In the UK Guardian, Chris Alden warns Don’t let your expat dream be a financial nightmare.

A survey has revealed that 87% of those who made the big move believe they’re better off, but are they right?  Mike Hardaker, co-founder of expat website AngloInfo says that moving abroad can be rewarding – if you keep your eyes open and have the “cultural humility” to ask stupid questions.

It is of interest that the AngloInfo Home Page currently lists only countries where UK State Pensions are not frozen.  UK Frozen State Pensions are still the rule for those who go to any of the Commonwealth countries. In other words, the UK pension is fixed at the rate that applied at the date of emigration and is not indexed with inflation as it would be for most countries covered by AngloInfo.  Particularly for young seniors contemplating emigration, that can be a big financial penalty.

The article advises that Expat Brits should learn to manage their money like the locals.  With that in mind, here are 10 other pitfalls to avoid. More details can be found in the Guardian article.

1. Currency swings – weak pound has been the biggest problem
2. Unexpected taxes – other countries may have additional taxes
3. Lost UK perks – check what still applies and what is lost
4. Homebuying costs – watch for legal complications
5. Health cover – may be more costly in other countries
6. Inheritance planning – avoid double taxation and watch succession rules
7. Internet – or lack of it
8. Changing luxuries – costs differ in different countries
9. Used cars – not so many choices in other countries
10. Remember relatives – and budget to get to see them

Other Useful References

• Leaving the UK – A Financial Checklist – now somewhat dated but many tips
• Financial Action Checklist for British Expatriates
• Mapping Your Path to Financial Success Abroad

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• Understanding How Government Protects You (abcnews.go.com)

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