Specialist finance advice 'crucial' for expats

People planning to make an international money transfer to a foreign country should ensure they receive expert financial advice first, it has been claimed.

Expatriate website Shelter Offshore has pointed out that people need to be aware of a variety of financial issues that are distinct to people making an international payment and therefore seeking out professionals to help with the move is vital.

"When you move abroad your taxation status changes and this has a significant and far-reaching impact on every single area of your financial affairs," the website explains.

As well as tax issues, it is also advisable to receive more information on foreign exchange rates so that people making a move are fully aware of their financial state, particularly if they still have money tied up in the UK.

A recent survey by NatWest International personal banking has suggested that people making a foreign money transfer to New Zealand are the most satisfied expatriates.

The research found the quality of life and general happiness of British expats living in New Zealand to be higher on average than those living in other parts of the world.

By Paul Jarvis