We are constantly being told to ‘keep fit’ - here are a few secrets to your financial fitness:
Get motivated
Set yourself realistic goals and work out what you need to do to achieve them. Get a financial personal trainer (or Independent Financial Advisor – IFA) to whip you into shape. Use them to help you come up with an effective wealth and fitness program. Have a clear vision of what you are trying to achieve and make sure your game plan is always on track.
Get active
Take an active interest in your finances. Keep yourself informed. Book yourself in for a full financial health check. Regularly review your policies and investments. Make sure you know exactly what plans and policies you have and why you have them. The financial landscape is always changing…make sure your portfolio matches the market and your current plans.
Look after your health
There is nothing more important than your health. In order to earn the income you use to fuel your financial planning you need to be fit and well. Stay healthy and make sure you have planning in place to provide quality healthcare and financial security in the event of ill health.
Cut out bad habits
Just like health and fitness, a bit of discipline is necessary to get your money in tip top condition. Review your bank statements to ensure you aren’t wasting any money. Draw up a budget with an allowance for financial planning. Minimise and manage your debts. Make it a top priority to be debt-free.
Build strength and balance
Now that you’ve got the basics sorted, it’s time to make you financially stronger. Pump that financial iron! Gradually accumulate capital through regular saving. Balance your portfolio with investment in different asset classes and products with different levels and classes of risk.
Get yourself an IFA to help you achieve the maximum financial benefit for your finances, both now and into the future – the key is knowing what to do with your funds, and when. You may like to chat to the OGC Resource team about this – give them a call on 0207 898 0549.
Kim Brown
The Overseas Guides Company
http://www.emigrationguide.com/
Showing posts with label emigrating to australia. Show all posts
Showing posts with label emigrating to australia. Show all posts
Thursday, 3 March 2011
Thursday, 17 February 2011
Save yourself £1000's
Let’s face it, the whole thing hinges on this. You need to make sure you have all your financial matters tied up. It is the one thing you do not want to be sorting out at a distance.
Open a specialist currency trading facility
It’s important to set up an account with a currency company to transfer any monies to and from your relocation destination, rather than using your high street bank. Don’t wait until the last minute and be forced into taking poor rates – with time on your side you will have more opportunities to secure a better rate.
Currency exchange specialists will save you money by …
- Offering better-than-bank exchange rates – on a £100,000 exchange, a currency company can save you up to £4,000 by providing better rates compared to those offered by your high street bank.
- Giving you the option to fix a rate of exchange for a currency purchase in the future. This is helpful if you know when you are moving and expect sterling to worsen against the currency of the country you are moving to. Also, by fixing a rate, you can set a budget rather than worrying unnecessarily about currency fluctuations – you will know in advance exactly how much money you have available when you reach your new country.
- Reducing or possibly eliminating receiving fees imposed by overseas banks. Some fees can be as high as £500.
- Servicing your international transfers with no fees, charges or hidden costs on transfers over £3,000.
- Streamlining regular payments at better-than-bank exchange rates for transfers such as pension, savings or mortgage payments.
There are several currency specialists, but the one that stands head and shoulders above the rest is Smart Currency Exchange. Give them a call on 0808 163 0102, or to get a currency quotation, go to: www.smartcurrencyexchange.com/smartsquotation.htm. Smart also offers an exceptional free guide plus currency worksheets explaining everything you need to know about sending money overseas. Although the guide is for people buying overseas property, anyone interested in sending money overseas would find it useful.
Open a specialist currency trading facility
It’s important to set up an account with a currency company to transfer any monies to and from your relocation destination, rather than using your high street bank. Don’t wait until the last minute and be forced into taking poor rates – with time on your side you will have more opportunities to secure a better rate.
Currency exchange specialists will save you money by …
- Offering better-than-bank exchange rates – on a £100,000 exchange, a currency company can save you up to £4,000 by providing better rates compared to those offered by your high street bank.
- Giving you the option to fix a rate of exchange for a currency purchase in the future. This is helpful if you know when you are moving and expect sterling to worsen against the currency of the country you are moving to. Also, by fixing a rate, you can set a budget rather than worrying unnecessarily about currency fluctuations – you will know in advance exactly how much money you have available when you reach your new country.
- Reducing or possibly eliminating receiving fees imposed by overseas banks. Some fees can be as high as £500.
- Servicing your international transfers with no fees, charges or hidden costs on transfers over £3,000.
- Streamlining regular payments at better-than-bank exchange rates for transfers such as pension, savings or mortgage payments.
There are several currency specialists, but the one that stands head and shoulders above the rest is Smart Currency Exchange. Give them a call on 0808 163 0102, or to get a currency quotation, go to: www.smartcurrencyexchange.com/smartsquotation.htm. Smart also offers an exceptional free guide plus currency worksheets explaining everything you need to know about sending money overseas. Although the guide is for people buying overseas property, anyone interested in sending money overseas would find it useful.
Kim Brown
The Overseas Guides Company
Visit my website at: http://www.emigrationguide.com/
Wednesday, 26 January 2011
Non-res status: how do you achieve this? Part 1
You would think that once you have left the shores of the UK and emigrated you would have cut the ties that bind…especially those pesky tax ties! Unfortunately it’s not that easy.
In the past, providing you were in the UK for a certain length of time only, you were no longer considered a resident. Your absence and employment from the UK had to cover a complete tax year (that is 6 April to 5 April), you had to spend less than 183 days in the UK during the tax year and your visits to the UK should not average 91 days or more a tax year over a maximum of four years.
But things have changed and HM Tax and Revenue Services are becoming far more demanding – and watchful.
Just moving overseas won't be enough to establish that you've got a new domicile. Essentially you need to show that you've severed your UK ties totally and that you are living overseas on a permanent basis. There's a burden of proof and it is not something that is easy to convince the tax man of.
So…how do you make sure that you qualify for non-resident status? A suggested checklist of what you need to do: let’s start with
Property in the UK:
-Sell your UK property or let it out for at least 12 months - do not leave it unoccupied
-If you are letting the property, ask a UK agent to deal with the property on your behalf
-Pay all property bills before you depart the UK
-Notify your house insurers that you are emigrating and adjust the insurance accordingly
-Notify your mortgage lender that you are emigrating
-Notify your local council that you no longer reside at the property
Business matters in the UK:
-Consider resigning from any UK company directorships or company secretarial positions
-Consider disposing of your UK business interests altogether
Other UK matters:
-Notify your UK doctor and dentist that you have left the UK
-Cancel your UK sporting and social club memberships
-You would be wise to appoint an attorney in the UK who is empowered to deal with your UK affairs
I am going to continue with a few suggestions next week on matters relating to taxes and finance…and more.
In the past, providing you were in the UK for a certain length of time only, you were no longer considered a resident. Your absence and employment from the UK had to cover a complete tax year (that is 6 April to 5 April), you had to spend less than 183 days in the UK during the tax year and your visits to the UK should not average 91 days or more a tax year over a maximum of four years.
But things have changed and HM Tax and Revenue Services are becoming far more demanding – and watchful.
Just moving overseas won't be enough to establish that you've got a new domicile. Essentially you need to show that you've severed your UK ties totally and that you are living overseas on a permanent basis. There's a burden of proof and it is not something that is easy to convince the tax man of.
So…how do you make sure that you qualify for non-resident status? A suggested checklist of what you need to do: let’s start with
Property in the UK:
-Sell your UK property or let it out for at least 12 months - do not leave it unoccupied
-If you are letting the property, ask a UK agent to deal with the property on your behalf
-Pay all property bills before you depart the UK
-Notify your house insurers that you are emigrating and adjust the insurance accordingly
-Notify your mortgage lender that you are emigrating
-Notify your local council that you no longer reside at the property
Business matters in the UK:
-Consider resigning from any UK company directorships or company secretarial positions
-Consider disposing of your UK business interests altogether
Other UK matters:
-Notify your UK doctor and dentist that you have left the UK
-Cancel your UK sporting and social club memberships
-You would be wise to appoint an attorney in the UK who is empowered to deal with your UK affairs
I am going to continue with a few suggestions next week on matters relating to taxes and finance…and more.
Kim Brown
The Overseas Guides Company
Visit my website at: http://www.emigrationguide.com/
Thursday, 2 December 2010
Emigration: Healthcare Part 2: Non-EU countries
Just to round off our discussion of medical care around the world if you should chose to move abroad:
USA
Unlike other developed countries, the US does not have a universal system of healthcare coverage - it is up to individuals to obtain health insurance. What that means to you as a new arrival or a part-time visitor/tourist is that it is absolutely essential to have medical insurance when in the USA.
American residents with a green card aged 65 or over can sign up for the government-run Medicare scheme, and low-income parents, children, pregnant women and people with certain disabilities are eligible for the government-administered Medicaid programme. The US government also runs the State Children's Health Insurance Program (S-Chip), which provides coverage to children whose parents are on modest incomes, but not poor enough to qualify for Medicaid. Military veterans are also provided healthcare by a government-run scheme.
Australia
Medicare Health Care System was introduced in Australia in 1984. Medicare facilitates access to all eligible Australian residents for free or low-cost medical, optometric and public hospital care, while leaving them free to choose private health services should they so desire.
Individuals’ financial contributions to the public health care system are based on their income and are made through a taxation levy known as the Medicare levy. People admitted to public hospitals as Medicare patients receive treatment by doctors and specialists nominated by the hospital. They are not charged for care and treatment or after-care by the treating doctor. Private paying patients in public or private hospitals on the other hand can choose their own doctor.
Medicare pays 75 per cent of the Medicare schedule fee for services and procedures provided by the treating doctor. For patients who have private health insurance, some or all of the outstanding balance may be covered. Medicare Australia also pays pharmaceutical benefits under the Pharmaceutical Benefits Scheme, which subsidises an agreed list of prescription drugs. For both medical and pharmaceutical services, safety net arrangements exist to make sure patients who need a high level of treatment or medication during a financial year do not incur significant out-of-pocket expenses. Out-of-pocket costs are the difference between the Medicare benefit and what the patient is actually charged.
The Australian Government has signed reciprocal health care agreements with the governments of the United Kingdom, the Republic of Ireland, Finland, Italy, Malta, the Netherlands, Norway, New Zealand and Sweden. Visitors from these countries are eligible for Medicare assistance for medically necessary treatment only. If hospital treatment is required, such visitors are eligible for treatment only as Medicare patients and not as private patients. Other visitors are not eligible for Medicare and should arrange for health insurance to cover their stay in Australia.
South Africa
South Africa's health system consists of a large under-resourced and over-used public sector, under pressure to deliver services to about 80% of the population and a smaller but fast-growing private sector. This private sector is run largely on commercial lines and caters to middle- and high-income earners who tend to be members of medical schemes (18% of the population), and to foreigners looking for top-quality surgical procedures at relatively affordable prices.
It is virtually mandatory to have a private medical aid either through your employer, who shares the cost with you, or individually. State hospitals are appalling – take it from one who knows. As a tourist or émigré, you would be well advised to get medical insurance cover.
New Zealand
Under the public healthcare scheme in New Zealand, a certain degree of care is offered free to its residents and to those with work permits that allow them to temporarily reside in New Zealand. The hospitals are publicly run and treat citizens or permanent residents free of charge. Waiting times for non-urgent care can be fairly long and many patients are going private in order to be treated faster.
To benefit from the public health system in New Zealand, you must hold a permanent resident visa, be a resident of the country or hold a work permit for two years at the time of application. To check your eligibility, please take the test at http://www.moh.govt.nz/ . If you meet the criteria, your partner and children aged 19 years or under will also be eligible for publicly funded healthcare. If you do not meet these requirements, you have to take out a private health insurance in New Zealand or before departure from your country of origin, either if you plan to stay or if you are just visiting.
The current system, funded by taxes, includes free prescriptions and treatments at public hospitals, free x-rays and laboratory tests when carried out from public hospitals or clinics, free service charges for pregnant women, free dental care for children at school age, and free breast screenings for women aging fifty above. The other free services offered are subsidised GP referral visits, free treatments for patients suffering with chronic conditions and subsidised prescriptions for children six years old and younger.
The EHIC or European Health Insurance Card
In 2006 the E111 form was phased out and replaced by the free European Health Insurance Card (EHIC). Also called the EU Medical Card, it gives details such as your name, date of birth and National Insurance number. The card lasts for 3-5 years and entitles you to receive free or reduced-cost emergency healthcare if you or any of your dependants are suddenly taken ill or have an accident when visiting countries with reciprocal health agreements with the UK (European Union countries plus Iceland, Liechtenstein, Norway and Switzerland).
You should obtain a European Health Insurance Card (EHIC) before leaving the UK – you have to present this to get free or rebated medical expenses as mentioned above. The EHIC is available free of charge through most UK post offices or apply online at www.ehic.org.uk You can also contact them on 0845 606 2030 and get them to send you one. Every family member (individual traveller) needs their own card - that includes children – and you will need the name, date of birth and NHS or national insurance (NI) number of everyone you are applying for.
Only state-provided treatment is covered, and you'll receive treatment on the same terms as 'insured' residents of the country you're visiting. Private treatment isn't covered, and state-provided treatment may not cover all of the things that you'd expect to receive free of charge from the NHS.
That’s it – I hope this has helped. I am afraid that in future and to save escalating costs only those resident in the UK or in emergencies may be treated under the NHS scheme – something to think long and hard about.
Kim
The Overseas Guides Company
http://www.Emigrationguide.com
USA
Unlike other developed countries, the US does not have a universal system of healthcare coverage - it is up to individuals to obtain health insurance. What that means to you as a new arrival or a part-time visitor/tourist is that it is absolutely essential to have medical insurance when in the USA.
American residents with a green card aged 65 or over can sign up for the government-run Medicare scheme, and low-income parents, children, pregnant women and people with certain disabilities are eligible for the government-administered Medicaid programme. The US government also runs the State Children's Health Insurance Program (S-Chip), which provides coverage to children whose parents are on modest incomes, but not poor enough to qualify for Medicaid. Military veterans are also provided healthcare by a government-run scheme.
Australia
Medicare Health Care System was introduced in Australia in 1984. Medicare facilitates access to all eligible Australian residents for free or low-cost medical, optometric and public hospital care, while leaving them free to choose private health services should they so desire.
Individuals’ financial contributions to the public health care system are based on their income and are made through a taxation levy known as the Medicare levy. People admitted to public hospitals as Medicare patients receive treatment by doctors and specialists nominated by the hospital. They are not charged for care and treatment or after-care by the treating doctor. Private paying patients in public or private hospitals on the other hand can choose their own doctor.
Medicare pays 75 per cent of the Medicare schedule fee for services and procedures provided by the treating doctor. For patients who have private health insurance, some or all of the outstanding balance may be covered. Medicare Australia also pays pharmaceutical benefits under the Pharmaceutical Benefits Scheme, which subsidises an agreed list of prescription drugs. For both medical and pharmaceutical services, safety net arrangements exist to make sure patients who need a high level of treatment or medication during a financial year do not incur significant out-of-pocket expenses. Out-of-pocket costs are the difference between the Medicare benefit and what the patient is actually charged.
The Australian Government has signed reciprocal health care agreements with the governments of the United Kingdom, the Republic of Ireland, Finland, Italy, Malta, the Netherlands, Norway, New Zealand and Sweden. Visitors from these countries are eligible for Medicare assistance for medically necessary treatment only. If hospital treatment is required, such visitors are eligible for treatment only as Medicare patients and not as private patients. Other visitors are not eligible for Medicare and should arrange for health insurance to cover their stay in Australia.
South Africa
South Africa's health system consists of a large under-resourced and over-used public sector, under pressure to deliver services to about 80% of the population and a smaller but fast-growing private sector. This private sector is run largely on commercial lines and caters to middle- and high-income earners who tend to be members of medical schemes (18% of the population), and to foreigners looking for top-quality surgical procedures at relatively affordable prices.
It is virtually mandatory to have a private medical aid either through your employer, who shares the cost with you, or individually. State hospitals are appalling – take it from one who knows. As a tourist or émigré, you would be well advised to get medical insurance cover.
New Zealand
Under the public healthcare scheme in New Zealand, a certain degree of care is offered free to its residents and to those with work permits that allow them to temporarily reside in New Zealand. The hospitals are publicly run and treat citizens or permanent residents free of charge. Waiting times for non-urgent care can be fairly long and many patients are going private in order to be treated faster.
To benefit from the public health system in New Zealand, you must hold a permanent resident visa, be a resident of the country or hold a work permit for two years at the time of application. To check your eligibility, please take the test at http://www.moh.govt.nz/ . If you meet the criteria, your partner and children aged 19 years or under will also be eligible for publicly funded healthcare. If you do not meet these requirements, you have to take out a private health insurance in New Zealand or before departure from your country of origin, either if you plan to stay or if you are just visiting.
The current system, funded by taxes, includes free prescriptions and treatments at public hospitals, free x-rays and laboratory tests when carried out from public hospitals or clinics, free service charges for pregnant women, free dental care for children at school age, and free breast screenings for women aging fifty above. The other free services offered are subsidised GP referral visits, free treatments for patients suffering with chronic conditions and subsidised prescriptions for children six years old and younger.
The EHIC or European Health Insurance Card
In 2006 the E111 form was phased out and replaced by the free European Health Insurance Card (EHIC). Also called the EU Medical Card, it gives details such as your name, date of birth and National Insurance number. The card lasts for 3-5 years and entitles you to receive free or reduced-cost emergency healthcare if you or any of your dependants are suddenly taken ill or have an accident when visiting countries with reciprocal health agreements with the UK (European Union countries plus Iceland, Liechtenstein, Norway and Switzerland).
You should obtain a European Health Insurance Card (EHIC) before leaving the UK – you have to present this to get free or rebated medical expenses as mentioned above. The EHIC is available free of charge through most UK post offices or apply online at www.ehic.org.uk You can also contact them on 0845 606 2030 and get them to send you one. Every family member (individual traveller) needs their own card - that includes children – and you will need the name, date of birth and NHS or national insurance (NI) number of everyone you are applying for.
Only state-provided treatment is covered, and you'll receive treatment on the same terms as 'insured' residents of the country you're visiting. Private treatment isn't covered, and state-provided treatment may not cover all of the things that you'd expect to receive free of charge from the NHS.
That’s it – I hope this has helped. I am afraid that in future and to save escalating costs only those resident in the UK or in emergencies may be treated under the NHS scheme – something to think long and hard about.
Kim
The Overseas Guides Company
http://www.Emigrationguide.com
Friday, 24 September 2010
How difficult is it to Emigrate to Australia?
It’s no surprise in these economically challenging times that many Britons are considering moving to pastures new. In a survey conducted by a currency company recently, 75% of those questioned were considering moving abroad and, for many, Australia is their country of choice. So how difficult is it to emigrate to Australia? And what exactly do you need to do to ensure that the process of getting there is as quick and as trouble free as possible?
A visa system is in operation in Australia for all but New Zealand citizens. You need to lodge your application with the Department of Immigration and Culture (DIAC) under one of their visa programs, and pay the applicable fee.
Australian immigration and visa regulations are amongst the most complex in the world, and they are constantly changing. Mistakes in your documentation or application may mean that your visa is either delayed or even rejected altogether. That’s why many people prefer to use a specialist emigration company; their knowledge and experience can prove invaluable, but this comes at a price. Fees can range from around £500 to £2,000.
There are a number of visa options to choose from:
Skilled Visas
With this visa applicants must be able to satisfy skill requirements. Points are granted for qualifications, work experience, employer references etc.
Working Visa
Managers, qualified professionals and skilled trades’ people are especially in demand.
Working Holiday Visa or Travel Visa
This applies if you are between 18 and 30. It permits you to travel within the country for a year and to work on a temporary basis only.
Family Visa
If you have an Australian partner or members of your immediate family are permanently based in Australia then you may qualify for one of several family visas. Under this option, potential migrants must be sponsored by a close family member living in Australia. There are 4 schemes to choose from and the sponsor must be either an Australian citizen, permanent resident or an eligible New Zealand citizen of 18 years or older.
Business and Investment Visas
If you have had a successful business career either at a senior executive level or as an owner of your own business you may qualify for this option. There are 4 schemes available under which a business applicant may apply.
Sponsored Work Visas
If you are an employee who is head-hunted or moved to your company's Australia office then this will apply.
Retirement Visas
For this visa, you’ll need to be financially secure. Retired people may also choose to work part time if they so wish, so there is a degree of built-in flexibility.
Once DIAC has assessed and processed your application, they will ask for police clearance (provided by The Association of Chief Police Officers in the UK) and medical checks for you and your family here in the UK. Then hopefully you are on your way!
Carol Dunning
http://www.emigrationguide.com
A visa system is in operation in Australia for all but New Zealand citizens. You need to lodge your application with the Department of Immigration and Culture (DIAC) under one of their visa programs, and pay the applicable fee.
Australian immigration and visa regulations are amongst the most complex in the world, and they are constantly changing. Mistakes in your documentation or application may mean that your visa is either delayed or even rejected altogether. That’s why many people prefer to use a specialist emigration company; their knowledge and experience can prove invaluable, but this comes at a price. Fees can range from around £500 to £2,000.
There are a number of visa options to choose from:
Skilled Visas
With this visa applicants must be able to satisfy skill requirements. Points are granted for qualifications, work experience, employer references etc.
Working Visa
Managers, qualified professionals and skilled trades’ people are especially in demand.
Working Holiday Visa or Travel Visa
This applies if you are between 18 and 30. It permits you to travel within the country for a year and to work on a temporary basis only.
Family Visa
If you have an Australian partner or members of your immediate family are permanently based in Australia then you may qualify for one of several family visas. Under this option, potential migrants must be sponsored by a close family member living in Australia. There are 4 schemes to choose from and the sponsor must be either an Australian citizen, permanent resident or an eligible New Zealand citizen of 18 years or older.
Business and Investment Visas
If you have had a successful business career either at a senior executive level or as an owner of your own business you may qualify for this option. There are 4 schemes available under which a business applicant may apply.
Sponsored Work Visas
If you are an employee who is head-hunted or moved to your company's Australia office then this will apply.
Retirement Visas
For this visa, you’ll need to be financially secure. Retired people may also choose to work part time if they so wish, so there is a degree of built-in flexibility.
Once DIAC has assessed and processed your application, they will ask for police clearance (provided by The Association of Chief Police Officers in the UK) and medical checks for you and your family here in the UK. Then hopefully you are on your way!
Carol Dunning
http://www.emigrationguide.com
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