5 Top Financial Tips for Expats Moving to Kuala Lumpur Malaysia:
- Financial advice in Malaysia – financial advice laws are different overseas. Some areas of advice are not regulated, some countries have no regulation. These means that the advice you receive may be totally unprotected and you have no recourse with the exception of a lengthy court case, possibly in a foreign language. Get started today and get professional, expert expat financial advice from a UK regulated adviser remotely through our online advice service.
- Review existing pensions and investments – Rules and regulations vary around the world. Pensions and investing when living overseas is extremely complex and you need to take advice. Will you get taxed on your wealth outside of the country? If your drawing your pension, can your pension scheme make payments overseas?
- Setup up a Offshore Bank Account – Do you want to use the local banking system in Malaysia? If not, where will you receive your employment income? The offshore banking industry in the Isle of Man and Channel Islands is part of the UK clearing system. It therefore, is very simple to make transfers and set up debits etc to cover UK or global bills. It is also helpful to have bank accounts that have facilities for international transfer, multiple currency and currency conversion. Compare the offshore bank accounts available
- Leaving the UK? Notify the HMRC – Complete a HMRC P85 Form. This is a form to notify HMRC that you are leaving the UK.
- Take advice on local tax before you go – do you fully understand the local taxes that will be due in your new country? Just because you have left your country of origin does not mean you are not liable to tax back in your previous country or your home country. It is important you gain advice before moving to Kuala Lumpur Malaysia and get started to understand all the options available to you.