I am terrified - these are my life-long savings

Fly_Baby

refusnik, spasibo for your post!

We are not planning to move to Russia - but may be forced to, if as I said, my husband's contract is not renewed. He hasn't had a lot of luck with applications to other vacancies yet.

What did you mean by tax implications - would be grateful if you can give a bit more information. We have been residents in the UK and paid taxes in the UK - why are we liable for any taxes in Russia if we are to move our earnings?

refusnik

I am not suggesting that there would be any tax losses while moving money abroad but it might be a good idea to ask advice of a good Russian-based accountant/lawyer with experience in similar cases well in advance. E.g. Russian revenue office requires Russian citizens to inform them about opening any bank account abroad. To my knowledge nobody bothers to. However, this might be critical in proving that you are repatriating your own cash savings. Again, this needs a practicing accountant to look at.

If you hold dual nationality and are moving purely due to economic reasons it could be a good idea to consider moving to Australia - the jobs market is vast and opportunities are plenty. In any case, good luck. You seem to be considerate and diligent so maybe you don't have to worry that much

alchemistkevin

refusnik wrote: »

I am not suggesting that there would be any tax losses while moving money abroad but it might be a good idea to ask advice of a good Russian-based accountant/lawyer with experience in similar cases well in advance. E.g. Russian revenue office requires Russian citizens to inform them about opening any bank account abroad. To my knowledge nobody bothers to. However, this might be critical in proving that you are repatriating your own cash savings. Again, this needs a practicing accountant to look at.

If you hold dual nationality and are moving purely due to economic reasons it could be a good idea to consider moving to Australia - the jobs market is vast and opportunities are plenty. In any case, good luck. You seem to be considerate and diligent so maybe you don't have to worry that much

I have a couple of friends (Aussies) who moved back last year.

They are very good at what they do and held jobs/contracts here of their choosing. In Australia, not one has managed to find a good contract/job at the place of their liking (large cities) or with their salary expectations.

The market is quite different their now from what I hear.

BiggaThanBen

Fly_Baby wrote: »

We are not planning to move to Russia - but may be forced to, if as I said, my husband's contract is not renewed. He hasn't had a lot of luck with applications to other vacancies yet.

Even if you are forced to move, you will be in a much better position than if you had bought a house here recently .. This would only make a bad situation worse. At least you can move to another country for several years keeping your savings in GBP and then, if you decide so, come back and buy a house here not taking any currency exchange losses.

bandraoi

If you move, will you need to transfer your savings back immediately?
If not, then I wouldn't transfer them at all.
No one knows what's happening in the markets right now, be it Sterling, the Euro or the Dollar.
Just drip feed it to yourselves in Russia as and when required for spending, over time the exchange rate will average out, and at some point in the next five years there will probably be a good time to change.