Expat help and advice
Updated: Apr 1, 2020
One can definitely state that if expat life naturally suits you, settling in a new country doesn’t intimidate you and adapting to a new culture is not a problem well then you are certainly making the most of your life abroad. However, are you making the most of the financial benefits available to you? This blog post aims to help expats take advantage of the financial opportunities available.
Numerous expats have a home country bank account as well as a local account in their new country. As a seasoned expat, if you would like to effectively save, invest and manage your wealth, you should consider an offshore account; this will also allow you to take advantage of potential tax planning opportunities.
If you have children or you are planning on having children, you might have to save money for their education, as you can’t always send them to the local school. Conditional to what country you live in, school fees can also be highly expensive.
If the unexpected happens, you’ll want to make sure your family and wealth are protected. A very important factor here is that you will also want a cover that’s movable, so it moves with you if you return home or move to another country. Sadly enough, sometimes being an expat can affect your pension in that you may not be able to pay into a pension in your home country, and you’ll want to avoid creating small pension pots in numerous countries around the world, so portability is vital.
Educate yourself about the new country you are living in regarding foreign exchange options. As an expat, you may have to transfer money between your new country and home, or make international payments. It is, therefore, significant to comprehend the foreign exchange options available and the impact of exchange rates moving against you.
Your tax condition will be determined by your personal situations therefore obtaining independent tax advice is another way in which you can move forward hassle-free. Any tax information is based on the understanding of current and proposed legislation and practice. The legislation and practice may be subject to change.
Some expats continually move from one overseas assignment to the next, which can make banking challenging at times. Having an offshore account means your money stays in one location comprising a consistent banking relationship no matter where you move to.
Critical and something worth remembering is that any Investments related to stocks and shares can drop as well as grow and the income from them may go down as well as up,; nothing here is a guarantee where reality is that you may not get back the amount you invested. Any Investments held should be viewed as a medium to long-term investment, at least five years.