Home Travel What Financial Implications Are There to Move to the UK?

What Financial Implications Are There to Move to the UK?

What Financial Implications Are There to Move to the UK?
Photo by James Giddins on Unsplash

The UK is a hugely popular destination for immigration, but there are some things to consider before taking the plunge, including finances. In this article, we’ll take you through the financial implications of a move to the UK…

The UK can be a great place to live with its beautiful countryside, bustling cities, and high-quality education system. It’s a popular choice for many. 

If you decide to take the plunge and immigrate to the UK, it’s important to read up on your different visa options, as you’ll need to meet the requirements for eligibility for indefinite leave to remain. It’s also worth learning about the financial implications of making a move. 

Moreover, in this article, we’ll take you through the fees and expenses you can expect when moving to the UK…

Visas

When planning a move to the UK, you first need to apply for (and be granted) the correct visa, which will allow you to live and work in the country. 

There are several different types of visas available, so you must choose the correct one. Gaining a visa can cost between £95 and £3250, depending on your type and your personal circumstances.

It’s also worth noting that most visas have an expiry date and must be renewed regularly. Having a visa tends to mean there’ll be an ongoing cost that will need to be kept in mind when looking at your monthly and yearly budgeting for your new life in the UK. 

Transport

UK red bus
Photo by Dave Kim on Unsplash

If you’re planning a permanent or semi-permanent move to the UK, there’s a good chance that you’ll be bringing a lot of possessions with you, including, perhaps, furniture. 

Transporting large items or large amounts of items overseas can be extremely expensive, so it’s a good idea to think carefully about which items you can stand to leave behind.

You will also need to include the cost of transporting yourself and, if applicable, your family in terms of airfares or other transport costs. This may be extremely important if you plan to make regular trips back home to visit loved ones.

Personal transport in the UK is also important to consider here. While inexpensive bus and train travel can be found in most large towns and cities in the UK, more rural areas tend to have relatively poor transport links. This means that you may have to factor the cost of a personal vehicle into your budget. 

Accommodation

Accommodation in the UK can be pricey, particularly within the larger cities. For this reason, you may want to consider moving to a smaller town or city in the Midlands or the north of England if you’re on a budget. 

Although these places may not have the glam reputation of glittering cities like London, they will usually be more affordable for those beginning a new life in the UK. 

According to HomeLet, the average rent in London for new tenancies is £1,832 a month, whereas the average rent price in Leeds is £705.

The Cost-of-Living 

Grocery market
Photo by nrd on Unsplash

As with many other countries, the United Kingdom is currently experiencing a cost-of-living crisis whereby the price of necessities such as food and heating is skyrocketing. 

Even if you find reasonably priced accommodation in the UK, the cost of living can make a move untenable for some. It’s a good idea to research the cost of living compared to your home country (and offset against how much you expect to earn in the UK). 

Healthcare

While the UK is known for its National Health Service, this does not mean that healthcare is 100% free of charge. UK residents are subject to costs for prescriptions and dental care, which can be fairly expensive. 

Dental costs in the UK can range from £50 for a checkup to thousands of pounds for more complex or cosmetic treatments.

Living Expenses in the UK

The United Kingdom has a lot to offer for immigrants, including plentiful employment, diverse culture, and outstanding schools and healthcare. It’s worth noting that moving to the UK can be an expensive business and, as such, is not a decision to be taken lightly. 

Before taking the plunge, you should always research (and your sums) to make sure that life in the UK will be affordable for you.

Featured Photo by James Giddins on Unsplash

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