{"id":118086,"date":"2025-05-16T09:33:33","date_gmt":"2025-05-16T08:33:33","guid":{"rendered":"https:\/\/www.shipit.co.uk\/blog\/?p=118086"},"modified":"2025-05-16T09:33:33","modified_gmt":"2025-05-16T08:33:33","slug":"tax-haven-relocation","status":"publish","type":"post","link":"https:\/\/www.shipit.co.uk\/blog\/tax-haven-relocation","title":{"rendered":"Tax Haven Relocation: Best Places to Save For a House Deposit (2025)"},"content":{"rendered":"\n

Looking to save for a house deposit? These are the best countries to work in<\/strong>…<\/p>\n\n\n\n

Saving for a house deposit in today\u2019s competitive and expensive housing market is no easy feat. With rising property prices across the UK, many aspiring homeowners are finding it harder than ever to get a foot on the ladder. But what if the key to accelerating your savings lies beyond the UK\u2019s borders?<\/p>\n\n\n\n

Taking on a short-term job abroad, particularly in countries like the USA, where tax treaties can lower income tax for international workers, can be a smart and strategic way to boost your savings. Certain international job markets offer higher earning potential and lower living costs, giving you a better chance to build up a deposit faster.<\/p>\n\n\n\n

To uncover where the best savings opportunities lie, we analysed average house prices across UK local authorities and compared them with potential savings from working abroad. We looked at how long it would take the average Brit to save a 10% deposit after working in various countries for one, two, or five years. We also reveal how long it typically takes to save for a deposit in each UK region, and which countries can help you reach your goal the fastest.<\/p>\n\n\n\n

<\/span>Norway Provides Quickest Way to Save For UK House Deposit<\/span><\/h2>\n\n\n
\n
\"Top<\/figure><\/div>\n\n\n

<\/span>Top Countries to Maximise Savings <\/span><\/h2>\n\n\n\n

This table highlights the top countries where individuals can maximise their yearly savings. It includes details like average take-home salary, rent costs, living expenses, and potential yearly savings, along with how much could be saved over one, two, or five years.<\/p>\n\n\n\n

<\/td><\/td>Monthly<\/strong><\/td>Maximum potential yearly savings<\/strong><\/td><\/tr>
Rank<\/strong><\/td>Country<\/strong><\/td>Average take-home salary<\/strong><\/td>Average one-bedroom apartment rent<\/strong><\/td>Single-person estimated costs<\/strong><\/td>Maximum potential savings<\/strong><\/td>One<\/strong><\/td>Two<\/strong><\/td>Five<\/strong><\/td><\/tr>
1<\/td>Norway<\/td>\u00a33,697<\/td>\u00a3681<\/td>\u00a3924<\/td>\u00a32,092<\/td>\u00a325,099<\/td>\u00a350,199<\/td>\u00a3125,497<\/td><\/tr>
2<\/td>Denmark<\/td>\u00a33,539<\/td>\u00a3712<\/td>\u00a3925<\/td>\u00a31,903<\/td>\u00a322,837<\/td>\u00a345,673<\/td>\u00a3114,183<\/td><\/tr>
3<\/td>Switzerland<\/td>\u00a34,160<\/td>\u00a31,235<\/td>\u00a31,312<\/td>\u00a31,614<\/td>\u00a319,366<\/td>\u00a338,731<\/td>\u00a396,828<\/td><\/tr>
4<\/td>Australia<\/td>\u00a33,099<\/td>\u00a3891<\/td>\u00a3837<\/td>\u00a31,371<\/td>\u00a316,452<\/td>\u00a332,903<\/td>\u00a382,258<\/td><\/tr>
5<\/td>Luxembourg<\/td>\u00a33,281<\/td>\u00a31,181<\/td>\u00a3829<\/td>\u00a31,271<\/td>\u00a315,251<\/td>\u00a330,502<\/td>\u00a376,255<\/td><\/tr>
6<\/td>South Korea<\/td>\u00a32,306<\/td>\u00a3274<\/td>\u00a3812<\/td>\u00a31,221<\/td>\u00a314,646<\/td>\u00a329,293<\/td>\u00a373,232<\/td><\/tr>
7<\/td>Austria<\/td>\u00a32,698<\/td>\u00a3597<\/td>\u00a3902<\/td>\u00a31,199<\/td>\u00a314,382<\/td>\u00a328,765<\/td>\u00a371,912<\/td><\/tr>
8<\/td>Netherlands<\/td>\u00a32,891<\/td>\u00a3951<\/td>\u00a3835<\/td>\u00a31,106<\/td>\u00a313,267<\/td>\u00a326,534<\/td>\u00a366,334<\/td><\/tr>
9<\/td>Canada<\/td>\u00a32,841<\/td>\u00a3934<\/td>\u00a3804<\/td>\u00a31,102<\/td>\u00a313,229<\/td>\u00a326,457<\/td>\u00a366,143<\/td><\/tr>
10<\/td>United States<\/td>\u00a33,205<\/td>\u00a31,216<\/td>\u00a3981<\/td>\u00a31,008<\/td>\u00a312,092<\/td>\u00a324,184<\/td>\u00a360,461<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/span>How Much Money You’d Have Towards a Deposit Living in These Countries<\/span><\/h2>\n\n\n\n

This table outlines how much progress you could make toward affording a 10% deposit in the UK after working in each country for one, two, or five years. The figures show the percentage of UK local authorities where you could afford the deposit in the given time frame.<\/p>\n\n\n\n

<\/td><\/td>% of UK local authorities you could afford a 10% house deposit<\/strong><\/td><\/tr>
Rank<\/strong><\/td>Country<\/strong><\/td>After one year<\/strong><\/td>After two years<\/strong><\/td>After five years<\/strong><\/td><\/tr>
1<\/td>Norway<\/td>42.38%<\/td>91.73%<\/td>100.00%<\/td><\/tr>
2<\/td>Denmark<\/td>32.04%<\/td>86.05%<\/td>99.74%<\/td><\/tr>
3<\/td>Switzerland<\/td>16.80%<\/td>78.04%<\/td>99.48%<\/td><\/tr>
4<\/td>Australia<\/td>6.46%<\/td>63.82%<\/td>99.48%<\/td><\/tr>
5<\/td>Luxembourg<\/td>4.65%<\/td>56.59%<\/td>98.97%<\/td><\/tr>
6<\/td>South Korea<\/td>4.13%<\/td>52.20%<\/td>98.45%<\/td><\/tr>
7<\/td>Austria<\/td>4.13%<\/td>50.90%<\/td>98.45%<\/td><\/tr>
8<\/td>Netherlands<\/td>1.29%<\/td>45.74%<\/td>97.93%<\/td><\/tr>
9<\/td>Canada<\/td>1.29%<\/td>45.74%<\/td>97.93%<\/td><\/tr>
10<\/td>United States<\/td>0.26%<\/td>38.24%<\/td>97.67%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/span>The Best Countries to Save Towards a UK House Deposit<\/span><\/h2>\n\n\n\n

<\/span>1. Norway<\/span><\/h3>\n\n\n
\n
\"Top<\/figure><\/div>\n\n\n

Norway is the best country to temporarily relocate to if you want to save for a house in the UK. With an average monthly take-home salary of \u00a33,697 and living costs of \u00a31,605, you could put away around \u00a32,092 each month. <\/p>\n\n\n\n

A year in Norway could allow you to save enough money to afford a house deposit in over two-fifths (42%) of UK local authorities. Saving for five years means you could\u2019ve saved enough to live in any local authority.
What\u2019s more, the UK has a double taxation agreement with Norway, which means you do not pay tax on the same salary for each country1<\/sup>. Instead, you would just pay income tax to the Norwegian government.<\/p>\n\n\n\n

<\/span>2. Denmark<\/span><\/h3>\n\n\n
\n
\"Top<\/figure><\/div>\n\n\n

In Denmark, the annual savings potential sits at \u00a322,837 for Brits working there. This means that after two years of maximum saving, you could afford a house deposit in almost nine in 10 (86%) UK local authorities. <\/p>\n\n\n\n

This works out better than staying in the UK to save. After the same number of years of saving as in Denmark, you may only be able to build up enough to put down a deposit in a third of local authorities. <\/p>\n\n\n\n

If you\u2019re not quite looking to save the total amount of a house deposit but just save as much as you can in a short period, why not try out six months? For those staying in Denmark for less than 183 days and working for a Danish company, your income could be untaxed2<\/sup>. However, although the UK has a double taxation agreement with Denmark, you may still be liable to pay income tax on short-term work, so you should always get professional advice on paying tax. <\/p>\n\n\n\n

<\/span>3. Switzerland<\/span><\/h3>\n\n\n
\n
\"Top<\/figure><\/div>\n\n\n

While Switzerland has one of the world\u2019s highest living costs, at approximately \u00a32,546 for a single person each month, the average take-home pay is high too. With a potential annual saving of \u00a319,366, you could afford a house deposit in 65 local authorities around the UK after just one year.<\/p>\n\n\n\n

Federal taxes are in place for all Swiss residents (you\u2019re considered a resident if you work there for longer than 30 days3<\/sup>), and the maximum rate is 11.5%. <\/p>\n\n\n\n

<\/span>UK Areas Where You Can Save a 10% Deposit Quickest By Living in Norway for 1 Year:<\/span><\/h2>\n\n\n\n

However, it is important to note that although there generally aren\u2019t any direct penalties upon returning to the UK, there may be some implications involved. Some considerations to keep in mind include mortgage eligibility, taxes, and residency. This may require showing proof of income and credit history. Additionally, you may be required to pay taxes both on your UK income and any foreign income outside the UK.4<\/sup><\/p>\n\n\n

\n
\"UK<\/figure><\/div>\n\n\n

The difference becomes even more pronounced when looking at more expensive regions, such as London and the South East, where the average house prices range from \u00a3384,804 to \u00a3531,212. Saving in the UK for a London property deposit requires four years and seven months, the longest duration across all regions. In contrast, saving in Australia<\/a> requires only three years and three months. This is similar to the South East, where UK-based saving requires three years and four months, while South Korea and Austria reduce this timeframe to two years and eight months.<\/p>\n\n\n\n

Countries like the United States and Canada<\/a> will have much longer saving periods for a 10% deposit. In the US, for instance, it would take just over two years to save for a house in the East Midlands and over three years for a South East deposit both countries still offer quicker saving times than the UK.  <\/p>\n\n\n\n

However, taxation can impact savings, as the UK offers tools like ISAs with tax-free interest to aid first-time buyers. In Canada, accounts such as the FHSA (First Home Savings Account), and in the US, programs like IRAs (Individual Retirement Account) also provide tax benefits to boost savings\u200b. Therefore, it is important to check the eligibility criteria in these countries to benefit from these accounts while also growing your savings.<\/p>\n\n\n

\n
\"Time<\/figure><\/div>\n\n\n
<\/td>Number of years to save for a 10% house deposit in UK areas<\/strong><\/td><\/td><\/tr>
<\/td>Norway<\/strong><\/td>Denmark<\/strong><\/td>Switzerland<\/strong><\/td>Australia<\/strong><\/td>Luxembourg<\/strong><\/td>South Korea<\/strong><\/td>Austria<\/strong><\/td>Netherlands<\/strong><\/td>Canada<\/strong><\/td>United States<\/strong><\/td>United Kingdom<\/strong><\/td><\/tr>
North East<\/strong><\/td>0y 8m<\/td>0y 9m<\/td>0y 10m<\/td>1y 0m<\/td>1y 1m<\/td>1y 2m<\/td>1y 2m<\/td>1y 3m<\/td>1y 3m<\/td>1y 4m<\/td>1y 5m<\/td><\/tr>
Northern Ireland<\/strong><\/td>0y 9m<\/td>0y 10m<\/td>0y 11m<\/td>1y 1m<\/td>1y 3m<\/td>1y 3m<\/td>1y 3m<\/td>1y 5m<\/td>1y 5m<\/td>1y 6m<\/td>1y 7m<\/td><\/tr>
Scotland<\/strong><\/td>0y 10m<\/td>0y 11m<\/td>1y 0m<\/td>1y 3m<\/td>1y 4m<\/td>1y 4m<\/td>1y 5m<\/td>1y 6m<\/td>1y 6m<\/td>1y 8m<\/td>1y 9m<\/td><\/tr>
Yorkshire and The Humber<\/strong><\/td>0y 10m<\/td>0y 12m<\/td>1y 2m<\/td>1y 4m<\/td>1y 5m<\/td>1y 6m<\/td>1y 6m<\/td>1y 8m<\/td>1y 8m<\/td>1y 10m<\/td>1y 11m<\/td><\/tr>
Wales<\/strong><\/td>0y 11m<\/td>0y 12m<\/td>1y 2m<\/td>1y 4m<\/td>1y 6m<\/td>1y 6m<\/td>1y 7m<\/td>1y 8m<\/td>1y 8m<\/td>1y 10m<\/td>1y 11m<\/td><\/tr>
North West<\/strong><\/td>0y 11m<\/td>0y 12m<\/td>1y 2m<\/td>1y 4m<\/td>1y 6m<\/td>1y 6m<\/td>1y 7m<\/td>1y 8m<\/td>1y 8m<\/td>1y 10m<\/td>1y 11m<\/td><\/tr>
East Midlands<\/strong><\/td>0y 12m<\/td>1y 1m<\/td>1y 4m<\/td>1y 6m<\/td>1y 8m<\/td>1y 9m<\/td>1y 9m<\/td>1y 11m<\/td>1y 11m<\/td>2y 1m<\/td>2y 2m<\/td><\/tr>
West Midlands<\/strong><\/td>1y 0m<\/td>1y 1m<\/td>1y 4m<\/td>1y 7m<\/td>1y 8m<\/td>1y 9m<\/td>1y 9m<\/td>1y 11m<\/td>1y 11m<\/td>2y 1m<\/td>2y 3m<\/td><\/tr>
South West<\/strong><\/td>1y 3m<\/td>1y 5m<\/td>1y 8m<\/td>1y 11m<\/td>2y 1m<\/td>2y 2m<\/td>2y 3m<\/td>2y 5m<\/td>2y 5m<\/td>2y 8m<\/td>2y 9m<\/td><\/tr>
East of England<\/strong><\/td>1y 4m<\/td>1y 6m<\/td>1y 9m<\/td>2y 1m<\/td>2y 3m<\/td>2y 4m<\/td>2y 5m<\/td>2y 7m<\/td>2y 7m<\/td>2y 10m<\/td>2y 12m<\/td><\/tr>
South East<\/strong><\/td>1y 6m<\/td>1y 8m<\/td>1y 12m<\/td>2y 4m<\/td>2y 6m<\/td>2y 8m<\/td>2y 8m<\/td>2y 11m<\/td>2y 11m<\/td>3y 2m<\/td>3y 4m<\/td><\/tr>
London<\/strong><\/td>2y 1m<\/td>2y 4m<\/td>2y 9m<\/td>3y 3m<\/td>3y 6m<\/td>3y 8m<\/td>3y 8m<\/td>4y 0m<\/td>4y 0m<\/td>4y 5m<\/td>4y 7m<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/span>Things to Keep in Mind When Living and Working Abroad<\/span><\/h2>\n\n\n\n

If you’re looking to temporarily move abroad to save for a UK house deposit, there are a few key factors to consider before taking the leap. <\/p>\n\n\n\n

<\/span>1. Taxes<\/span><\/h3>\n\n\n\n

First, research tax implications in both your destination country and the UK. Many countries offer attractive tax-free allowances or reduced tax rates for expats, but they often require you to be a resident for a certain period (12 months in some places) to qualify. Additionally, if you\u2019re still earning income from UK-based sources while abroad, you may be liable for UK taxes on that income, so it\u2019s important to check the HMRC guidelines and consider consulting a tax advisor before moving abroad.<\/p>\n\n\n\n

<\/span>2. Relocation Costs<\/span><\/h3>\n\n\n\n

Relocation costs are another crucial consideration. Moving abroad can be expensive, especially if you\u2019re shipping belongings internationally. Partnering with a reliable, experienced international removals<\/a> company can help avoid unexpected fees and reduce the risk of damage or loss. Also, factor in temporary housing, visa fees, and possibly even language courses to help settle in.<\/p>\n\n\n\n

<\/span>3. Job Market<\/span><\/h3>\n\n\n\n

It\u2019s also wise to research the job market and typical wages in your chosen country, as some sectors may pay more or offer better opportunities than others, particularly for English speakers.<\/p>\n\n\n\n

Finally, make a plan for returning to the UK, including considerations for re-establishing credit or securing employment. This will help ensure a smooth transition when you\u2019re ready to purchase your home.<\/p>\n\n\n\n

<\/span>FAQs<\/span><\/h2>\n\n\n
\n
\n
\n

<\/span>How Do I Save Tax By Moving Abroad?<\/span><\/h3>\n
\n\n

If your goal is to save faster for a house deposit, moving abroad can be a smart move, especially if you choose a high-earning, low-tax destination and become a non-resident in the UK. However, tax laws are complex, so getting advice from a tax professional before making the move is always recommended.<\/p>\n\n<\/div>\n<\/div>\n

\n

<\/span>Will I Pay Tax in Two Countries?<\/span><\/h3>\n
\n\n

Many countries have double taxation agreements with the UK, so make sure you are looking to live in the right countries. These treaties are designed to prevent you from being taxed twice. If you live and work in a country with a tax treaty, you typically only pay income tax in that country. You won’t pay UK income tax on the same earnings.<\/p>\n\n<\/div>\n<\/div>\n

\n

<\/span>Tax Free Places to Live<\/span><\/h3>\n
\n\n

If you’re looking to maximise your savings, whether for a house deposit, early retirement, or just to keep more of your income, tax-free countries can be incredibly appealing. Here\u2019s a list of countries with no personal income tax:<\/p>\n

– UAE
– Qatar
– Bahrain
– Saudi Arabia
– Kuwait
– Bahamas
– Caymen Islands<\/p>\n\n<\/div>\n<\/div>\n

\n

<\/span>What Are The Best Tax-Free Places to Work?<\/span><\/h3>\n
\n\n

Tax-free countries provide a great opportunity to save money whilst working there. The Bahamas, Bermuda, and Cayman Islands have special digital nomad visas, and the UAE offers a one-year virtual work residency visa. The UAE has thriving tech, finance, aviation, real estate, oil, and gas industries, with English being widely spoken. <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n

<\/span>Methodology<\/span><\/h2>\n\n\n\n

To determine the top countries with the best short-term savings opportunities for a house deposit, we looked at the average 2023 salaries of OECD countries<\/a>. These figures were originally in USD. We converted them to each country\u2019s currency on 01\/11\/2024 using Google Finance<\/a>. <\/p>\n\n\n\n

Using each country\u2019s currency, we input the average salaries into a Salary Tax Calculator<\/a> to determine the average monthly take-home salary. We then used Numbeo <\/a>to calculate the monthly cost of living, looking at the price of a one-bedroom apartment located outside the city centre to avoid inflated costs and also the estimated monthly costs of a single person. These figures were then subtracted from the average monthly take-home salary to determine the potential savings. <\/p>\n\n\n\n

To find average house prices by local authority, region\/country, and the UK overall, we calculated the years required to save a 10% deposit using the UK House Price Index<\/a> (August 2024). Using this data, we also calculated the % of local authorities you could afford to buy a house in after working in each country for 1, 2 or 5 years.<\/p>\n\n\n\n

Sources<\/strong><\/p>\n\n\n\n

1<\/sup> https:\/\/www.gov.uk\/guidance\/living-in-norway<\/a> <\/p>\n\n\n\n

2<\/sup> https:\/\/taxsummaries.pwc.com\/denmark\/individual\/taxes-on-personal-income<\/a> <\/p>\n\n\n\n

3<\/sup> https:\/\/www.expat.hsbc.com\/expat-explorer\/expat-guides\/switzerland\/tax-in-switzerland<\/a><\/p>\n\n\n\n

4 <\/sup>https:\/\/www.gov.uk\/tax-return-uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Looking to save for a house deposit? These are the best countries to work in… Saving for a house deposit in today\u2019s competitive and expensive housing market is no easy feat. With rising property prices across the UK, many aspiring homeowners are finding it harder than ever to get a foot on the ladder. But […]<\/p>\n","protected":false},"author":10,"featured_media":118095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_cloudinary_featured_overwrite":false,"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-118086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-other-articles"},"modified_by":null,"_links":{"self":[{"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=118086"}],"version-history":[{"count":9,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118086\/revisions"}],"predecessor-version":[{"id":119265,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/posts\/118086\/revisions\/119265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/media\/118095"}],"wp:attachment":[{"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=118086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=118086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shipit.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=118086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}