But with the ever changing global economic environment, it is vital that people do as much research as possible about their chosen destination without forgetting anything.

We look at some of the essential points:

Energy Prices:

As energy prices continue to rise in the UK, it is easy to be tempted by sunnier weather abroad.

But before emigrating, Brits are being urged to check how the cost of utilities compare abroad, and also that so-called year-round sunny destinations are just that

In Cyprus, for example, the cost of electricity is one of the highest in Europe, according to Richard Way of The Overseas Guides Company. And in terms of year-round sun, once you are off the coast, winters can be very chilly.

Way adds: “Similarly, in inland Spain and in the northern parts, winters can colder than the UK – meaning expats will still need to fork out on heating bills.” 

Inheritance Laws:

If you are buying abroad make sure that you know the local inheritance laws and how that may affect you. Take France for example – under the French tax law, only real estate is subject to inheritance tax.

So if you own a second home in France, whether or not your inheritors are fiscally resident in France will not matter, as the property will still fall into the French inheritance tax net.

However, cash and some other movable assets are not subject to this tax. Always seek advice from a specialist.

Local politics:

Remember to always keep your eye on the local politics of the place you move to as the political situation and local sentiment to foreigners can change quickly which could affect you.

Take for example Brits in Spain and the recent confusion over reforms affecting holiday home lettings in the popular British holiday destination.

British, and indeed local homeowners, were left confused as to how they need to comply when letting out their property and the ever changing Spanish property ownership goalposts.

Also familiarise yourself with local regulations and customs, don’t get caught out because you haven’t done your research. The Foreign and Commonwealth ‘Know Before You Go’ is a good source for information.

Tax planning:

In today’s climate of austerity measures and economic problems, it is important that you stay on top of your tax planning so that you aren’t hit with any nasty, unexpected bills.

You should consult a tax specialist who can advise you on the country you are emigrating to or if you are buying a overseas property.

The UK has over 160 ‘tax treaties’ in place with other countries and it is worth reading up on what will and won’t affect you. There is the double taxation relief in place for some popular British expat destinations. Go here to check country by country. 

And remember –

Currency specialist – Making use of a currency specialist will nearly always be cheaper than if you used your bank to transfer currency, this could save you a small fortune. Using a currency specialist could save you as much as 3 to 4 per cent.

Seek independent legal advice – Don’t feel under pressure to use your property developer’s or estate agent’s contacts, check out the gov.uk website for the Foreign and Commonwealth Office’s English-speaking lawyers lists – it is vital that your legal advisor understands the law in the country you intend to move to.

Don’t rush into buying abroad – Take time to visit the area and other properties nearby, don’t be rushed into decision and ensure you are familiar with local protocol.

Plan for your health – you will no longer be entitled to medical treatment under the NHS or via a European Health Insurance Card (EHIC) if you leave the UK permanently.

Be sure to take out health insurance and if you are staying within the European Economic Area (EEA), read up on the S1 form (previously known as the E121 form). For more useful information visit the NHS moving abroad page.

Consider your long-term financial requirements – read up on the impact moving overseas may have on any benefits or retirement income received. Be realistic about your living costs overseas; don’t assume they will be the same as at home.

Paul Fidell, investment expert at Prudential, said: “Retiring abroad can involve riding an income rollercoaster, as the spending power of the State Pension is directly affected by currency movements.

“Anyone thinking of retiring abroad should consult a financial adviser to ensure that they are adequately prepared to cope with income volatility and an unfamiliar tax regime. Their adviser may recommend considering ideas like locking in to favourable exchange rates with a currency dealer to reduce exposure to volatility.”

Remember that prices can go up as well as down even in your chosen destination… Do you have a plan B if things go wrong? This is the kind of financial MOT you need to do generally at every major event in your life. Find an advisor at unbiased.co.uk.

Tell the right people that you’re leaving – You need to notify the Social Security Office, HM Revenue & Customs and the Department of Work & Pensions that you are moving overseas, as well as your GP.