Relocating to the Middle East
Leaving the UK to move to the Middle East, whether for work or retirement, represents a significant step. Much can be anticipated not least the opportunity to experience life in a new country with a different culture. This kind of decision is rarely taken lightly.
Finances generally dictate many moves overseas. Therefore, planning ahead is prudent, as much as 18 months before moving, to ensure you move tax efficiently. For instance, one of the bigger decisions to make is what to do with a UK property.
You have two choices with regards to UK property, to sell or to rent. Selling can free-up much needed capital. Renting, on the other hand, could provide an income and the option of returning to the UK in the future. If you choose to rent, you can enter the Non-Resident Landlord Scheme, to ensure any rent is not subject to UK tax.
You also need to leave the UK tax system properly, ensuring that you claim all the income tax refunds you are entitled to. Our expert tax team can assess your position for the full tax year of your departure to identify relevant UK allowances.
Moving overseas also offers the opportunity to evaluate your investments notably whether or not to transfer funds offshore to take advantage of your expatriate status. Your pension arrangements and/or entitlement and investment portfolio may also need to be considered, which we can help with.
The Fry Group has been helping Britons move overseas for nearly 140 years. If you have moved or are moving to the Middle East from the UK we can help Please get in touch.