Independent advice is the key to a wealthy move to the continent. We get the inside track from Siddalls, the independent financial advisers

Choosing the right adviser is an important step towards making the most of your money, particularly so when moving abroad. Finding the perfect home is a priority and so planning finances can often be overlooked. You need an adviser who will always work in your best interests and can help you understand the complexities of the financial world. The first step in ensuring you receive the best possible advice is to use an independent financial adviser who is authorised and regulated both in the UK and France.

There are literally thousands of firms in the UK giving independent advice. Very few are qualified to advise people moving overseas and don’t have the expertise relating to both fiscal systems and only understand the UK system. Similarly advisers in France may not have an understanding of the UK rules.  

Getting advice
There are a number of issues you need to be aware of and take advice on when moving to France. Advance planning is essential as there are steps that can be taken before you go to protect your wealth. Here are some of the main areas where an independent financial adviser can help you.

• Pensions. Whether you have already retired or still have some years to retirement, moving abroad will have an effect on your pension.  Issues such as pension legislation, tax and currency fluctuations must be taken into consideration in pension planning and independent advice from an appropriately qualified and regulated independent financial adviser is essential.  

• Investments. When you move to France your investments will move with you.  Did you know that when you become a French resident your PEPs and ISAs will be liable to tax?  Similarly, did you know there are specialist investment vehicles available in France that allow you to shelter you investments from tax?  To make the most of your money take advice from an IFA who is authorized to give investment advice in France.

• Tax. Many people moving to France believe they will pay more tax than they did in the UK; however, with the right planning you could find yourself with a lower tax bill. To make the most of the planning opportunities make sure you take advice before you make the move.

• Inheritance planning. The legal system in France differs from the UK, in particular when it comes to laws surrounding inheritance. The French succession laws mean that there are certain people who will generally inherit from your estate unless you take expert advice.  Taking advice and planning prior to your move is essential.  
 
• Converting currency. Exchange rates can have a big impact on your wealth.  Planning ahead and getting independent financial advice will ensure you access
the best rates available and make the
most of your money.  

These are only some of the main areas where taking independent financial advice is highly recommended and as advice is based on each individual’s personal and financial circumstances the advice required is highly specialised and unique to each individual.