Migrant Money Guide

FREE GUIDE: HOW TO EMIGRATE & PROSPER

RETIRE RIGHT:MOVING IT ALL

DOWN UNDER

AMERICAN DREAMS:

THE BUSINESS OF EMIGRATING

www.emigrateshow.co.uk

An emigrate + halo financial publication

COUNTING THE COST:A BETTER LIFE FOR LESS?

HOMING IN:BUYING THE RIGHT PROPERTY ABROAD

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Migrant Money – Contents

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14 Our American dream15 Currency insights16 Business basics17 Business visas

12The businessabroadof moving

06 The retiring type07 What to sell08 Selling your house09 Currency insights10 Assets11 Retirement visa

04Start as youmean to go on

20 100% satisfaction guaranteed21 Currency insights22 Salary survey23 Shopping list

18A cheaperlife abroad

26 Building a better future27 Currency insight28 Rental potential29 Timing is (almost) everything30 The property pages

24Homing in propertyon the right

Editor’s letterWelcome to Migrant Money, a publication which offers timely advice for those of you moving to the ‘big 4’ English-speaking long-haul destinations: America,

Australia, Canada and New Zealand. Given the fact that the world is still coming to terms with the global financial crisis that first started to take hold way back in 2008, managing your finances in an astute and measured way is more important than it’s ever been.

Thankfully, this guide provides the ideal first step in terms of getting your finances in order before you dive head-first into what is likely to be a fairly expensive emigration process. As well as the fabulously helpful tips from our friends at Halo Financial which you’ll find dotted throughout this magazine, you’ll also be able to read the stories of four British migrants who have already done exactly what you’re hoping to do and emigrated to one of the aforementioned countries.

So how did they deal with the financial side of emigrating? Was it as expensive as they’d feared? Was the expense ultimately worth it?

You’ll have to read on to find out...David Fuller, Editor

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Migrant Money – Start smart

Startas youmeanto goOnWhatever your reasons for moving

abroad, squeezing the maximum value out of your emigration funds is now more important than ever. So if you’re studying, working or retiring overseas, you’ll want to

start as you mean to go on by getting your finances in order

before emigrating.

In this chapter we talk to Bob Frost, who retired to Australia, and find out about the importance of currency exchange and selling your possessions sensibly


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Bob Frost and his wife Rosemary decided to retire to Franklin in Tasmania, Australia, to be closer to their three children. Here, Bob talks through some of the financial planning issues which the couple had to tackle during the emigration process.

When we retired we decided that we would like to live

closer to our three children,

all of whom live in Australia. Although not all three live in Tasmania, one does, and it is here, away from the searing heat of the mainland, that we have settled.

We applied for parent visas in 1999 and were told that, as only about 800 visas were issued each year back then, it could take up to ten years before we reached the top of the pile. Fortunately, we found that we could apply for temporary

residency (through a retirement visa) which would give us a four-year renewable visa and allow us to live in Australia while our parent visas were processed.

We eventually applied for temporary residency in early 2004 and were issued with a visa in July 2004. We arrived Down Under in the November of that year – our permanent residency was secured in October 2008.

The selling of our

Theretiring

type

Captions(Clockwise from left): Bob relaxing at home; Having

fun with his granddaughter; Rowing on one of the local lakes; The Frost’s house and

garden

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house, the packing of our possession and their shipment were among our first challenges. We were unwilling to proceed with any of this until we had our temporary residency visas in hand. Once these were obtained our UK house was sold fairly quickly (something I doubt would have happened had we emigrated in the last couple of years) and the money from this sale was put in a

bank pending transfer to Australia.

We chose a local shipper in Exeter to pack everything and then store it for us until we had somewhere permanent to live in Tasmania. Once we had found a house to buy – this took several months, during which time we rented – we instructed our removals company to ship the goods to us, which they did.

While we were temporary

residents we had no medical insurance cover and taking out private insurance was actually a condition of our visa. Comprehensive private insurance cost us about £100 a month for the two of us – I promptly had a triple heart bypass operation on the strength of it!

For as long as we were temporary residents we also continued to pay UK tax on any earned income – no tax was deducted in

What to sell and how to sell it

It may be that you don’t envisage your antique furniture fitting into the modern style of your soon-to-be new home. It may be that you are viewing emigrating as a completely fresh start and want as few reminders as possible from your life in the UK. Whatever the reason there will always be those who decide they want to move to their new homeland with little more than a couple of suitcases packed full of clothes, photo albums and a select few other items.

If this is the case, then one question you’ll need to ask yourself is what to do with all those items you are not taking with you.

Some, such as white goods, you may wish to include as part of your house sale – a potential bargaining tool at this time of uncertainty in the UK’s still sluggish property market. Other items can be taken to car boot sales, sold over Internet auction sites such as Ebay, or in classified newspapers. If you’re feeling particularly benevolent, charity shops are always happy to receive belongings.

Other options include shops which buy unwanted goods for instant cash – albeit not at their full worth – or you could even host your own ‘garage’ sale.

All funds raised from any sales should be set aside until you emigrate and go towards your budget for replacing the items you have sold.

Even if you are planning to ship a majority of your belongings to your new homeland, there are simply some items you should still look to sell in the UK, then purchase new ones

once you reach your intended destination. For example, cars are very expensive to ship to Australia, Canada and the United States due to high customs duty and the fact that, in North America, newer vehicles have to be converted so that they comply with safety and emission requirements. For New Zealand there is not such an issue as there is no customs duty to pay on the vehicle.

Some electrical goods may not work in certain countries depending on its electrical supply, so it is well worth asking your removals company for advice about this in good time prior to leaving the UK. That said, most modern electrical goods – such as televisions and DVD/Blu-ray players – do have multi-frequency converters, which means they can be switched over for use in your new home.

So apart from any goods that can’t be taken, what else should you consider selling before leaving the UK?

Some items – particularly those with minimal sentimental value such as a kettle or toaster – can be easily and cheaply replaced.

Of course, you will have more idea regarding what you are taking and what you should leave behind once you have decided on, and spoken to, your removals company.

However, it is worth noting that alcohol incurs high import duty wherever you are heading, so what better way is there to empty your wine and spirit cabinet than by hosting the leaving party to end all leaving parties before you go?

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Australia for the income we received from our transferred personal pension plan, though. I’m sad to say that the personal pension transfer was a farce! The company we used should feel shameful of the way they handled it.

Various hoops had to be jumped through in terms of the acceptability of the pension fund to the Australian authorities. I did not want to start the process in the UK until I had actually reached Australia, as I was anxious to determine what form it would take here and how it would function.

My UK pension advisor played a very important part in this process by first selecting a suitable Australian firm to deal with the matter at this end (Australia). I met this company on arrival and they helped to organise the transfer between the UK and Australian pension specialists. The UK company we used, though, prevaricated in an unbelievable way when it came to releasing the funds. However, after much wrangling this was sorted out, and our funds were eventually transferred here by our currency specialists without a hitch.

The beauty of my fund here is that I have control on its usage in that I can draw down as much or little as I choose at any time without


Selling your home

Three or four years ago, the idea of selling your UK property before emigrating was a given. Because of the booming housing market, sellers more often that not received handsome profits on their house sale – profits that nine times out of ten could be reinvested to extremely good effect – almost no matter where they were heading.

However, that was then. Times have since changed and as we all know house prices in Blighty have fallen considerably from their peak in the mid-noughties, leading to banks and building societies significantly tightening their lending criteria – consequently leading to a dearth of buyers.

With is in mind the question of whether emigrants should look to sell their UK property – probably for less than they feel it’s worth (and maybe even less than what they paid for it depending on when it was purchased) – or keep hold of it and rent it out, has never been so pertinent.

On the one hand, renting your house, and perhaps remortgaging it in order to release some equity, will give you a greater degree of control over the emigration process. You will not be reliant on having to sell your property before you move, and therefore there will not be under so much pressure to accept a bid which you deem an affront.

However, bear in mind that experts predict an increasing number of rental properties to become available in the UK throughout 2009, as it becomes even harder for people to sell their homes. If this strategy does work for you, when the UK’s housing market does pick up again, there will be nothing to stop you selling it then – at a more acceptable value.

That said, there will be those of you who are dependent on the proceeds of your house sale to finance both the move and the first few weeks or months spent living in your new country. Moreover, some argue that when you emigrate, you should do so with 100 per cent commitment, leaving no ties behind you in the UK. All the time you still have somewhere to return to in the UK, so the argument goes, you won’t be fully focussed on making a complete success of life in your new surroundings.

Trying to sell but getting nowhere? There are numerous things you can do to make your house more ‘appealing’ to prospective buyers – such as making sure it’s clean; fixing any dripping taps, cracked tiles, etcetera; tidying the garden; and being realistic in your initial valuation. These, however, offer no guarantees you will receive that golden bid.

Ultimately, if selling your house before you emigrate is a priority you may need to ask yourself what’s more important: Accepting a bid of a few thousand pounds less than you would ideally like but still being in a position to start your new life overseas, or holding out for the ideal offer (which may never come) and delaying your move.

Whatever you decide, taking into account the fact national average house values in Australia, Canada, NZ and the US are lower than in the UK, you should still be able to clamber up some rungs on the property ladder when it comes to buying anew, no matter where you are heading.

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any tax implication – the income and capital is a tax-free asset of mine, for me to do whatever I wish with. Once drawn down, of course, it cannot be replaced, so naturally one is careful as to how the draw down is managed.

I now receive my UK state pension payments as well as those commercial pensions remaining in the UK by way of regular payments into my UK bank account. Whenever I wish to transfer any of these funds I simply contact my currency company and they do it for me at the best rate of exchange in the market. My British bank is simply instructed by me to send the funds to a trust account in the UK for transfer on the agreed date >

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Q: I’m cashing in investments in the UK and my house sale has not completed, the exchange rate is good now but I won’t have all my funds available for a couple of months. I’m worried about missing out. What can I do?A: That’s Murphy’s Law in action; the exchange rate is good but the timing is wrong. However, it is surprisingly easy to overcome with the use of a forward contract. With a 10 per cent deposit of the total amount of money you wish to exchange, this ‘buy now, pay later’ type contract allows you to fix an exchange rate against all your money with a final settlement date, when the 90 per cent balance is due, up to two years into the future. Not only does this contract enable you to protect your money against negative exchange rate movements, it will also help you budget for your new life more easily.

Q: I’ll have a monthly income from the investments (for example, rental and pension income) I am leaving in the UK. Can I transfer these funds as they arrive in my UK bank account?A: Yes. Halo Financial offers a Regular Currency Transfer (RCT) service which allows you to agree an exchange rate for up to 24 monthly payments at a time. We’ll receive your funds on a Standing Order Basis, following which we will automatically covert them into your designated currency and wire them into your bank account. Our RCT service overcomes the need to remember to make the transfer and ensures you receive the same amount of currency every month for up to 24 months. Simple but effective.

Q: Can we move our funds as our investments and house sale are finalised or do we have to move our funds in one lump?A: once you have a trading facility established with Halo Financial, you can convert funds as often and as much as you wish. In fact, many migrants prefer or need to move their funds in several tranches which is where Halo Financial can help you take advantage of ‘spikes’ in the exchange rates.

Q: Is there a best time of the year to buy Dollars?A: Sadly not, although it would be fantastic if the currency market was that predictable. The foreign exchange market is far less seasonal than foodstuff commodities, for example. There are, however, right times to transact but these are driven by economic factors, geo-political conditions as well as market psychology and international investors’ attitude to risk. Your Halo Financial Consultant is well placed to keep you abreast of these fluctuations while helping you to protect and enhance your funds against market adversity and favourable volatility respectively.

• www.halofinancial.com/DIZZTM

Helpful hints

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to my local account here in Australia.

People who are emigrating should also pay particular

attention to UK inheritance tax implications and do everything possible to lessen the potential payout. This includes the matter of domicile, which is critical when inheritance tax matters are raised. Coming to live in Australia does not change your place of domicile – you have to

do a great deal more than that to convince the UK tax authorities that you are

not liable to the dreaded inheritance tax as and when the matter arises.

All in all, though, with property prices here in Tasmania typically less than half of those in the UK – even now – I was fortunate to be on the right side of the fence in terms of the availability of cash.

Undoubtedly, one has to manage one’s cash flow very carefully, and make sure that you have plenty of buffer funds to cope with the potential unknowns ahead.

We rented when we first came here – around £125

Moving your assets

There are a number of assets would-be emigrants will want to transfer to their new country of origin, no matter their age or intended destination. Many will want to transfer their cash holdings but, depending on the exchange rate at the time, they may choose to leave a portion aside pending an improved rate.

If you have sold your UK property then you may also wish to transfer these proceeds, while if you have other investments such as endowments, these may have been cashed in so you may also have these to transfer.

Arguably, though, one of the biggest considerations for many people will be what to do with your pension. Australia, New Zealand, Canada and the United States all have different rules and regulations for transferring pensions and as everyone’s individual circumstances are different there is no one-size-fits-all answer to what action you should take.

Before making a decision about what to do with your pension, and indeed any other assets you are thinking about transferring, you should talk to a financial advisor who is fully regulated in both the UK and the country you are intending to emigrate to. Be wary of any advisors who claim to be able to advise on assets that are held in another country – it is

often not realistic to be able to do so.Professional advice is particularly relevant

with the impact the credit crunch has had on certain UK investments, including pensions.

For example, some British pension schemes, especially where the assets backing the funds are worked out on a final salary, have been hit so hard that the fund trustees have been required to impose an asset adjustment factor to potential transfer values, thereby reducing the available transfer value compared to the actual fund value.

Another point that those heading to Australia, NZ and Canada should be aware of is the fact that should you transfer a state pension to any one of these countries, then it will be frozen either at the value you first draw it ,or if you are already drawing it, at the value you are receiving at your date of emigration. Those with frozen pensions will not receive the same annual cost-of-living increases as those living in the UK. For those heading to the US, you should continue to get the same amount of pension as you would get should you still be resident in the UK.

It is also worth noting that Britain has signed Double Taxation agreements Australia, Canada, NZ and the US. This means you may not be liable to pay twice on some of the assets you transfer from the UK.


Retirement visas

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a week did us proud; we had a furnished house with a garden. When the time came to buy a property our capital was still sitting in the UK waiting to be moved until the rate of exchange became more favourable – always a chance matter. Our house, which has a five-acre garden, cost us the equivalent of £220,000 here in Franklin. We still had plenty left over after selling our house in Devon.

Living in Tasmania is definitely a great deal less expensive than living anywhere else in Australia.

Not that it is only the cost of living and the fact that one of our children lives here that led to us settling in this state. Tasmania is a lot more temperate from a climate standpoint. Many people come to live here from Queensland and Western Australia just because they find the heat there so oppressive – and I’m talking about Australians as well as British expats.

We made the right choice to move here when we did. Tasmania is a delightful place to live and I heartily recommend it to all-comers.

“People who are emigrating should also pay particular attention to UK inheritance tax implications and do everything possible to lessen the potential payout”

Slices of the pie

Here’s the breakdown of Bob’s emigration budget; the total spend was approximately £12,200. Bob points out that he shipped his Morris Minor Traveller to Tasmania, hence greatly increasing the removals coast, and that he and Rosemary flew business class to Australia to avoid “24 hours of purgatory” There were almost zero property costs – Bob sold his UK house himself and buying in Tasmania coast a “relatively minor amount.”

Australia and, as of last year, New Zealand are the only two countries covered in this guide to offer a visa specifically aimed at retirees.

Both of these visas require a significant investment from the retiree, for which they will only be awarded a temporary visa which can then be renewed with the aid of further investment at a later date.

The Australian Investor Retirement visa (subclass 405) is available to people aged 55 years or older, who have no dependants (other than a partner who can be any age) and are self supported. They will need to be able to make a designated investment of between AUS$500,000 and AUS$750,000 (depending on where they settle) and demonstrate they have access to a minimum net income of between AUS$50,000 and AUS$65,000 (again depending on where they settle). An applicant will also need to be sponsored by the state or territory government for where they settle. If successful, applicants will be awarded a four-year visa, which can be renewed on an ongoing basis although further investments will need to be made.

NZ’s Temporary Retirement Category is open to people who are aged 66 or over. The financial criteria they will need to meet include being able to invest NZ$750,000 into NZ for a period of two years, and having an annual income of at least NZ$60,000. This visa is valid for only two years, after which time the applicant will need to have applied for, and been awarded, a new visa or will have to leave the country.

If you have children residing in any of the countries covered in this guide then parent visa are available for each. These are often more affordable routes into a country.

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Migrant Money – Business

businessofabroadmoving

For some emigrants, moving abroad is more than just a chance to

improve their lifestyle; it’s a chance to become their own boss, too

In this chapter we meet the Jamiesons, a British family now successfully running a business in Florida, learn about the business basics and set out the investment options for Australia, New Zealand, Canada and America

The

Kevin Jamieson of Royal Maid Service explains why he, wife Sheila and their son decided to move to America. Clearly, being your own boss, and lower taxes played a big part in the decision-making process.

We moved to the US because it gave us the chance

for a different lifestyle. We calculated that if we could replicate our UK earnings in the US we would be able to enjoy a lifestyle of our choosing rather than one that was thrust upon us. I’m delighted to say that we were right.

We decided to set up and run our own business because when we researched our emigration options it was the only viable visa route open to us. It is difficult for Brits to move to the US nowadays [temporary residence is a realistic goal for many, but permanent is indeed a challenge for most], and it seemed just as hard when we came over in 1992. I was a retired police officer and Sheila had a floral design business. That background left us little option but to use

the E-2 visa route and invest in a business.

We then spent three weeks in Florida with a business broker looking at all kinds of existing opportunities including pre-schools, rental units and hairdressers.

The pre-school has long since gone bust, rental units are classed as passive investment and don’t qualify for E-2 status, and I don’t think the hairdressers would have satisfied our income expectations. Therein lay the problem. We were being asked to spend a lot of money on a business we

were not sure would satisfy the requirements for visa status or provide us with a steady income stream. The obvious answer was to start a business of our own.

We have been asked many times ‘why maid service?’ The honest answer is that I don’t know. Sheila has always been very practical so she knew all about cleaning, and I was used to supervising groups of people, so we felt we had the necessary skills.

We didn’t want a business with a warehouse full of inventory – we knew a shoe shop owner in the

Ourdream

American


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UK who kept getting left with last season’s stock – so we wanted a business with a short repeat cycle. I had read an article about a recreational vehicle salesman who bemoaned the fact that his average repeat customer cycle was roughly four years.

When we started pulling these threads together the idea of a maid service slowly evolved. A small office, an occupational licence – available to anyone at the time for $10 – an ad for staff and one for work and we were in business.

I should say that it is very hard work running your own business. Therefore, one would assume, running your own business in a foreign country should be even harder, but in our experience we have always found it easier to run a business here than we did in the UK.

Small businesses are considered the backbone of the US economy and are part of American folklore. There is so much more optimism here, everybody wishes you good luck because they genuinely want you to succeed and that ‘feel good factor’ gives a great stimulus to the business.

In addition, there are two other factors affecting businesses here. The market is huge and in general the population is wealthier with more disposable income. On the flip side there is more

competition but we do have a gilt-edged advantage: A British accent – it is the most marketable asset I brought with me and helps differentiate me from the competition.

It is difficult to condense 16 years of experience into a few lines but in broad terms I would say the most important thing to do is question the source of any statement or piece of business or visa information relevant to your emigration plans. Take objective immigration advice from a qualified immigration expert. Personal experiences posted on forums and in newsletters are, by their nature, subjective and should be viewed as such. Seek objective advice about business ventures you are looking at rather than relying solely on information provided by someone with a vested interest in the sale of that business.

The last piece of advice is very simple and will make early life in the States so much easier. When you arrive in the US you will have no credit history and, consequently, will not be able to obtain credit. You can still use your British credit cards but these will not establish a credit history. It’s a bit like the chicken and the egg, without a credit history it is extremely difficult to get an American credit card and therefore


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Helpful hints

From a foreign exchange perspective, buying a business in a foreign country is no more difficult than it is at home, except for the fact that it will need to be bought in local currency.

However, this needs to be carefully managed as every second’s variation in the exchange rate alters the cost of buying the business, which could pose a significant risk to the financial viability of the business – and your chances of hanging on to a visa.

Whilst the exchange rate could move favourably for you before you complete, it is more sensible to proactively manage your currency risk and put measures in place to protect against negative exchange rate movements before contracts are completed and this is best done using a specialist foreign exchange broker such as Halo Financial.

If there is a delay between contracts being signed and completed, it may also be advisable for currency to be bought on a Forward Contract, which would not only provide exchange rate protection but would also keep your funds liquid until they have to be dispatched to complete the deal.

• To find out more about the services offered by Halo Financial, visit: www.halofinancial.com

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impossible to establish a credit history. In order to overcome this hurdle, try using an American Express credit card in the UK before you emigrate. If you have a credit history with American Express in the UK, American Express in the US will issue an American card allowing you to build your credit score. Priceless!

I wish I could say that we faced immense obstacles that we overcame with gritty determination and brilliance, but that is not the case. Moving to a new country and starting a business presents a lot of unknowns and if you look at it as a whole it can be very daunting. However, if you break it down into little pieces then the giant problem that you started out

with becomes much smaller and more manageable. This is true in your personal life as well as your business life.

We exchanged a comfy existence living in a four-bedroom semi-detached home near a support circle of family and friends for a rather tatty two-bedroom apartment in a town of strangers – albeit on the beach. It was very strange at first but we soon made friends, moved to a nicer apartment and 12 months later bought a house. Bit by bit we were re-establishing a more normal living pattern and bit by bit we were building a business.

To help build that business I went on every free course that was going. There are many courses out here on marketing,

finance and employment laws, etcetera, and I took advantage of them. Some big companies host day-long seminars to highlight their products – UPS and Verizon are just two of the ones I went to, just to get the feel for how business works in a new country.

In my opinion, there is no one big obstacle or one big solution – just a lot of small steps that take you where you want to go.

Professional helpWe did use a business broker initially to look at some businesses but very quickly decided that the businesses worth buying were too expensive and the ones we could afford not worth buying. That’s when we struck out on our own.

The immigration specialist that we used has long since retired. I can recall sitting in his office utterly dismayed. He came very highly recommended but his office was an untidy shambles and his crumpled suit and matching trainers did nothing to ease my concern.

I need not have worried. True to the recommendation the gentleman was excellent in his field and served us well.

CostsFor us the most costly aspect of emigrating was the cost of setting up the business and then sustaining it until we

Business basics

There are numerous considerations when it comes to buying/setting up a business in the US. Here are a few to get you thinking:- If you were buying a business in the UK, you’d most likely visit it on numerous occasions – so can you afford to NOT take a few research trips to the US, during different seasons, to ‘save’ on flight costs?- If setting up a new business in the US, will your budget give you enough to live on before your start up becomes profitable?- Will you buy an existing business or set up a new company? The former may have am existing client base, but it could prove easier to make the latter fir your visa criteria.- There are also many franchise opportunities to consider that may have an easily recognisable brand.- How are you going to get around not having a credit history when you arrive in the US (essential before you can get a credit card)?- How do you know who to trust? Consider the vested interests of anyone trying to sell you a business and seek independent advice.


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began to make a profit. The second largest expenditure was on living expenses because the relatively long lead-in time required to start the business pushed back any profit taking. Fortunately, we had budgeted for that and I urge anyone coming to the States to do the same regardless of whether they purchase a start-up or an established business.

Housing was our third major financial consideration and we kept that to a minimum, deferring it for more than a year until we were established here.

If you have those three costs nailed down it will make the move much more

enjoyable. Immigration fees, flights, moving your personal effects, etcetera are all considerations but if you class them as major expenses then the likelihood is that you are underfunded.

• www.royalmaidservice.com• The Jamieson family are a great example of how the determination to follow a dream and researching their options, before making an informed decision to emigrate and set-up a business, can lead to a successful emigration.• To find out more about business visas in all four Emigrate countries, see below.

Slices of the pie

Business visas


Country visa Residence Investment Other requirements

New Zealand Investor Permanent NZ$1.5 million Must be 65 or younger; Have had 3 years business experience; Have NZ$1 million settlement funds

New Zealand Investor Permanent NZ$10 million No age limit, previous experience Plus or settlement funds

Australia Investor Provisional AUS$1.5 million Be under 45 years of age; (162) leading to Assets of AUS$2,250,000 for the permanent two fiscal years before applying

Canada Investor Permanent CDN$800,000 Proof of business experience; Have a minimum net worth of CDN$1,600,000; Score 35 points+ on a selection grid

United States E-2 Temporary “Substantial” Meet job creation requirements Treaty and ongoing financial criteria. Investor Visa can be renewed if conditions are continually met

Please note – the above are only a selection of the business visas available for each country

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Here is the breakdown of Kevin and Sheila Jamieson’s emigration budget. Unsurprisingly, it is the purchase and setting up of their business – Royal Maid Service – which has claimed the lion’s share, with the remainder of the budget spread fairly evenly between various property costs, visa fees and paying out for flights and removal services.

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Migrant Money – Living costs

new life

life?a cheaperequal

Emigration certainly isn’t cheap, and those who assume living costs will be much cheaper could be in for a rude awakening

Does a

abroad

To help prepare you for the financial realities of

emigration, the Hobdens tell us about their Canadian

living expenses, we go on an international grocery

shopping spree, and compare salaries in five

countries too


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Darren Hobden assesses his family’s spending on the emigration trail, weighs up daily living costs and explains why the big move to Canada has been worth all the effort.

We left the UK in April 2004 for our new life on

Vancouver Island. We moved to Canada for a variety of different reasons. We love

the nature and beauty of Vancouver Island, we like the laid-back attitude of the people, we like the community spirit that still exists here, we have more financial freedom and Vancouver Island is less populated (700,000) than the UK – and less stressful.

The exchange rate when we left was CDN$2.40 to £1 (see box, right, for exchange advice). After selling our house, cars plus all the worldly goods that would not be coming on the journey with us we were able to start our new life here adequately.

We put 35 per cent down on our house, bought a van and a truck, restocked on some items we had sold/given away/dumped in the UK – and still had some savings.

When we bought our first house we paid CDN$315,000, which was more than the houses we were looking at on the MLS (a website listing all properties for sale in Canada) in the UK, but we saw it and decided that this was a good house in which to start our Canadian adventure.

We paid CDN$16,000 for a three year-old van and

100%guaranteed

satisfaction


21

Slices of the pie

CDN$8,000 for an eight-year-old truck. We did restock some household items by buying brand new one, but some items like tools and furniture we bought from a local auction and found some good deals there.

One of the mistakes that people make when they emigrate (we did and we know plenty others who have made the same mistake) is to convert everything back to pounds. When you first arrive things may look cheap, a bit like coming on holiday and buying bargain goods, but when you live here you earn a dollar and spend a dollar. That CDN$100 item is CDN$100, not £50. We all learn in the end when the paycheques are in dollars.

When we first arrived fuel was around 85 cents a litre, and although it’s now a little more expensive, at around CDN$1.16 a litre it’s still very affordable.

House prices have also been rising on Vancouver Island and Mette [Darren’s wife] qualified as a realtor [estate agent] and has been very busy. The average house price in our area has risen from around CDN$198,000 when we first arrived to CDN$496,814 [figures for December 2010]. This is the average property and includes everything: Apartments, town houses, duplexes and single family homes.

Most things here are comparable to the UK once you start looking at the dollar being equivalent to a pound. Food shopping is generally around the same price – we do find some items cheaper and some more expensive, but overall we spend around the same as we did in the UK. Houses depend on the area and type of house, both here and in the UK, although you must remember Canadian houses are generally much bigger.

In terms of clothing, our teenagers wear a brand called American Eagle and jeans are around CDN$35. I’m not sure what a named brand would be in the UK now. If you buy non-branded jeans in Walmart you can get a pair for less than CDN$20.

A big reason we moved to Canada was that we felt there were more opportunities for all of us, both in terms of finances and lifestyle. Both Mette and myself have the chance to be self-employed and can go and watch our children’s games, dances, etcetera, instead of having to miss them.

We have had the opportunity to move from our first house and buy a rural house with 3.5 acres and a swimming pool. Our children have had opportunities to ski, snowboard and camp. Anja dances and has been in competitions, and has even >

Helpful hintsMany migrants will still have financial links to their previous country through pensions, rental income, mortgage payments, etcetera. This is an expensive and time consuming process if each month you are subject to tourist type exchange rates for these relatively small sums.

Halo Financial offers the facility to agree a much more attractive exchange rate for each block of 12 monthly payments and then manage the transfers on a monthly standing order basis. By taking advantage of this ‘Regular Currency Transfer’ contract, you can budget more accurately and only need worry about exchange rates once a year. In addition, the cost of a monthly transfer is significantly less than the fees and commissions charged by high street banks.

Here’s the breakdown of the Hobden’s emigration budget. Their total spend was £13,000 – a typical expense, they say, for most Canada-bound migrants.

been to Vancouver for a weekend dance convention. Daniel plays a lot of basketball and travels to Vancouver and the US.

We have travelled across the Island on vacations and also across BC and been down to the US a couple of times. The slogan of BC is ‘The Best Place On Earth’ and, for us, it is. We feel lucky to live here and wouldn’t want to live anywhere else. We live the life we long dreamt of.

So, was the stress, expense and upheaval worth it? Yes, 100 per cent.

• www.emigreat.com

Salary survey

British Government figures released in April 2010 show that the average weekly wage in the UK hovered around £499 (£25,948 per annum). That compared to an average weekly wage of roughly CDN$823 in Canada (approx. £516, or £28,392 per annum) in the third quarter of 2010.

American workers are ever so slightly better off in terms of wages, with the average yearly salary being US$46,500 (just under £30,00).

In Australia, as of September 2010 full-time salaries were on average a mouth watering AUS$1,259 a week (approx. £792, or £41,184 per annum) – a figure that is boosted significantly by high earners in the public sector.

New Zealanders could expect to earn an average wage of approximately NZ$769 a week (approx. £370, or £19,240 per annum) as of June 2010.INCOME TAX FACTSIn Canada, both federal and provincial taxes are levied on wage-earners. Provincial income tax rates vary from between 4 and 21 per cent of your income (depending on the province that you live and how much you earn). Federal income tax is between 15 per cent (for those earning less than CDN$41,544 a year) and

29 per cent (for those earning more than CDN$128,800 annually).

In the United States income tax ranges from between 10 and 35 per cent. Single people earning between US$0 and US$8,375 are subject to 10 per cent income tax, while those taking home more than $373,651 a year pay just 35 per cent income tax. This means that while low-earners may find that they are actually taxed more than they are in Britain, high earners will almost certainly find themselves better off. Rates differ slightly for joint incomes.

Australia also has a progressive income tax system, with those earning less than AUS$6,000 a year exempt from paying any income tax. Those who earn between AUS$6,001 and AUS$35,000 will face income tax of 15c for each AUS$1 over AUS$6,000, while at the other end of the scale, people with a salary in excess of AUS$180,000 pay a one off tax of AUS$55,850, plus 45c for each AUS$1 earned over AUS$180,000.

In New Zealand, those earning up to NZ$14,00 through the PAYE system will pay an income tax of 12.54 cents on every dollar. High earners (those on a salary more than NZ$70,001) pay 35.04 cents on every dollar.

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Shopping list

Item Aus NZ US Can UK

Nappies (40) 7.44 5.24 7.16 6.02 6.49

Bread 700g 1.33 62p 1.35 1.27 1.40

Milk 1L 67p 72p 91p 90p 1.08

Eggs 12 2.01 1.86 1.90 1.88 2.69

Juice 2L 1.82 95p 1.50 1.33 1.59

Sugar 1.5kg 1.14 1.02 1.17 98p 1.58

Coffee 100g 1.01 1.14 1.51 1.37 1.54

Flour 1.5kg 88p 84p 91p 75p 98p

Pork 1kg 5.29 5.71 6.25 6.70 7.99

Beef mince 1kg 4.40 3.42 4.42 4.21 4.38

Oranges 1kg 77p 72p 95p 81p 1.50

Potatoes 4kg 3.76 1.44 3.02 2.75 2.49

Pasta 500g 1.01 89p 1.17 95p 1.49

Beer 12 7.38 5.64 7.50 5.75 8.25

Total 38.91 30.23 39.72 35.67 43.45

NotesAll prices are in pound sterling (conversions as of February 2011) and based upon mid-range brands in mid-range supermarkets. Not all goods are available in the amounts shown and have been standardised to aid comparison. No items on offer have been included. While items may appear cheaper on paper remember it is all relative as salaries also differ in each destination.


24

Homingin on the

25

Migrant Money – Property

Property

Living in a bigger house for less money is an

achievable goal for most emigrants – if, of course,

they manage to sell their UK home first.

right

In this chapter we meet Brit, Mike Cole, who fulfilled a dream by building his own home in NZ. We also find out about the rental and buying markets in Australia, NZ, Canada and the US and look at some houses for sale

Mike Cole tells us about his search for the perfect home in NZ, and warns potential buyers to be aware of just how easy it is to buy a home in the country

B efore we decided to look into emigrating I was effectively

made redundant when the company I worked for was closed down by a decision made in the House of Lords. This was a time of great uncertainty and my wife Alexandra and I had decided that the best course of action was to sell our house, bank the cash and rent in order to move as and when it became necessary.

As is often the way with these things, we did not

then move for two years and when we did it was in a direction neither of us had considered – we moved to New Zealand.

That we would look to sell our house was never in doubt. We recognised that in order to successfully settle we needed to cut ties and burn our bridges to get mentally prepared – emigrating is as much a mental thing as it is physical, as indeed are most changes we make! We also realised that being ‘cashed up’ would make things easier in NZ, and were aware of the extra capital/interest this would generate.

We were fortunate that we moved when we did as trying to sell a house in the UK now is somewhat more difficult than it was for us in 2004, and I certainly do not envy people who are trying to sell at the moment.

That said, in my opinion,

try they must, as leaving such a valuable asset in the UK can make things somewhat tougher and obviously increase stress levels. We opted to realise all our assets and take them with us to NZ – this included our pension plans, albeit they were not finally moved until we’d been in NZ for about 18 months.

So, once we had visas in hand [and that took about 18 months with a couple of setbacks – one minor, one major] it was time to pack up our lives and head Down Under. Of course, we had to consider what to do with all our possessions and looked at shipping everything. With one false start [Immigration New Zealand had already rejected us once] we ended up with about six quotes from different removal companies which was way too many – we believe three is the best number!

futureBuildinga better


26

With young children in tow and looking at what we had, how long we had taken to accumulate it and what value there was in our possessions we believed it was best to take all – or rather as much as we could fit in a 20 foot container. Having our belongings was a real ‘anchor’ for us all, but particularly for the kids to have familiar things around us shortly after arriving – remember you will be a foreigner in a foreign country so familiar things certainly help!

Ultimately, our total possessions were too much for a 20 footer but not enough for a 40 footer so we decided to go with the 20 foot and dispose of the stuff we did not want. Alex spent many a weekend at car boot sales and put ads in the local free press, on the boards at Tesco and sold things through Amazon etcetera. By the time our removals company came to our door we had slimmed our possessions down and Alex had earned enough for about one-and-a-half flights down to NZ – a very worthwhile exercise. That being said it was still touch and go to get everything in – I think the three cases of beer [an incentive] for the packing team might have helped!

As part of our leaving strategy we decided to leave our families the day before departure and spend some

family time together at a Heathrow airport hotel. We felt that to leave on such a long flight in some degree of emotional distress would simply make it harder and we certainly recommend this approach to everyone. I think the hotel cost us around £120 which we feel was money well spent.

We certainly looked at houses and rentals before we left the UK but never entertained the notion of either buying or renting whilst in the UK – to us that would have been too big a stretch – we would not have rented/bought a house in the UK without seeing it and the surrounding areas first, so we were certainly not going to do so half-a-world away!

Having arrived we stayed in a motel and set out looking for a rental property. We found somewhere through word of mouth and ended up paying NZ$400 per week for a house with six acres in the country with resident cows and chickens and space. To secure this we had to pay three weeks rent as a bond held by a government agency – two upfront plus a week for the agent as their fee. In all, then, we initially had to shell out about £600!

The next step for us was to look for a house. Now, be warned, we very quickly found that it is very simple to buy a house in NZ! Basically, if you see a house


27

Helpful hints

Globally, property markets were less volatile through 2010 than the previous 24 months. However, in January 2011 average NZ property prices were 5.8 per cent below their peak of 2007 whereas UK prices were down roughly 12 per cent in the same period.

Thankfully the Sterling - NZ Dollar exchange rate was also less volatile through this period. 2010 brought us a high of NZ$2.29 and a low of NZ$1.98. That range of 13.5 per cent was one of the least volatile years in decades as traders and investors licked their wounds from the previous two years and economies started to show flickering signs of recovery.

However, even as this exchange rate declined, there were spikes which offered those moving from the UK to NZ opportunities to improve the value of their funds through the conversion to Kiwi Dollars. Good risk management and early planning are the keys to taking advantage of these opportunities. Leave everything to the last minute and you are relying on pure luck to get a decent exchange rate; plan in advance and you stand a far greater chance of starting your new life with as much in the bank as possible.

• To find out more about the services offered by Halo Financial, visit the company’s website at www.halofinancial.com or tel: 020 7350 5474

>

you like and want to make an offer the real estate agent will take you back to their office and get you to make a formal offer in writing – this is a legally binding contract.

The first time you buy, take the contract to a lawyer and get them to take you through it. Then complete it and give it back to the agent. If the agent doesn’t like you doing this, I strongly advise you walk away – you do not want to deal with this type of person.

If you do not put any caveats in that initial contract and the vendor accepts the offer you will have bought that property – it is that simple! If you have the cash and the price is agreed you can literally buy and move in within a week!

We looked at many houses but could not find anything that we both felt

was right. In the end, friends suggested that perhaps we should look for some land and build our own house! This is very much not a pipe dream in New Zealand where pretty much every man and his dog can buy land and build on it.

The packages range from land and house deals to you buying land and then sourcing a designer and then a builder – and it’s all yours.

This is exactly what we did. We had a significant hand in the design of our house which was great fun and went almost every day to see it rising from the ground – a great experience! We were in no great rush, so in all it took about 20 weeks to complete but our friends had theirs done and dusted in just over 12, from cutting the earth to moving in.

The planning regulations

are quite straightforward – no planning notices go up and as long as the council sees it is structurally sound and that you will not be pinching anyone’s sun, permission can be granted quickly.

We estimate that to build our house [200 square metres, four bedrooms, two bathrooms, kitchen, diner, lounge, patio/deck, larger than double garage] three years ago cost us about NZ$330,000 [approximately £120,000]. We also have a ten acre piece of land in the country which we have now opted not to develop and that cost approx £100,000.

Dream properties in NZ are still very much a reality.

• Mike Cole is a financial and emigration specialist and run Brits NZ. www.britsnz.co.nz

Rental potential

In Australia, Canberra is currently the most expensive place to rent a property, while regional Victoria has the most affordable rental properties, with only 13 per cent of tenant’s income used to pay rent. Sydney, Perth and coastal Queensland have the least affordable rental markets.

Tenants looking to rent in Australia need to provide a deposit of one month’s rent, and an additional deposit for gas and electric. They must also sign a lease document in order to move into the property. Additional tenants’ fees vary on time that will be spent renting the property, for example, two weeks tenant’s fees are required for a one-year contract.

New Zealand’s higher rental costs are found in its major cities, especially Auckland, where rentals can sometimes be up to 50 per cent

more expensive than the rest of the country. A bond must be paid before moving in to a property as well as an agency fee of one week’s rent and in order to end a tenancy, landlords will usually require 21 days notice.

In Canada, Toronto and Vancouver are the most expensive rental markets, with rents halved in some other provinces. Some Canadian rental properties may office incentives to entice new tenants – including a month’s free rent. To rent a Canadian property two month’s rent is required.

In the US, rents are generally highest in large cities like New York. However, rent-controlled apartments in cities offer an alternative to heading out to the suburbs. Rental properties in the USA usually require a security deposit in order to move in.


28

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Timing is (almost) everything

A crucial element in setting the budget for your property purchase will be the currency exchange rate. It will affect your liquid funds and the buying process.

NZ-based property vendors will want to be paid in NZ Dollars. So before you can commit to the purchase, you will need to know if any changes have occurred in the currency markets as this could expand or contract your budget. Currency exchange rates move every second of the day 24/7 and the fluctuations over a month can be very significant. If the exchange rate is NZ$2 to the pound one month but rises to NZ$2.10 the next, by using that volatility you could receive an extra NZ$10,000 on each £100,000 you convert. A significant sum.

That kind of gain through your currency exchange means you have NZ$10,000 extra to spend on arrival or those extra funds would go a long way to covering the sorts of expenses that Mike has outlined on these pages.

There is another consideration regarding exchange rates and property prices. The question is, if exchange rates are poor, you have no ‘forward contract’ with a currency exchange specialist and, having arrived in,

say, Australia, you are renting a house for AUS$1,000 per month, does it make sense to wait until a better exchange rate becomes available before converting your funds and buying a property?

House prices in Brisbane, for example, rose 10 per cent in 2010. So, assuming the current exchange rate is AUS$1.60 to the Pound, is it worth keeping your property purchase funds in Sterling and waiting for the exchange rate to hit AUS$1.80 to the pound for example, so you can make the extra AUS$20,000 you need to buy the property you had your eye on?

If it takes a year to get to the AUS$1.80 exchange rate, on current trend,the house you were admiring should rise another 10 per cent. As average house prices in Brisbane are currently AUS$375,000, you could have paid out AUS$12,000 in rent, faced a rise of AUS$ 37,500 in the cost of the home you are trying to buy but only have saved AUS$20,000 on the exchange rate, assuming it does actually get to your target level. This isn’t the same for every area in every country but it is certainly worth doing the calculations before you make the decision to rent or buy.


29

Slices of the pie

So how much does Mike believe the emigration process should set you back? “A visa agent, if you use one, should not cost more than £2,500, while ate £3,000 – £4,000 for a 20-foot container you should expect your removals to cost you a little more. Flights start from around £2,000 for a family of four, while additional sundry expenses cost us another £2,000.”


30

The property pagesA report released by the Royal Institute of Chartered Surveyors (RICS) in February 2011 confirmed what many of us knew anyway – the UK’s housing market is still not showing any signs of making a recovery.

Almost a third of surveyors reported a fall rather than a rise in house prices in January 2011 – a similar trend to what had been seen throughout 2010.

But how are the property markets faring in the countries featured in this guide?

AmericaAlthough the American property market has stabilised since it went into free-fall in 2008, by the end of 2010 house values had once again started to fall following a slight rise in prices during the first six months of the year.

By the third quarter of 2010, year-on-year national house values in the States had decreased on average by 0.73 per cent, according to data released by CoreLogic, largely thanks to a drop of 2.8 per cent in September and over 1.5 per cent in August.

Idaho (-14 per cent), Alabama (-9 per cent), Mississippi (-8.3%), Florida (-7.7 per cent), and New

Mexico (-7.5 per cent) were the five hardest hit states in this period.

AustraliaAlthough the financial crisis didn’t hit Australia quite as hard as it did most developed countries, the property market still suffered throughout 2008 and in early 2009.

However, Global Real Estate Trends report released towards the end of last year revealed that Australia had the strongest property market in the world in 2010, with “housing demand supported by low unemployment and tight supply... adding to the upward pressure on prices”.

Results from a survey of residential property released by National Australia Bank showed that house prices rose by 4.7 per cent nationally last year, with significant property price growth seen in Melbourne (8.4 per cent) and Sydney (6.6 per cent).

CanadaLike Australia, Canada also emerged relatively unscathed from the financial crisis and as a result its property market has also continued to show signs of strength since the middle of 2009.

Property company Royal LePage announced in January 2011 that average house prices rose between 3.9 per cent and 4.6 per cent in the fourth quarter of 2010 – and is predicting growth of 3 per cent for 2011.

That said, the Canadian Real Estate Association (CREA) has predicted prices will fall by 1.3 per cent this year, largely due to weaknesses in the country’s two largest property markets – Ontario and British Columbia. Overall, though, the CREA have predicted a “stable year” for Canada’s property market as a whole.

New ZealandHaving initially emerged strongly for a property slump in latter stages of 2008, property prices in NZ promptly began to fall again in 2009, leading some to fear that the first recovery was something of a false dawn.

The good news, however, is that by the start of 2011 the market had shown signs of stabilising once again. Although nationally prices were still declining in January 2011, they were doing so at a much slower rate than in 2010 and many regions, including Auckland and Wellington, were beginning to witness significant price growth.


31

COUNTRY New Zealand

LOCATION Auckland

BEDROOMS Six

FEATURES Indoor heated swimming pool, barbecue area

PRICE By auction

WEBSITE www.bayleys.co.nz

COUNTRY Australia

LOCATION Perth

BEDROOMS Three

FEATURES Brand new kitchen, 258 square kilometres of land

PRICE AUS$769,000

WEBSITE www.realestate.com.au

COUNTRY Canada

LOCATION Calgary

BEDROOMS Four

FEATURES Breathtaking views of Auburn Bay,

PRICE CDN$1,488,000

WEBSITE www.sutton.com

COUNTRY United States

LOCATION Orlando

BEDROOMS Six

FEATURES Close to Disney, situated in a golf resort

PRICE POA

WEBSITE www.knightfrank,com

Average property prices

Vancouver, Can £438,108

London, UK £391,697

Sydney, Aus £385,331

San Francisco, US £366,677

Perth, Aus £322,089

Melbourne, Aus £316,109

Brisbane, Aus £293,688

Toronto, Can £271,182

Auckland, NZ £264,718

Adelaide, Aus £258,939

Queenstown, NZ £258,149

Calgary, Can £238,286

Wellington, NZ £226,686

Ottawa, Can £203,128

Christchurch, NZ £193,057

Chicago, US £183,323

Nelson, NZ £178,248

Halifax, Can £170,725

Dunedin, NZ £129,490

Orlando, US £87,415

NotesAll average prices gathered between October to February 2011. Given the ever changeable nature of property markets the world over, and constant fluctuations in the currency exchange markets, prices will not be wholly accurate when you read this guide, but should still give you a good indication of how far your money will go.

32


Vancouver

Auckland

Needinformation?

The Emigrate show has been helping people realise theirdreams of a new life abroad for 15 years, assisting thousands of migrants who are now successfully enjoying better lifestyles in Australia, Canada and New Zealand.

If you have never considered how to begin on the migration process, Emigrate will be a great start to finding out about these destinations and whether you may qualify for a visa. Even if you already have your visas and paperwork in hand, then the show will help you plan many aspects of your relocation.

Many countries are crying out for specific skills and trades, which can drastically increase your chances of a successful migration, and possibly help to speed up the process. Medical professionals, police officers, IT specialists, teachers, engineers, electricians and plumbers are just some examples of the people that have been targeted by the various immigration departments to fill vacancies.

Exhibitors usually include government immigration officials, migration and visa experts, property consultants, removals firms, currency and financial specialists, and relocation agents.

More information can be found at www.emigrateshow.co.uk where you will also be able to book advance entry tickets and save on the admission price.

Visit www.emigrateshow.co.uk for up to date information on future shows and to

book your tickets!

34

Visa fees

AustraliaSkilled visas1st Instalment AUS$2,5752nd instalment AUS$3,575Provisional business visas1st instalment AUS$3,420Retirement visas £235Partner visas AUS$1,735Parent visas AUS$3,245–39,700

New ZealandSkilled Migrant NZ$2,050Expression of Interest (online) NZ$440Expression on Interest (paper) NZ$550Business Investor NZ$3,400Entrepreneur NZ$2,800Family NZ$1,350Retirement NZ$2,800

AmericaImmigrant visas US$420–720Non-immigrant US$140–350

CanadaSkilled workerApplicant CDN$550 + CDN$490*Spouse/partner CDN$550 + CDN$490*Dependant (22 yrs+) CDN$550Dependant (under 22 yrs) CDN$550Business visasApplicant CDN$1,050 + CDN$490* Spouse/partner CDN$550 + CDN$490*Dependant (22 yrs+) CDN$550Dependant (under 22 yrs) CDN$150FamilyApplicant CDN$475Spouse/partner CDN$550Dependant (22 yrs+) CDN$550Dependant (under 22 yrs) CDN$150TemporaryIndividual – Single Entry CDN$75Individual – Multiple Entry CDN$150Family Rate – Maximum CDN$400

* Right of Permanent Residence FeePrices correct at of 9/02/11

About Halo Financial

Halo Financial Ltd is one of the UK’s leading foreign exchange specialists. It provides an efficient and cost effective way for you to transfer currency overseas; operating as a direct alternative to your bank they will save you time and money when buying or selling foreign currency.

Based in the UK, Halo financial has a reputation for delivering good value and expertise in the provision of currency services. Its staff are regularly interviewed on financial television channels such as Bloomberg and CNBC for their expert views and analysis of the foreign exchange market.

Why should you contact Halo Financial?• Market leading commission rates• No commission charges• Fast onward payments• Excellent service• Regular currency updates• A single point of contact• 24 hour monitoring of exchange rates• Appropriate risk management strategies• Proactive account management

So contact Halo Financial – exchange rates fluctuate greatly so it’s never too early to investigate such an important service and have your currency concerns put to rest. Five minutes of your time today could save you thousands before you emigrate. Give Halo a call on 020 7350 5474 or visit www.halofinancial.com/DIZZTM

Migrant Money

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