For many people, moving abroad is an experience that accompanies success in life - a desire for a new beginning, or a new employment opportunity. A transfer to another country office of your company, being recruited by a foreign firm, or perhaps pursuing a business opportunity abroad, could present you with the prospect of an international move. In doing so, we face some tough choices about what to do with the assets we’ve accumulated locally so far.
One obvious choice is to simply sell these assets; with good planning and adequate lead times, they can provide a tidy sum to assist the move and resettlement.
However, even with enough lead time, holding onto one’s property – especially when it is fully or mostly paid for – may be the most sound strategy. This is especially so if the move may not be permanent. Our asset can retain value, earn some income, and make readjustment that much easier if indeed the decision is to return.
Those choosing this option may wish to rent their property to a tenant.
The key to this is finding a competent trustee or agent to manage the property. Real estate agents are well placed to do this, providing a thorough understanding of this role and a professional service in collecting payments, arranging maintenance and keeping records. They are also well positioned to guide you in legal matters that may arise.
Probably the most important element of planning is to decide how to manage the income. Residual exchange controls can complicate sending it abroad, so perhaps explore some local options. Most importantly, a reasonable portion of any income must be available for maintenance.
Finally, whichever route is taken keeping up regular communication is critical. Emails, phone calls and close scrutiny of reports can help to identify and address concerns as they arise.
