When looking to move abroad permanently in a time of recession there are a number of factors that are worth considering; more so than usual. Whether you’re considering moving due to the pessimistic state of the economy, or simply for a change of lifestyle, it is essential that you cover all your bases to make your move as easy as possible, and to be ready for any unexpected events.

Many people fail to prepare adequately when moving abroad, however, now more than ever, it is worth planning well in advance for the biggest challenge of your life. The outlook for Britain isn’t looking that great right now, and there is perhaps no better time to pack up and move to those countries with a brighter outlook for the future. Below you will find some of the most important considerations necessary to take into account when making that big step.

The greatest factor to your relocation is, of course, exactly where you will be relocating to. If you’re contemplating retiring abroad and are looking to cash in your assets and exchange your pounds then there are certain places that are economically more beneficial than others. Noticeably, the pound has plummeted against the Euro in recent years, which pretty much rules out anywhere in Europe, especially for those on fixed interest pensions. This means that like many expats you’re looking at moving to countries like Australia and Canada. However, there are certain countries, such as Belize and Malaysia that offer retired persons’ incentive programmes, enabling you to live tax-free subject to meeting certain criteria.

If you’re looking to move abroad and continue working, you’ll be glad to know that it is cheaper to live almost anywhere abroad right now, so long as you’re earning the local currency. It’s always best to make sure that you have a job lined up before moving, and also to make certain that you have the necessary skills and/or other contingencies in place should any unforeseen problems arise.

If you’re contemplating moving abroad for a short period to make the most of the cheap pound, then it is obviously attractive to relocate to emerging destinations like Tunisia and Brazil, for example; where the cost of living is far lower than in the UK. However, it is worth remembering that there are places in Europe such as Spain, where the cost of living relative to local income is equally as beneficial. An additional upside to staying in Europe is that you’re not too far away from home, should you want to come back to visit friends and family.

In times of recession it’s worth ensuring that you tie up your finances as early as possible. This will ensure that you make the most of your money and avoid any unnecessary taxes and/or penalties. Also, be certain to make the most of the benefits you’re entitled to. For example, if you move to somewhere within the European Economic Area whilst continuing to work for a UK-registered company then you’re still entitled to both maternity and sick pay. If you have already retired prior to emigrating, then your pension can continue to be paid into a UK bank account, and you can even continue to claim certain benefits such as winter fuel allowances.

Whilst it is important to make the most of the opportunities available to you in a recession, you should also ensure that you are ready for all the necessary costs that a move abroad can incur, such as visas, private healthcare, flights and transportation costs. This is where some of the more simple details can come into play; such as booking flights in advance to get the cheapest deals, and searching around for other ways to really get the most from your money.

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