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Major life events

Three important things to consider before relocating back to the UK

April 17th, 2024.

Transitioning from expat life is a significant undertaking. Whether it’s because of changing circumstances or simply a desire to return to the UK after years abroad, the decision needs careful thought – especially when it comes to the financial implications.

Effective planning is essential when relocating. If time is on your side, 12 to 18 months of preparation will allow you to effectively manage your finances. However, we recognise that such a timeframe isn’t always possible. Having a private bank and wealth planner to guide you through the process and highlight important steps before your big move will help you make a seamless transition on your return to the UK.

The top 3 factors for international clients moving back to the UK are:

1. Banking considerations

Opening a UK bank account is often a priority. While many banks require a UK address, private banks like Nedbank Private Wealth can offer flexibility. As an international client, you can set up an account with us and hold your money in multiple currencies, including UAE Dirhams, Hong Kong Dollars, Japanese Yen, and Singapore Dollars.

Beyond banking, think about the broader services you’ll need. For example, wealth planning, borrowing, and investment services may also play an important role. Our team can tailor solutions to meet your requirements.

2. Tax implications

The date of your residency in the UK matters as it can impact your tax obligations. We recommend contacting a tax adviser to plan ahead and make the most of your tax position.

3. International mobility

Consider whether you still want to be internationally mobile. Some UK nationals returning home may have plans to leave again in the future. Others may bring family members who don’t consider the UK their permanent home. Deciding whether you wish to be internationally mobile in advance will enable you to consider the pros and cons of both your tax residency and finances.

As you can see, moving back to the UK involves more than just packing bags. It’s about planning for, and securing, your financial future. We work with our clients to navigate these complexities. For more information, contact our Client Services team directly on +44(0)1624 645000.