In a recent interview with some prominent media outlets such as Apple News, Fox, Market Watch and the Digital Journal, our co-founders Hamzah Shalchi and Elliott Parkhouse share their top financial tips for British citizens (or those with ties to the UK) on expatriation (moving overseas) and repatriation (moving back to the UK)
Read the full article below for their top insights:
Moving Back To The UK and Vice-Versa: Top Advice for British Expats in the US from Financial Advisers
Relocating internationally is not as easy as migratory birds moving when the season changes. Despite this, with a thirst for travel or better opportunities, British Expats can be found all over the world, especially in the United States. These enormous moves cannot be made without a vast array of necessary arrangements, including taxes, visas, and bank accounts to name a few but there are many considerations when moving to another country.
Why are British nationals leaving the UK for the US?
According to the MoveHub 2016 Global Migration Report, the United States is the second most popular destination for British nationals. However, it is difficult to obtain US citizenship or even a US visa; several complex needs and qualifications must be considered. But for many Brits, the effort is well worth it as many find there are far greater opportunities in America than in the UK.
Similarly, there are British Expats who, despite the better opportunities in the US, still want to return to the UK for good. It is not as easy as saying, “I want to go back to my motherland,” however. Like migrating to the US, there are also complicated issues with repatriating such as resolving payment of taxes, especially if you are a British Expat with a 401K, IRA, or a UK pension. Repatriating British Expats who plan to buy a property in the UK will face a challenging deal because they will be treated like foreign citizens. Owning a property in the UK, according to some experts, is a long and tedious process that can take as long as 12 months to process because of arduous requirements, harsh lending rules, and hefty stamp duty woes.
Financial Advisers are needed
This is where financial advisers come into play. In order to avoid any significant tax or economic issues, experts suggest consulting dual qualified, US/UK experienced financial advisers before repatriating back to the UK or for those looking to expatriate (move to America). British Expats now living in the US and UK say not all financial advisers are trained or even authorised to work on the UK or international pensions and financial products, so finding an adviser with the right credentials is prudent.
According to Headway Wealth Managing Director, Elliott Parkhouse, it is best to pursue financial advice 6 months or a year in advance if British Expats want to move their assets quickly and without issue. He suggests planning well in advance to avoid any tax issues in both jurisdictions (US and UK). They should also consider what to do with their US assets and pensions when they leave the US and return to the UK, or vice versa.
Finding experts to assist you is no simple feat. Parkhouse advises clients to seek the services of a financial adviser who is qualified to provide financial advice in both countries.
“Financial planning can be complicated, and not everyone is qualified or licensed to provide financial advice to British expatriates or repatriates,” says Parkhouse.
What does Headway Wealth do?
Experience is still the best teacher; that’s why Headway Wealth takes pride in giving an assured service to clients with their qualified team of independent financial advisers who were British Expats themselves and have experience in all aspects of financial planning from both the UK and abroad.
The company’s founders, Hamzah Shalchi and Elliott Parkhouse as well as all of their financial advisers, boast over 50 years of combined experience working in international finance and wealth management in the UK and abroad. Shalchi has stated that in all his experience only Headway Wealth motivates him so fully because they provide the tailored, quality advice that people deserve without the high entry barriers that many private banks and wealth management firms impose. There were numerous positive client reviews about Headway Wealth, confirming what Shalchi said: they tailor their services to their clients’ needs.
Headway assists Business Expats in making investment decisions by developing a strategy tailored to their specific situation. They speak directly with pension providers to give better options for their clients and assist with retirement planning and all aspects of financial planning. They also help with clients’ UK mortgage needs, provide insurance solutions, as well as the best ways for managing Expats’ taxes, so all relevant tax breaks can be sought.
Headway, as its name suggests, refers to “making progress” or “getting closer to something,” and it serves as the road map to their approach. They want their British expatriate clients to understand that their financial advisers are highly skilled and motivated professionals who are there to help them move closer to reaching their financial and personal goals. Given that each British Expat has unique circumstances, that means different things to various people. Because they’re an independent financial advisory firm, Headway Wealth is not the company that would impose anything that was advantageous to them. They reassure their clients that their sole objective is to put the interests of their British Expat clients first above anything else.
ARE YOU LOOKING FOR EXPAT/REPAT FINANCIAL ADVICE?
We offer a free initial consultation with one of our financial advisers. Contact us today to learn more.
Capital at risk. Headway Wealth are not tax advisers, and that advice should be sought from a taxation specialist.