Repatriating back to your home country after a lengthy spell living and working abroad can be as daunting as moving away. The financial issues are just as complex too!
Make sure that you don't get caught out by some of the financial pitfalls and prepare with my 5 step plan.
Financial Advisors aren't mind readers! Before any pending move it is vital that you contact your Financial Advisor to discuss any possible implications and decide on how you are going to keep in contact after leaving. Try to do this as early as possible.
If you have lost contact with your advisor, don't panic! I can help
Repatriating is expensive! Most companies offer fantastic packages to encourage staff to relocate abroad, these can include medical insurance, life insurance, a relocation package, hardship allowance, eduction fees and accomodation costs. The majority don't offer the same benefits when a contract expires or is terminated and someone is repatriating. I always suggest that my clients have a transition fund that is liquid to ease them into their new lives back home.
Regular Savings Plans, Lump Sum Investments, QROPS (Qualifying Recognised Overseas Pension Scheme) and SIPP (Self-Invested Personal Pension) may have tax implications when returning home to your country of origin. It is vital to get advice on the structure of these investments from your Financial Advisor and then seek independent tax advice to avoid any unnecessary suprisese.
With larger disposable incomes, expatriates can build up substantial amounts of money that may need converting to their local currency. Banks don't offer the most competitive exchange rates and there are currency brokers that may save you a lot of money on the Foreign-Exchange Rate. Contact me and I will put you intouch with several reputable regulated FX brokers.
Current Finances In Your Host Country
Make sure that you pay off all debts and close any unnecessary accounts. Some expats neglect to do this but remember that you may want to return for work in the future or visit friends.