Even if you are moving abroad permanently, you should keep a UK bank account open and hang onto at least one credit card, because in some countries it can be difficult to borrow before you have an established credit history.
It is also worth considering opening a local currency bank account in your country of residence and an offshore bank account in a well regulated offshore centre. The latter can provide tax breaks by paying interest gross, and may offer 24-hour internet banking, multi-currency facilities and mortgages.
Becoming an expatriate will also provide you with access to a range of new tax-efficient financial planning opportunities, from high interest bank accounts to offshore pensions and investment bonds. But these should be considered in conjunction with professional advice to ensure that you pay due attention to currency and taxation issues, and achieve an appropriate level of risk, diversification and flexibility.Last Updated
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The expatriate - leaving the UK
