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Moving broad for work or fun is both exciting and frightening, here are some things you should know

An ancient quote says, 'those who travel across the seas only change their skies, but not their souls", nowadays the opposite is true. Studies show that people who live abroad find it easier to engage with other cultures. Moving abroad gives you more perspective on life. But it's not easy to take the first step. The thought of leaving your family and friends can be distressing coupled with the fact that you may not know anybody in the new country. However, it's an opportunity to leave your comfort zone and explore different cultures and issues you haven't seen before.

But there are challenges you'll encounter. Paperwork can be exhausting; The stress of trying to blend into a new environment, especially when you're not fluent in their language; The guilt that comes with leaving your family and friends, which they may not initially understand. But facts prove that the distance could actually strengthen your relationship. So if you're tired of the same old routine and want some more adventure in your life, you'll find that you can master the skill of dealing with the challenges that come with living in a foreign city. Whether you're a millennial moving to another country for work or a retiree just seeking adventure, these tips will help make the move as painless as possible.

Tips For Moving Abroad

1. Make some research. You already know this is important. It's a no-brainer. Know a bit about the political climate of the country, the economic climate, geography and important public figures. Also learn something of the culture, history and staple foods.

2. You don't really need much stuff. Unless you're running away from your home country, never to return, you'll find that excess luggage is just what it's called; excess luggage. It's a given that there will be stores and large shopping outlets in the country you're moving to. Also leaving back the excess stuff might be a way to dispose of materialism and reprioritize what's important in your life. However, never forget to take the important stuff. Don't forget to take your favorite 'Abercrombie' shirt or else your mind might not leave home.

3. Don't expect to settle in at once. It might take at least three months before you fully integrate with the culture of a particular place. You might find it hard to make friends during this time. So, don't rush and don't feel like you've to immerse completely while trying to socialize but stretching your limits of comfortability. During this time, you can observe. Also, maybe, get some interesting 'alone' activities to keep it fun.

4. Experience new things. Travelling abroad and not trying new foods, people and customs is like going to school and not learning anything. Don't be afraid to experience new things. Also, don't limit yourself to the big cities. If you travel to Spain, don't spend all your time in Madrid. Check out the smaller town, you'll learn and experience much more.

5. Make local friends. As a new property investor abroad, your local friends will be able to assist you a lot. They'll give you practical information and might even put in some legwork for you. Generally, you're not moving abroad to hang out with fellas from your home country. Therefore, mingle with the locals.

When you hear stamp duty, don't run for cover! Stamp duty fees are only applicable in the Commonwealth of Nations countries, Singapore, Australia and a few states in the US. It is a tax that arises from the transfer of property, usually, you pay when you sell. In this case, there will be a transfer of documents. Stamp duty legally requires that these documents are stamped, this shows the amount of tax paid. This means you’re actually paying for government stamp. Where enforced, stamp duty is placed on transfer of lands, homes, buildings, copyrights, patents and securities.

Facts About Stamp Duty fees

Stamp duty can be one small additional cost to your home, especially if you're dealing with a second home or investment property. Here are some things you should know about stamp duty:

* In the UK, the government levies stamp duty tax on all share transactions, currently at 0.5%. This generates £4bn for the treasury.

* In the European Union, Germany, Sweden, Luxembourg and the Netherlands have no stamp duty.

* France charges stamp duty only for transactions above £5,000. In the US, stamp duty is more or less insignificant, only 0.003 percent is charged.

* When you deal with really big money, it becomes a problem. Stamp duty is the reason why influential fund manager, Fidelity, moved half of its £6bn UK special situation fund offshore in 2016.

* Stamp duty came into being 200 years ago in the UK and some people believe that it was the sparking flame for American Independence Movement. When it was introduced to the American colonies in 1765, it was met by protests.

* Stamp duty is only paid on brick and mortar of the house. It shouldn't feature fixtures and fittings, white goods or items of furniture as they are exempt. You pay stamp duty on land and property purchases.

* You also pay the stamp duty when you buy shares valued at more than £ 1,000, although it is a different system, and the rates are different as well.

* You do not pay it on properties in Scotland. Instead you have a Land and Buildings transaction tax on properties costing more than £ 145,000.

* In the UK, just because your property is below £ 125,000 does not mean you can ignore Stamp Duty. You still have to submit a Stamp Duty land tax return.

* Even though your lawyer usually takes care of it, it is your responsibility to make sure that the return and payment are shipped on time. If it is late, you will pay a fine of £ 100, plus any interest.

* If you are transferring a portion of your home to an ex-partner after divorce or separation, or if you are giving the deeds of your house to someone - as a gift or in your will - you do not have to pay stamp duty.

How Much Stamp Duty Should I Expect To Pay?

In the UK, there are several price bands for Stamp Duty. The tax is calculated by the part of the purchase price of property that falls within each band. For example, if you buy a house for £ 275,000, the tax on the stamp duty (SDLT) you owe is calculated as follows:

0% on the first £ 125,000 = £ 0

2% on next £ 125,000 = £ 2,500

5% in the final £ 25,000 = £ 1,250

Total SDLT = £ 3,750

In this case you pay £ 3,750. This will not be the case in other countries. So, it is important that you contact a lawyer in your destination country who’d give information on how stamp duty is calculated.

While some analysts believe Brexit has made the UK housing market porous. Others believe Brexit will pave way for a stronger housing market in coming years

The interaction between real estate and foreign policy is clear cut and this is more than proved by Brexit. As the March 2019 final Brexit negotiations approach, a precursor has been set, which might influence London's real estate market in coming years.

A recent report from international property firm, Knight Frank, puts London as the top favorite destination for global capital. This is due to the fact that London still presents liquidity and stability, factors attractive to investors.

Nick Braybrook, Knight Frank London's head of capital markets says ‘Despite the political turmoil surrounding the UK with Brexit, London is once again the most liquid real estate market in the world. It is more popular as a home for international investment than Paris Central, Manhattan, Munich, and Frankfurt combined,’.https://www.propertywire.com/news/global-news/londons-commercial-property-market-top-draw-international-buyers The influx of foreign investors particularly Asian buyers could be due to a weakened pound sterling, which has led to a slow growth in home prices.

According to an article by FT https://www.ft.com/content/87b1f284-1452-11e7-80f4-13e067d5072c "home prices have seen slow growth since the 2016 Brexit announcement. In May 2018, prices fell by 0.4% in London from an annual rate of 12% in 2016."

The pre-Brexit rise in home prices, which were growing at above 10 percent year over year before the EU referendum has given way to slower price growth. 2018 so far has seen a price growth of only 3% all over the UK. For millennials and London residents, the pre-Brexit rates had kept them on edge with staggering prices. Now the current fair price increases and a residential market that is more or less slow present better odds of landing favorable home deals.

Currently, London's economy is great. There is a low unemployment rate and inflation rates are down. Speculators, however, believe that the thriving economy will lead to higher interest rates soon. This means that first-time homebuyers would need to pay higher down payments on mortgages.

And even though foreign investment has decreased in most sectors, due to the uncertain climate surrounding BREXIT, real estate foreign activity is at its peak. Even the tax hikes introduced on foreign landlords, renting out their houses, hasn't diminished London's foreign real estate activity.

2019 will definitely be an interesting year for the UK's housing market, depending on the outcome of the final negotiations between the EU and the UK. However, an abrupt Brexit will do no one any good. Mark Carney, the governor of the bank of England has warned that a "disorderly" Brexit will lead to interest rate hikes which might greatly affect the property market.

According to FT, Theresa May’s government is actively seeking to avoid such a scenario. The prime minister has softened her position on Brexit in recent months and has agreed to a transition period that would maintain much of the status quo until at least 2021.

What changes do you think might take place before 2021? Leave your thought