Expats need financial advice

People who are preparing to buy property overseas have been advised to get expert advice about their finances.

ShelterOffshore.com said it would be prudent for prospective expatriates to make sure they are familiar with how living abroad will affect financial matters such as tax payments and pensions.

The website stated that if people are concerned or unsure about any of these issues, they should consult a professional.

This was said to be particularly important for older people who have decided to spend their retirement years overseas.

ShelterOffshore.com said that since they will not be working in their new home, they need to actively demonstrate to the Inland Revenue that they are now permanent residents of another country.

The website commented: "You have to ensure you cut tax ties properly when you retire abroad otherwise you could end up in all sorts of trouble."

A recent poll of expatriates by NatWest revealed that the vast majority believe they are financially better off now that they live abroad.