English speaking expats in Russia go through their personal experiences of moving, living and working in Russia and highlight the importance of finding similar groups of people and of integrating with the local culture. Don’t forget to get your free financial appraisal specifically for expats by calling +44 (0) 20 3364 5016 or emailing enquiries@prycewarner.com
Over the last couple of years, expat pensioners in Europe have seen their pensions dwindle as the value of the pound plummets against other major currencies. They have also been hit by the increasing bank charges to service their income. David Retikin of Pryce Warner International mentions, “ its astounding just how little planning retired expats do to protect themselves against currency fluctuations. Qualifying Recognised Overseas Pension Scheme, or QROPS to quote its popular name protects expats by reducing real value fluctuations and the scheme attracts lower tax liabilities . . . its’s a simple yet very effective initiative”.
People are individuals with different aspirations and attitudes. Whatever your future plans are, the salient point for the majority of us is to enjoy financial security and have a regular income later on in life. Overseas pensions such as QROPS and prudent offshore investments can make a great difference to the overall value of your nest egg. With the number of financial products available the most important decisions is deciding whom to entrust and guide you in the right direction. Pryce Warner has many years of experience and matches products to individual requirements and circumstances affording you security, flexibility and peace of mind for the future.
Free QROPS guide;-
With the excitement of a new life as an expat, a new country and possibly a new culture, and the distinct possibility that the departure date arrives sooner than expected, it’s incredibly easy to forget some small but vitally important jobs. Expats, you need to get sorted! And sorting your jobs into categories will make the whole process much easier.
Organise your finances before departing! You may leave your UK bank accounts open for a while. This helps to preserve your recognition by UK financial institutions and safeguard your credit rating. Cancel standing orders so they are not coming out of your account once you leave. Direct debits are best cancelled around 6 weeks prior to your departure. The main ones are; telephone, satellite television, internet connection, electricity and gas, but there may well be others – check your statements! If the arrival of statements at your old address is your worry then now is the time to switch to online banking and online statements. It will be easier to keep track of transactions from your new home. Sort out any outstanding debts, as no matter where you go you can be found. Should you choose to cancel your credit cards, be sure you obtain a full closing statement.
Inform Official Organisations. You are obliged to let official bodies know that you’re moving. Start with the following: the tax office, the National Insurance Contributions Service and your pension companies. You may be pleasantly surprised to learn that you may be eligible for a sizeable tax rebate. Additionally informing the DVLA of your move keeps their records will be up to date with your position and means you may receive part of the Road Fund Licence money should you sell your car and return the tax disks to them. Inform your doctor and dentist so they can arrange hand over files for you to take with you.
Keeping in Touch. Clearly, when you’re saying your farewells you need to collect all contact details of those closest to you. Try to put them all in one address book and keep it safe! Additionally you could put all the information on your laptop, a CD or a memory stick or in a file with the rest of your important paperwork.
A recently published report by Halifax International suggests that 50% of British expats have noticed a significant decrease in their disposable income since the beginning of 2008, despite this 63% believe that they are better off in their adopted countries rather than living back in the U.K. The fall in the value of the pound in relation to other currencies has been cited as a significant factor in the rise of overseas living costs along with general inflation with 88% seeing a rise in food expense. Expats with multi-currency investments can limit their risk and exposure to intra-currency fluctuations. Overseas property prices have been hit far less than in the U.K with 33% of expats saying the value of their property has little changed in the last year.
