Emigrating from the UK has become a popular trend with modern Britons. The Alliance of International Property Owners estimates that around 1.5 million UK residents own property in other parts of the world, and this number grows by at least 30,000 people every year.
There are many reasons why Britons gravitate towards the concept of emigrating abroad. Some aim to relocate overseas for a preferred climate or a new work opportunity, others invest in holiday properties to expand their asset portfolios. Others still purchase investment or rental properties that will continue to supplement their income streams over time.
Regardless of your motivations for emigrating abroad, there are several key factors to consider before you invest in property overseas. In this guide, we will delve into the most popular immigration destinations for Britons, key considerations for looking for properties abroad, additional costs to be aware of, and how to seek expert transactional advice.
Popular immigration locations for UK emigrants
The ideal destination for emigrating from the UK will depend on your individual needs and the needs of your family. However, those who seek out information on how to move abroad seem to favour a few countries in particular.
Popular property platform, A Place in the Sun, notes that Spain is Britain’s favourite nation for emigrating abroad, followed closely by Portugal, France, Greece and Cyprus. Turkey, Italy, Bulgaria, the United States, and Malta complete the list of top ten locations for emigrants from the UK.
Key considerations when looking for a property abroad
There are many considerations to make when learning how to move to another country, especially if you plan on investing in property there. Follow these tips for best results:
- Research and adhere to local regulations on purchasing and renting properties.
- Insist on physical receipt for all deposits and sums paid, and request written confirmation of all agreements mentioned during your property negotiations.
- Ensure that the property developer or seller owns the title deed to the property before making any transactions.
- Check that the deeds to your purchase property have not been provided as collateral for any financial loans.
- Ensure that the seller does not have any outstanding tax burdens or utility bills that you may become liable for once the property is transferred into your name.
- Check that all utilities, including water, electricity and gas supply, and sewage systems are connected and in proper working order.
- If utilities have not been connected yet, assess if the developer or seller has outstanding pledges to utility providers to bring power, water, and sewage systems onto the property.
- Speak to local property owners around your purchase property to establish knowledge of any relevant issues and features.
- Consider drafting a will in the foreign countries in which you own property to ensure that anyone who stands to inherit your assets can do so lawfully.
When purchasing property and emigrating abroad, it’s essential to be aware of the additional costs attached to buying properties and land overseas. These can include:
- Financial advisor fees
- Chartered surveyor fees
- Mortgage fees
- Opening fees
- Arrangement fees
- Administrative fees
- International bank transfer fees
Additionally, you may need to front extra expenses for bankers’ draft fees, the fees involved with arranging power of attorney if needed, and insurance, shipping, and upgrade costs. Legal fees for drafting your will, connection fees to utility systems and translation fees may be required too.
Foreign properties also carry ongoing expenses such as refuse collection and maintenance costs, income tax, annual property taxes, and in some cases, community, and estate fees.
Seeking advice for your overseas property transaction
There are myriad considerations to make when emigrating from the UK, and foreign exchange rates play a significant role in emigrating abroad. Seeking expert advice helps to ensure that you benefit when the market turns in your favour, while minimising risks during unfavourable fluctuations.
Speak to a NewbridgeFX specialist to ensure that you secure a favourable exchange rate for your overseas property transaction, along with excellent service and advice. Our experts can ensure that your money works optimally for you by using rate alerts, market orders, and other first-class tools to secure leading exchange rates.