If this is your first time abroad and you’re getting excited about the opportunity of relocation you need to make sure that you’ve got your finances nailed down with your employer before you start packing.
We’ve developed a short list of items that you ought to ask as part of your negotiation and as a general guide to the cost of an international relocation:
Moving to London: Financial Checklist
Salary – Will the salary offered as part of your relocation jobs package cover the cost of living in London?
Housing/Accommodation: Will your employer help you with relocation to London housing costs?
London relocation agents: Ask your employer if they can provide you with a third party London relocation services agent to help you find accommodation quickly. They will also be able to help you with smaller details that could become a big issue if you do it alone.
Transportation Allowance: Does your employer have a transport scheme? This could have a big impact on where you are able to live and how long it takes to get to work each day.
Visas: Will your employer pay for your visas and handle the submission and paperwork or will you be expected to do this yourself? Is your employer going to submit the paperwork on behalf of your spouse/partner?
Moving costs: If you are keeping items in storage will you employers cover those costs? Do they have a limit on the amount that they are prepared to pay to ship your furniture and personal belongings to the UK?
Will they pay all moving costs or just the transatlantic cost of moving?
Are you eligible for a repatriation bonus to help you get settled?
Taxes: Does your employer have a good package to handle taxes of Americans moving to London? Can they recommend a good international tax attorney to handle the issue of double taxation?
These are just a few of the issues that you need to raise with your employer when you are moving to London. Tomorrow we will discuss a list of typical expenses that you can expect to pay in the first two months of your relocation.