Financial planning required before moving overseas

Thu, 14 Feb 2008

Anyone planning on moving abroad needs to do some financial research before they go, one expert believes.

Dave Isley, head of NatWest International Personal Banking, warned that would-be ex-pats need to make sure they will have enough money to live off, be it cash they have in saving accounts and investments or other forms of income .

He said: "You should be well researched to know that you're going to a place you can afford to live in, not just for a couple of years, but if you're taking a long-term view, you've got to be comfortable there for the rest of your life."

Mr Isley added that anyone who was planning on living abroad could benefit from moving their money offshore.

Doing so would offer them tax related benefits for money kept in savings accounts and other forms of investment, he concluded.

A recent study by NatWest found that 90 per cent of people who have moved abroad feel they are now financially better off.
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