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Repatriation
Returning home is an exciting time for many, but it also involves a deal of organisation, forward planning, and important financial decisions.
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Making sure your financial affairs are in order may seem like a done deal, but facing unexpected tax liabilities or losing out financially when selling investments quickly can easily erode the wealth you’ve worked hard to accumulate.
Things to consider when returning home
Offshore investments and insurance
You’ll need to decide whether to keep or sell your offshore investments to mitigate taxation. You’ll also need expert guidance on whether tax reliefs will apply to your offshore investments, and whether current insurance plans will suit your situation back home.
Financing your new assets
As you’ll have been away for some time, your credit rating may be lower. This will impact things like getting a mortgage. Speaking to specialist lenders who understand your position as a returning expat will help. Now’s the time to review your home loan, interest rates and current mortgage provider.
Finding support on the ground
A Chartered Accountant will provide clarity on your domicile status, making sure you’re not liable for overseas income while you were living overseas.
If you’re planning on moving currencies around, a foreign exchange provider is best placed to help you get your funds moving in the most efficient way.
We appreciate too that you may have mixed feelings about your return and will always treat you and your family affairs with sensitivity and respect. Our aim is to help you return home feeling confident and in control of your finances.
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Also, if you’re returning to the UK the St. James’s Place Partnership is available to you to continue receiving financial advice from an adviser who already knows your personal financial situation. Find out more about our UK expat services, including repatriation, here.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
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The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.
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Your home may be repossessed if you do not keep up repayments on your mortgage.