Top 10 financial questions for would-be migrants

When considering living outside the UK, ask yourself the following questions, say migration finance experts Montfort International plc (www.miplc.co.uk).

1. Should I sell or rent out my UK home?
2. Shares – Do I sell? Do I buy more and if so when?
3. Offshore Investment? Will it work for me?
4. Pension Funding - When do I stop contributing or when do I put more in?
5. Do I transfer my Pension Fund and if so, when and to what?
6. Can I control the foreign exchange rate I get on the money I transfer and if so how?
7. What happens if I don’t like my new land and decide to come back?
8. Should I have a UK Income Protection policy or a local one?
9. UK State Pension? What do I do?
10. Life Policies. Should I cancel them before I go – what do I do?

Whatever your financial intentions, seeking guidance early from the qualified advisers at Montfort International (info@miplc.co.uk or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable life abroad.

Australia wants more immigrants

On 30th July 2008 Andrew Metcalfe, Secretary, Department of Immigration and Citizenship told the Australian Government Policy Evolution Conference at Canberra that in the last financial year (1/7/2007 – 30/6/2008) over 158,000 migrant visas were granted including 110,000 visas for temporary skilled work. Citizenship was granted to nearly 170,000 people.
His Department wants the migration program to supply skilled labour so that economic growth can continue within “a longer term framework for migration in the context of future labour market and demographic needs”.
The Migration Program for the current year (July 08- June 09) increases to 190,000 places, which makes it the largest program ever. The skilled migration component will make up 133,500 places, the largest ever and a 30 per cent increase on last year's program. The family stream will also grow by 6,500 places to total 56,500 places.
If your intention is to take advantage of the increasing number of opportunities to migrate to Australia, seek advice early from the qualified visa and financial experts at Montfort International http://www.miplc.co.uk/integrated_visa_financial_advice.html (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571).

Top up your pension before you go,go (Downunder)

If you are considering migration to Australia you have probably wondered whether you should transfer your pensions overseas, but what you might not have considered is whether you should top up your pensions whilst still earning a UK salary. Higher rate tax payers will receive 40% tax relief on their contributions in the UK and if you subsequently transfer the plan to an Australia superannuation fund, you will be able to access the funds 100% tax free from the age of 60. This represents an effective return of 66% on your investment in addition to any growth in your fund in the meantime!
This may sound too good to be true, but seeking advice early from migration finance experts Montfort International plc (www.miplc.co.uk) before you finalise your migration plans can help you to maximise your finances ‘Down-under’.
There is no similar incentive to invest after tax income into Superannuation in Australia; which is why it is recommended you consider your Retirement Provision before you start packing any bags. Although there is no cap on contributions to UK pensions, there is a limit to the amount on which you receive tax relief (the higher of £3,600 or 100% of earnings to a maximum of £235,000).
Whilst it makes sense to add to your pensions before you migrate, some people will be more interested in getting their money out. If you transfer your UK pension funds overseas, in certain circumstances it is possible to access 100% of your funds as a lump sum after being non-UK resident for 5 consecutive UK tax years.
Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International (info@miplc.co.uk, call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement ‘Down-under’.