When you are planning your relocation to London you need to make sure that you are actually prepared to leave your country of origin. This is particularly important for Americans moving to London due to the tax implications of living abroad. One of the best ways of approaching an international relocation is to have an expert handle your affairs in London and you take care of the details back home.
Having one of the professional relocation agents helping you in London will allow you to make sure that everything is wrapped up back at home.
Bucks Fizz – How to manage your finances when you are moving to London.
If you have a bank account in the UK, and you will need one, you need to make sure of your rights and responsibilities regarding tax. For Americans moving here it may be wise to consult with a tax consultant who has experience in relocation. Remember that your country of origin will definitely want to know where you are at all times. They may even want to tax you on the income earned while you are out of the country. This could be one of the most important areas that you have to finalize before your move
Your pension is a very important part of your financial planning no matter where you live. Does your country of origin have a reciprocal agreement with the UK when it comes to pension contributions? You don’t want to let your pension lapse while you are away. You may be able to move your pension fund to a pension fund in the UK for the duration of your relocation to London.
Moving is a big step and you will have to make your financial decisions carefully. If you have a mortgage you need to decide if you are willing to sell your home or perhaps rent it out for the duration of your relocation. This decision will depend on the length of your stay. Do you want to have the hassle of managing two properties?
While no one wants to cut ties with their home country completely, it is important that you really immerse yourself in life in your new city and new country. Welcome and ENJOY your stay.