AES issues overseas Brit warning
An estimated 78,000 Brits leave the UK to work overseas every year, but many were said to be risking their financial futures by not taking necessary precautions.
AES International listed the five key precautions British expatriates should take which included contacting their mortgage providers should they choose to let out their homes.
Sam Instone, chief executive of AES International, said: “We sadly see many cases where people have moved overseas and who have seen their earnings significantly improve, but who have been caught out by UK taxes, local laws or by the sales tactics of unscrupulous offshore salesmen.
“Clearly taking professional financial advice in this situation is highly recommended, but failing that, there are some simple steps people can take before they move which could really make a difference financially.”
Other steps expatriates were told to take included letting HM Revenue & Customs know they are leaving, understanding how pension options works and updating their insurance as policies, which may or may not be valid abroad.