For Married Couples: How to Be Money Smart when Changing Countries

Moving to a dreamy location abroad with your better half sounds very romantic. That doesn’t mean you can just trust that the financial side will work out like in a fairy tale, especially if both of you have independent revenue streams and significant assets in the United Kingdom. If you intend to take your married life on the road, you need to make sure that the money will continue to flow without too many losses along the way.

Here are some simple rules that will help you keep your finances in order and enjoy every moment of your stay in your new home country.

Master the Conversion Rate

It can be difficult to know what you are actually paying for things when all the prices are denominated in foreign currency. The first task is to change enough of your cash into local currency so you can pay your way forward, but you should get a fair rate. Try doing that in advance of your trip – you certainly don’t want to change money at the airport. Over time, you will learn the fluctuations of the rates and perhaps even find an exchange office that gives you a little more than the others. You will also get a better sense of the local prices and learn how they differ from what you are used to from back home.

Look for Favourable Tax Status

Income and property taxes can eat into your budget unless you take steps to keep them on a reasonable level. Every country has a different tax regime, and it’s absolutely imperative to learn the relevant parts of it that affect your situation. Ideally, you want to move to a country that has an agreement with Britain to avoid double taxation, but even if this is true you need to find out how to formally qualify. It’s also worth exploring whether your married status affords you any tax breaks, which is why you should always have an apostille marriage certificate at the ready. Other factors may come into play as well, so make sure to look into every possibility.

Maintain Access to British Assets

It’s quite common for couples who move abroad to keep property, savings, or other assets back at home, at least initially. Moving your entire financial portfolio is time consuming, expensive, and inherently risky so you should do it only when you decide to completely burn all bridges. Depending on the conditions in your new country, it can be financially prudent to move some of it early and qualify for local perks (i.e. investor visas, tax holidays, etc.). Still, as a general rule you should proceed slowly and only relocate your wealth when you are 100% certain that you are not putting it at risk or complicating its rapid liquidation in case of an emergency.

Ask for Help Before You Are In Trouble

Let’s be honest: things of this nature should always be done with professional help. The trick is to hire the right people and to do it before any problems materialise. You should hire top specialists with documented track records to handle specific tasks, while you still make all the decisions. A UK-based company can help you prepare all the documents and structure your finances, while local expertise is crucial for optimising your activities at the destination. A family relocation is a complex affair that requires a lot of planning, so it only makes sense to leave that part to people who know what they are doing. After all, you should be focusing on the romantic aspect of the trip.