Tag Archives: Finances

Moving To New Zealand – are you ready?

Bruce Tuten, night, Auckland water at sunset

Moving to the other side of the world can be a daunting challenge, where do you start? How long will it take to get organized? Who are the best people to help?

At PSS International Removals we have over 35 years of experience in international removals and can help you with a variety of issues that you will have to face, as well as delivering your belongings to New Zealand ready to start your new life.

Take a look at our advice below and please get in touch should you have any further queries.

New Zealand checklist:

Get a plan in place. Think through the process in advance and note down all the elements that you need to organize. Then you can seek the help you need in good time.

Do you need to take everything to New Zealand with you? Consider which of your household items are essential and which can be purchased on arrival. Make sure you keep all of your personal documents with you, such as proof of medication use.

Make sure you have your Visas organized in good time and check your passport is in date. See here for more information.

Plan your finances ahead of your arrival in New Zealand if you can. You will need a permanent address to set up a bank account, but make sure you know what you need before you reach the country. More information about finances can be found here.

If you wish to take your car it can be easily arranged with PSS International Removals. Your UK driving licence will enable you to drive in New Zealand for up to a year. More information can be found here.

Familiarize yourself with the items that you cannot take into New Zealand. This link details all relevant information.

New Zealand Customs will need to see the relevant documentation for your household goods, so again be prepared. Take a look at the customs office advice before you go.

Take transit times into consideration when planning your move. Shipping your goods to New Zealand by sea will take approximately 6-8 weeks for full container shipments and 8-12 weeks for part load shipments. Please visit our website for more information on PSS International Removals.

Where To Reap The Rewards As A Career Expat

For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile

 

 

Corporate Traveller, Business People

Corporate Traveller, Business People

Moving around the world, to further career prospects is one of the main reasons people leave home and start a new life in another country.

A new global survey by HSBC, Expat Explorer Achieving ambitions abroad talked to 27,000 expats in 190 countries and territories. Their subsequent report, which has just been published, produces some key findings about jobs and careers around the world. So if you’re thinking of changing jobs and countries this year, take a look at the information below to find out what your best options are:

Singapore comes tops as the best country to live, work and bring up children.

Of those surveyed:

– 73% of expats in Singapore feel confident about the local economy

– 62% of expats living in Singapore say they are earning more than they would in their home country.

– 60% of expats living in Singapore say they can save more money than they did in their home country.

– 62% say it’s a great place to progress their careers and 58% say it’s a good place to start a business.

– Expats living in Singapore are also likely to enjoy higher incomes: USD139,000 per year on average, compared to the global average of USD97,000.

London and New York are attractive to expats looking to boost their careers

Of those surveyed 71% of expats working in the two cities say it will boost their careers and improve their job prospects when they go home.

Expats in Hong Kong, Dubai, Zurich and Shanghai enjoy the best financial rewards

65% of expats moving to Dubai or 68% of those from Hong Kong say their disposable income has risen, compared with 56% globally.

.. that said, if you want to earn the most money… move to Zurich

Head to Switzerland where 44% earn more than USD200,000 per year, compared with a global average of 11%. Shanghai expats also have good salaries, with 30% reporting an income of over USD200,000.

Millennials want to change careers and move abroad to do it

22% of expat millennials (aged 18-34) move to find a purpose for their career. Those heading to Japan (22%), Taiwan (22%) and UAE (20%) were the most popular destination for those searching for a better career purpose.

…. they also embrace the lifestyle to improve their career prospects with 37% saying this was a reason to move. 49% say they earn more in their host country and 45% say job security is better.

Expat finances thrive in the Middle East

If you’re hoping to increase your salary as well as your career prospects head to the Middle East. The report found that the highest levels of disposable income were in Qatar, Bahrain and UAE. This allowed expats to save the most money.

–  77% in Saudi Arabia, 70% in Oman and 65% in Bahrain say they are able to save more than at home, compared to the global average of 53%.

If you are considering a moving abroad PSS International removals can help. We are a family run company and our desire is to ensure your family receives a friendly, professional and stress free overseas move. We have specialised in international removals for over 34 years, so whether you are planning on sending a full or part household removal, excess baggage or a vehicle we recognise the importance of ensuring our customers receive the same level of care and attention that we would expect ourselves.

 

Contact us now for a free estimator’s survey, or simply fill in our online moving or baggage quote form.

Inheritance planning as an expat

 

Peter-Ashley Jackson  money makes the world go round

Peter-Ashley Jackson
money makes the world go round

 

For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile

Moving your family overseas often comes with the need to plan for their long-term future and it’s essential to keep your financial affairs in solid, working order. It’s particularly important to think about how to guard them in the unfortunate case of death or injury.

Be mindful of the influence of local laws – especially when it comes to estate planning and wills. Advice taken locally is key to ensuring that your wishes are carried out when you die and it is often difficult to bypass your children when planning inheritance in comparison to the UK where civil laws operate.

As a basic example, the house that you and your family might have shared in Australia would be automatically passed on to any children and your surviving partner might still be able to use the house but would not be able to sell it without the children’s permission.

Many people find trust schemes a useful platform for estate planning in that they allow a parent to ensure their assets are only passed on to children at a certain age and when they are able to make financially independent decisions. However, UK trust law might not hold up in a civil law jurisdiction, which doesn’t recognise legal structures of this kind. Holding your wealth in an offshore location could also be a way of managing this issue and may help avoid any potential issues.

Some expats often find it difficult to manage their bank account abroad, particularly joint accounts, as in the unfortunate case of death; the survivor may not be able to access the funds.

When it comes to securing your Will – if of UK origin, it should be accepted almost everywhere in Europe. However, it can be a good idea to exclude your foreign property from the main Will and have a separate Will drafted up in local form for dealing with the property in that country. Without a Will, your home will not necessarily be passed on to your loved ones in the way you would hope.

It is also worth bearing in mind that inheritance laws vary worldwide and are often highly complex, but with proper planning it is possible to pass on a legacy to your family without incurring a crippling tax bill.

In many countries inheritance tax is charged on an estate when someone dies. The important thing for expats to remember is that inheritance tax is based on your domicile and/or your residency. If you are domiciled or deemed domicile in the UK, you could be liable for UK inheritance tax on all of your assets worldwide, even if you live in another country.

Claiming back tax before you leave the UK can be very advantageous, even though completing a tax refund application can be a daunting task for anyone. However, PSS International Removals can happily refer you to one of our tax-back agents who will prepare and submit a claim on your behalf.

This will ensure that all of the information and evidence is provided correctly to the HMRC who can also review tax payments dating back 6 years and claim back any over payments at the same period. Furthermore, our tax-back agent is based in the UK and can offer a free, no obligation initial consultation. Please click this link to complete a form for more information or for our partner to contact you.

 

Money saving tips for your new country

 

Source: TaxCredits.net

Source: TaxCredits.net

For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile

Need a change? A growing number of British citizens are looking outside of the UK for career and growth opportunities as well as somewhere to retire.

But before you start researching flight costs or deciding where to settle, take a step back and consider the financial implications of leaving the UK. Jetting off abroad without a solid financial plan could result in negative consequences, from failing to find somewhere to live to being unable to return home quickly in an emergency.

Furthermore, if you don’t plan ahead from the get-go, you could experience surprising financial complications upon returning to the UK.

With this in mind, here’s our advice on making the most of your move overseas:

Save before you leave – Never underestimate the need for sufficient savings – ideally 7-9 months’ worth of living expenses prior to your departure. The exact amount you will need though will obviously vary depending upon your job, lifestyle, family status and the current exchange rate, amongst other factors. You should also plan, not only for the costs of moving overseas, but for the costs of repatriation should it all go wrong. But what if you find yourself having to move abroad before reaching your savings target? We would recommend that at a minimum you should possess the funds to cover your housing costs including emergency health care and repatriation expenses.

Stick to your budget – Having a healthy savings account is obviously advisable but if you don’t have an accurate sense of the cost of living in your host country, you could spend it faster than anticipated.

Before your departure, identify the costs of housing, food, education, entertainment, transportation, utilities and insurance then create a monthly budget based upon your income and projected expenditures.

Research your banking options – Expats heading to countries with less developed financial systems should prepare to stigmatise any prospective banking offer. Verify whether your deposit will be guaranteed and by whom. If your new country’s government guarantees the accounts, consider the stability of that government. Should the guarantor be a private organisation, research the solidity and reputation of the organisation and confirm that private banks in your new country allows British citizens to open a bank account.

Set-up a bank account early – When possible, initiate the application process well in advance of your departure. Although you may find it difficult to open an account before arriving in your host country, identify and collect all the relevant documents that you require to get started. Delays in opening a bank account can cause unexpected financial stress and you may encounter difficulties finding housing, obtaining a credit card, mobile phone as well as cashing cheques.


Tax considerations – Moving overseas won’t help you escape from debt. Most countries require citizens to file tax returns and pay taxes when residing abroad, even if they also file a return in their home country. State taxes may also apply if you’re renting or selling your home while abroad so given the complexity of these issues, make sure you discuss your situation with a qualified advisor or accountant before you leave.

Are you hoping to retire abroad? – Never forget to save some extra funds for your twilight years. Those people with a pension should contribute to the plan while abroad. If company policy excludes expats, ask if the plan can be amended to allow expat participation.

The importance of maintaining a healthy credit score – Although you may be proud of your credit score when you leave the UK, should you live overseas for an extended period, that score could disappear, which may lead to trouble when you return home.

Many people decide to move home after a few years abroad, wanting to buy a new car or home but are surprised to find out they have no credit score and cannot buy until they re-establish their credit. Lucky for you, the solution is simple; remember to use a UK credit card a few times a year. For example, you could purchase a couple of books or DVDs from online retailers, and make sure you settle your debt on time; this will make sure your score is kept on track.

PSS International removals is a family run company and our desire is to ensure your family receive a friendly, professional and stress free overseas move. We have specialised in international removals for over 32 years, so whether you are planning on sending a full or part household removal, excess baggage or a vehicle we recognise the importance in ensuring that our customers receive the same level of care and attention that we would expect ourselves.

Contact us now for a free estimators survey, online moving and baggage quote.

 

 

How to choose an independent financial advisor

 

Ken Teegardin from Boulder, Boulder - Piggy Bank On Pennies https://commons.wikimedia.org/wiki/Category:Piggybanks#/media/File:Piggy_Bank_On_Pennies_(5915295831).jpg

Ken Teegardin from Boulder, Boulder – Piggy Bank On Pennies
https://commons.wikimedia.org/wiki/Category:Piggybanks#/media/File:Piggy_Bank_On_Pennies_(5915295831).jpg

For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile

If you are planning a move abroad then an independent financial adviser can help you get your finances in shape before you leave. But how do you go about choosing the right person and how exactly will they benefit you?

Firstly, an independent financial adviser will help you find the right financial products for your needs as well as consult with you regarding investment, pension, tax and estate planning advice. Most generally offer products from the whole market, not just from a few providers and they must charge you a fee rather than receive commission from a product provider.

Once you shortlist some options and arrange an initial meeting, ask about their fee structure and the service that you will receive up front.

Some IFAs specialise in one area such as mortgages or pensions. Be sure to check that they have at least a ‘Level 4’ qualification – the minimum qualification that industry regulator the ‘Financial Services Authority’ says all independent financial advisers in Britain must hold.

Chartered or certified advisers often have a ‘Level 6’ qualification although you will often pay more for advice from someone educated to this level. We would also advise to look for adviser’s certified to the Quality Standard or firms that hold a British Standard in Financial Planning. The globally recognised Certified Financial Planner qualification is also gaining wider acceptance as a sign of quality. Recruiting an adviser who is certified by the Institute of Financial Planning, qualified by the Chartered Insurance Institute and holds the International Standard will give you the peace of mind you need in terms of their abilities.

Many people often want help with their finances to attain or secure goals in other areas of their life. With this in mind, financial life planning recognises a link between money and the rest of your life and takes a holistic look at what you truly value, helping you identify your life goals and plan financially to achieve them.

If this type of consultancy also appeals to you then consider an independent financial adviser with significant financial life planning training and experience.

Another way of choosing the right independent financial adviser is to speak to your existing networks and contacts. Word of mouth recommendations can go a long way and could even result in you receiving a discount as well as finding someone locally.

Once your initial research is complete, arrange meetings with your shortlist of at least three independent financial advisers.

You need to feel confident asking questions if there’s anything you don’t understand so an initial meeting can help you see how happy you’d be working with that person. You should also compare fees from adviser to adviser to really gain an understanding of the value of those services along with the associated costs.

It’s worth bearing in mind that the Financial Services Authority removed commission from investment products from the beginning of 2013 although they are still available for some protection policies such as income protection and life assurance. Make sure that you consider the impact on-going fees may have on the value of your investment and don’t feel pressured into signing up for something that you feel even slightly uncomfortable with. And always remember that a good adviser always makes sure the product suits you and that you’re fully satisfied with their recommendations before committing.

Finding the right financial advisor and claiming back tax before you leave the UK can be very advantageous but completing a tax refund application can be a daunting task for anyone.

However if you update your details on your preferred move option and we will introduce you to our tax partner. We can happily refer you to one of our tax-back agents who will prepare and submit a claim on your behalf.

This will ensure that all of the information and evidence is provided correctly to HMRC who can also review tax payments dating back 6 years and claim back any over payments over the same period. Furthermore, our tax-back agent is based in the UK and can offer a free, no obligation initial consultation. Please click this link to complete a form for more information or if you would like our partner to contact you.

 

The importance of opening a bank account before moving overseas

"Froschmaul an Geldautomat, 1" by Aisano - Self-photographed. Licensed under CC BY-SA 3.0 via Wikimedia Commons - https://commons.wikimedia.org/wiki/File:Froschmaul_an_Geldautomat,_1.jpeg#/media/File:Froschmaul_an_Geldautomat,_1.jpeg

“Froschmaul an Geldautomat, 1” by Aisano – Self-photographed. Licensed under CC BY-SA 3.0 via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Froschmaul_an_Geldautomat,_1.jpeg#/media/File:Froschmaul_an_Geldautomat,_1.jpeg

For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile

While digital payments could help billions of people without access to banks, many moving overseas still require the benefits of a local bank and the convenience of a local branch.

If you are moving abroad, we would recommend opening a new overseas bank account before you leave the UK. Here’s why:

When you move overseas, it’s likely you’ll have an extensive ‘to do list’ to complete in order to settle into your new home. Provided you give sufficient notice, most banks abroad will be able to open an account for you fairly quickly. Having your account up and running as soon as you arrive in your new country means you can avoid wasting precious time queuing in banks and get on with enjoying your new life. However, bear in mind that every country has different rules and procedures that may catch you off-guard if you leave it until you arrive.

For example; If you are considering a move to the US , you will probably have to show a reference from your existing UK bank, proof of employment or letters from your place of study, copies of visas, two forms of ID as well as proof of address. In France, if you have changed your surname, you will have to provide the relevant paperwork and in Australia, your signature on the application form must appear exactly as it does on your passport.

Most banks will send your new cards and PIN numbers to you before you move but if left too late, they may be able to arrange for everything to be sent to your new local branch to be picked up when you get there.

If you don’t have bankcards for your overseas account that you can use as soon as you arrive, you’ll have to ensure you have enough money to be able to survive while you wait.  Some banks may also allow you to transfer your credit history from the UK to your new bank account – which could provide very useful when buying a new property abroad.

Depending on where you are emigrating to, if you don’t speak the local language, the task of opening a bank account can be a daunting one as there may not be any English-speaking advisers working at your local bank. This can make getting guidance on the best account to suit your needs difficult.

Finally, if you open an account before you leave, most banks will guide you through the account-opening process and explain any important differences in the way banking is run in your new country.

So what are you waiting for?

 At PSS International Removals, we work with some of the largest banks around the world as such we can arrange a personalised service for you with them. To open up a bank account or for more information on overseas banking, please complete this form.