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| *Travel Tips>>>General - Australia & New Zealand Travel Tips |
Does anyone know how much money you have to have to emigrate to new zealand? |
Travel Info I know you have to have a certain amount to support yourself, or is that only if you go on holiday? do you need to have enough to buy a house or can you rent? do you have to have a skill or do they allow nonskilled workers? Travel Tips I know you need enough to support yourself for a while. Best to check with the embassy. For now though read through this and see if it helps. There is an email link at the bottom too that you can ask directly a UK expat in New Zealand. Financial Advice - Some Hints & Tips Financial Advice Having moved to New Zealand from Kingston-Upon-Thames, UK, I understand the challenges and problems that you may face when migrating which means I can advise you on your financial situation, both in New Zealand and the UK. I have put together some useful financial hints and tips which I am sure you will find useful when you emigrate to New Zealand. 1. Pensions Before you leave the UK check your entitlement to the UK Govt pension and get up to date benefit statements of all your UK pensions - private and employer, so you have a current view of your pension situation. On 6th April 2006 new rules relating to the transfer of UK pension funds to overseas schemes came into effect, resulting in New Zealand Superannuation Scheme providers having to get specific approval from the UK HMRC to be able to accept transfers. If a transfer was to go ahead and went to a scheme that was not approved then the individual would be taxed at a rate up to 55%. In practice however as the UK pension provider would also be taxed on transferring to an unapproved overseas scheme, the likelihood of an individual getting the tax charge applied is remote. However as part of the same transfer rules the UK HMRC also introduced new rules on ways in which benefits can be taken from an overseas scheme and if these rules are broken the member would also face the above tax charge. Before the introduction of these rules an individual could transfer their pension to NZ and take up to approximately 40% straight out as a tax free lump sum, with the remainder being taken as a tax free lump sum at retirement (note no need to buy an annuity). This has now changed. The new rules now say that an individual can only take benefits as if they were being taken from a UK scheme. In other words you would have to wait until you reached at least age 50 (this increases in 2010 to age 55). However they then say that once you have been non-UK tax resident for the remainder of the UK tax year in which you first become non UK tax resident, plus another five years after that (in other words 5-6 years after you arrive) that you can take lump sum benefits with no liability to any UK tax. This could be as much as 100% as a tax free lump sum although in practice most NZ Super scheme providers will have their own limits on what you can take. We would also not advice that no more than 40% be taken as a pension is for retirement planning, however the final choice and implications of this choice do rest with the client. Please Email me if you wish to discuss your situation in more detail. 2. Investments Before you leave the UK, get up to date statements and valuations of all your investments along with all the supporting documentation such ownership documents and contact details, and put them together in one file. I will help you review your savings and investment requirements once in NZ so you understand clearly what your options are. Interest rates are higher than in the UK, for example as current rates are around 8.5%p.a. for a two year investment in a capital secure investment is available from solid financial institutions. 3. Life Insurance If you have existing policies you should review them before stopping them, cancelling them or cashing them in. You would also need to review your Life Insurance and Income Protection requirements when you are in NZ to ensure that you are adequately financially protected. I suggest that you email me with your insurance details and I can advise you what the best options are for you. 4. Medical Insurance I suggest you refer to the section in my site about the NZ health system to learn what's covered free in New Zealand. Medical insurance is popular and affordable in New Zealand, and once you get here I can assist you in arranging the right cover for you and your family. One thing you need to be aware of is that if you do not have Permanent Residency, it is likely that the cover will be restricted to whilst you are in New Zealand and that you will need to go for a thorough medical examination, supply medical records from your previous medical practitioner and possibly have a high excess (around NZ$2,000) on Medical Insurance. Therefore make sure before you leave the UK you pick up your medical records. 5. Wills I strongly advise that you have a Will in place and an Enduring Power of Attorney to ensure that your assets are dealt with how you want them to should you die or become incapacitated. I work with a number of Solicitors who I am happy to recommend who will be able to advise and help in this area. 6. Ownership of Assets Regarding ownership of assets, you should speak to a New Zealand solicitor regarding the various ways of owning your assets, as there are a number of laws in New Zealand which you need to be aware of such as the Matrimonial Property Act. Setting up a trust in New Zealand has become quite popular in the last few years and people normally set up family trusts so that they no longer legally own their house or other assets but they can continue to use and control them as they wish. Again you should at least discuss the options with your New Zealand Solicitor to see if a trust is appropriate. Family trusts can protect your assets for the future, protect your assets against creditors, provide for your family, help avoid paying tax, help protect against income and asset testing, protect against possible changes to capital gains and death taxes and prevent claims on your estate when you die. 7. Mortgages As a rough rule of thumb maximum debt repayments lenders will allow is 33% of your take home pay and would like to see a 20 - 25% deposit (they will lend on less). It will help if you can bring 3 months worth of UK bank statements and any other supporting financial documentation with you. Each case is taken on its merits but you don't need to build up a credit history in NZ before applying for a mortgage. If you have a job offer it is even possible to obtain a pre-approved mortgage. Email me if you would like to explore this option. 8. Tax You will need an IRD Number for your employer, bank account, savings and investments. You can apply for an IRD number before you come out to NZ by visiting the New Zealand IRD here. When reviewing your financial situation you need to be aware of the NZ tax regime and I urge you to speak with a NZ Accountant before you leave the UK as you may able to reduce your NZ tax liability. 9. Money You will need to make a budget of how much money you will need when you initially arrive - such as money for rent or hotels, money for a car, and living expenses for 3 months to 6 months. 10. Exchange rates It's important to get the best Exchange Rate you can, and I recommend you use a reputable Foreign Exchange Dealer who will work closely with you to achieve your currency exchange objectives. They can implement certain strategies such as buying the NZ$ forward as well as providing you with more competitive rates than the high street banks. If you would like to know more please email me at jeremy@broadbaseinternational.... Or view my website for more information: www.broadbaseinternational.com Others i think you need at lest 20 thousand pounds in your bank plus you need a person to sponsor you as well. loads...maybe about 6k to sttle yourself in to a new home and furnish while you look for job good luck try this website to help. http://www.immigration.govt.nz/... Not sure off hand but these sites WILL help you ! Free immigration test and assessment here - http://www.migrationbureau.com/forms/def... http://www.migrationbureau.com/newzealan... http://www.immigration.govt.nz http://www.emigratenz.org http://www.nz-immigration.co.nz... Moving to NZ Information - http://newzealandnow.info/au/article/au-... Cost of living in NZ http://www.emigratenz.org/cost-of-living... http://www.nz-immigration.co.nz/cost-of-... Working in NZ http://www.workingin-newzealand.com... http://www.workpermit.com/new_zealand/ne... Good Luck BTW - South Island is much nices that the North :-) |
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