If you're planning an international move with your business, there is a lot to think about on the business side, but have you considered your personal financial position too? UBS Wealth Management offer their advice on what to consider.
Life doesn’t stand still. And if you’re a driven, active person, you’re probably on the move too. You may even move to an entirely different country. As you adapt and change, your money should adapt and change with you. When you’re packing up your life, there’s no shortage of concerns. As ever, planning is the key to staying calm and in control.
Questions to ask yourself
When you’re planning a big move, it’s a good idea to start early. But there’s a lot to consider. Start by asking yourself these three questions:
What does this move mean for my finances?
People move abroad for all kinds of reasons. Are you moving for love? Moving to be near family? Or moving to be closer to your growing business? Either way, there are sure to be financial implications for each as you pick up your life and take it with you across the globe.
One of the first things you could do is to get in touch with a personal wealth manager who will support you in your planning. Doing so as soon as you decide upon your move ensures you will have access to the assets you need when you need them.
What details should I consider?
When you’re moving, chances are packing up your home is the first thing that crosses your mind. Have you thought about your investments? Your taxes? There’s a lot more to think about than what’s in your cardboard boxes.
Some examples of different areas of finance you can plan for include:
Am I minimizing stress?
Relocation is one of the most stressful life changes you can make. But property assets and tax liabilities shouldn’t be adding to your worries. So focus on the things within your control and let a professional help with the rest.
UBS have a network of more than 170 wealth planners worldwide, offering an international approach to investment advice.
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