Three in ten Britons considering expat status

According to the firm, 27% of individuals surveyed said they were considering the move.

Approximately 4% of Britons own a home overseas, while France and Spain are the most popular European destinations on Brits' radars for a life abroad, it adds.

However, the bank warns anyone considering buying a property in either location should think carefully about steps needed to protect themselves against fluctuating exchange rates.

By opening a Sterling and Euro account for example, people are able to convert their money as and when the rate is right for them, it says.

Similarly, someone may be going to work abroad and receive their salary in US dollars but still have to pay their mortgage in the UK in Sterling. While a local bank could convert the dollar salary to sterling when it receives the funds, it may not be at the best rate possible. A Dollar and Sterling account will make the transition easier, says Halifax International.

Having the flexibility of making savings work in the best way possible and enabling the individual to stay in control is "extremely important" for people working overseas, living permanently or temporarily abroad or expats on the move, says the firm.

"It is essential that expatriates abroad consider the currencies that are important to them and have the ability to change money into different currencies, whenever and wherever," says James Gairdner, managing director of Halifax International.

Categories: Offshore Investment