According to one report, almost one in ten Britons lives abroad permanently, relocating so they can start a new life in a foreign country. Whether they’re drawn in by the sun of Spain, the job opportunities of Dubai or the chance to start over in New Zealand, there are lots of reasons why you might be considering relocating – but before you do, check out this guide where we’ve put together some considerations you should make, to ensure you’re making the right decision for your family.
Perhaps one of the most important considerations to make when you’re considering moving is weighing up how much you’d be able to make abroad. Demand in your industry might not be as high when you move, or perhaps it’ll be higher and you’ll earn even more. Review the average salary for someone with your experience or background level, and if you’re an entrepreneur, make sure that you set aside a budget to cover your bills for a few months – you won’t become a success overnight!
Missing loved ones
The chances are that you’re focused on the benefits of moving to another country, such as the weather, chances to make new friends, and possibilities in business. But have you taken the time to sit down and think about the loved ones that you’ll miss should you move? Babel Traveler has put together a great guide to telling your loved ones that you’re leaving the country – it’s important to do it sensibly and reassure them that you’ll always have time for them. Focus on the positives for both parties – free holidays for them! – and promise them that you’ll come home to visit regularly, too!
Schools and colleges
If you have children, it’s important that you review the schooling opportunities in your new country of residence, checking that it lives up to the education they’ve been receiving in your home country. It’s likely that your kids will follow a different syllabus, so if they’re currently in an important year, such as studying for their GCSEs or A-Levels, it might be wise to hold off a relocation until they’re done with their exams. If all else fails, speak to the local council and ask about the support that will be available.
Make sure that you’d still be able to claim your state pension and private pensions if you relocate to another country, and consider the exchange rate and whether you’d be able to live off this. Depending on your age and financial circumstances, you might want to consider new investments in your new country of residence to protect your future. Here’s a great guide on building a pension in Dubai, outlining the pros and cons of investing locally and revealing the potential returns as you age.
The truth is that, even if you set up a new life on the other side of the world and love everything about it, you might decide one day that you’d like to return home. Perhaps you’d want to be closer to mum when she falls unwell, hold onto a UK address so you can take advantage of schooling and the NHS, or even invest in property to give yourself a safety blanket in the country. Before you permanently up-sticks, consider whether there’s a way you could hold onto something in the UK to make it easier should you decide to return home. It might be that you can rent out your home and use that income to pay for your new life in another country – that way, should you ever change your mind, you’ve got a guaranteed property where you can return, without worrying about house prices.
Do you have any other tips? Let us know and check back soon for more.