Coming Home After Working Abroad

Coming home after living abroad requires preparation

Jetting off overseas to live and work is such an exciting experience that, for most people, the process of returning home will be the last thing on their mind.

However, it is also true that a large proportion of people spending a sustained period of time in a foreign country will not be relocating permanently. So when you are approaching the end of your overseas adventure, what do you have to consider as part of the repatriation process?

Selling property

If your time spent overseas involved the purchase of a home, the chances are you will want to sell the property before returning to Britain. It is also likely that you will want to complete the transaction as quickly and easily as possible to ensure there are no loose ends when you come back to the UK.

Your chances of selling a property will increase if you take a practical, common-sense approach to the process. Make sure any improvements or DIY projects you have undertaken are completed and ensure that everything is clean and presentable when people come for viewings.

It can also help to clear as much clutter and furniture as possible to increase the sense of space and to remove any items that are very personal to you, so prospective buyers see the home as a blank canvas.

According to Shelter Offshore, another good tactic is to sell the lifestyle associated with the destination as much as the property. Use your personal experience to tell would-be investors about the sort of life they could be buying into.

Repatriating money

Having spent a sustained period of time living and working in a foreign country, you will probably need to consider sending money back to the UK in preparation for your return.

Any funds saved in a foreign account will have to be moved to a British bank so you can easily access them at home, as will any proceeds from the sale of a home.

One of the best ways of completing these tasks is by using an overseas money transfer service, which provides advantages including exchange rates that often beat those offered by banks, same-day international payments and the option to both send and receive funds in various currencies.

These facilities are available in numerous countries, from British expat hotspots in Europe like France and Spain to more distant nations including Australia, South Africa and Canada.

Credit history

One of the issues you will have to consider upon your return to the UK, particularly if you want to buy a home, is your credit history.

Your record with regards to financial affairs in Britain will be effectively non-existent if you have spent years living abroad, so it is important to start rebuilding it as soon as possible.

The first essential is a bank account. It may be that you kept a UK account open during your time overseas, but if not you could start one with a major international bank that has a UK presence, such as HSBC, Barclays or NatWest, before returning.

You will also have to re-establish yourself on the electoral register, as this is the first place any potential lender will look to confirm your identity. In its guide to repatriation, Shelter Offshore also recommends signing up to a mobile phone contract or getting a credit card as ways of building your credit history.

Tax

Granted, it’s not the most exciting or heart-warming topic to be thinking about as part of a life change, but tax is unfortunately a key issue you will have to address during the repatriation process.

Inform HM Revenue & Customs that you will be coming back to the UK, so you can find out about your tax liability on your return. You might also want to get in touch with the Department for Work and Pensions to clarify arrangements regarding your pension and any benefits you may be entitled to.

Another important step is to contact the relevant authority in the foreign country you are living in to check details of any tax you might owe before you leave. Tying up all loose ends will mean you can return to the UK with complete peace of mind.