our your existing property - this is a big decision. Is it a good time to sell? It is not unusual for the rental income in the UK to exceed significantly the rental in France. However, make sure you use a good property management company in the UK to minimize headaches!
If you decide to sell your UK property or you have significant savings - what currency do you choose - euro or sterling? If you choose sterling but will regularly require euros, then bear in mind the fluctuation in exchange rates. Using a currency broker rather than a high street bank could save you thousands. Currency broker rates are much more competitive than banks.
Expats often have serious wealth - yes, lucky them. Speak to a financial adviser who specializes in expat investments; again with their advice you can continue to grow your investment wealth.
Finally, you will be signing lots of contracts often in French. Make sure you get a full explanation of all the clauses and charges. The small print can easily be ignored at your peril. You will find many English speaking agencies/services in France who can help you relocate without the hassle!
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