Not everyone who opts to live and work overseas realises they are in a very technically specific financial position, at least not immediately. But with a change in tax status, and an increase in financial opportunity, technically specific is exactly the position one will find themselves in.
The Expat Advantage
The moment you leave your home country to take up residence elsewhere, potential opportunities open up. Obviously the main two factors that dictate how extensive the opportunities are for each person are the long term plans of said individual, and the new country of residence. Different countries represent different potential benefits, and this is why expats really do need to source expert international financial advice, specific to the new-found financial opportunities that have opened up.
At the very least, a short-term solution tailored for all expatriates is the chance to be able to either save or defer tax payments on interest earned through existing savings, as well as starting a savings plan to protect a portion of a higher salary. But if the plan is to remain overseas long-term, other investment solutions such as portfolio bonds or pension transfers become extremely beneficial. A dedicated international financial adviser will be able to present tailored offshore products, solutions and services which can be utilised to protect your wealth, and the future of your family.
Financially speaking, 95% of the expatriate workforce will be in a far better position than they would at home. As well as the inflated salaries many enjoy, and cheaper living costs (in some places), there are a far wider range of banking, investing and saving solutions and opportunities available. You are also in an enviable position of being able to legitimately protect any existing assets from taxation. But to take advantage of any of these potentially favourable circumstances, you need financial advice tailored for expats.
International wealth managers specialise in helping multi-national companies and individual expats with exploring and utilising the wide range of international options available to them. This involves an assessment of your overall position based on: nationality, residence, currency of earnings and assets, plus short-term and long-term plans and goals. They then present a holistic plan to encompass every aspect for consideration in order to enhance and protect your wealth.
This plan will usually include (for the short-term) an instant access, high interest savings plan, a range of insurance products, and a bank account recommendation for the nation you live in. It will then extend to pension planning and perhaps redistribution of assets if appropriate for tax-efficiency.
The Right Advice
Many expats already had a financial adviser back in their home country. They have an existing portfolio of investments which they are happy with. But the tax status changes once you move, and therefore your eligibility for onshore pensions, savings and investments also changes, offshore opportunities open up, and as such an onshore adviser is unable to assist you any longer.
By the same rule, a financial adviser dedicated to local advice in your new residence will most likely have no understanding of how the products work back in your home nation, or even how best to utilise international financial opportunities for expats. It’s international knowledge that is required.
To find out the options available to you please get in contact.