Effective financial planning for expats
There are many financial benefits to being an expat and a whole host of offshore wealth management solutions that can help secure your financial well-being. If making money is one of the main reasons for choosing an expat career, then you need to ensure it remains a priority by investing correctly.
Frequently asked questions:
Is it against the law to manage my money in order to reduce my tax bill?
No. You are entitled to plan with your money to position you best for taxation, this is not tax evasion. Using overseas investment products in order to reduce your tax liability is completely legal. The savings that smart wealth management strategies can deliver can add up to tens or even hundreds of thousands of pounds, dollars or euros over your lifetime.
If I invest overseas, will my money be safe?
By adhering to the following guidelines, you’ll have a much better chance of ensuring that your money is safe:
- Don’t invest in jurisdictions that are politically unstable
- If you don’t want to risk big losses, invest in lower risk options
- Always transfer the money you’re investing directly to the product provider, rather than through an advisor
- Choose a jurisdiction for your investment that is regulated by the relevant financial regulatory body – do your research
There are so many financial advisers around; how do I choose the right one?
When it comes to a good wealth management company, size really can matter. Look at how many clients they’ve worked with, any testimonials that they can provide from customers past and present, and the number of transactions that they have carried out for their clients. Always make sure that your adviser is properly regulated – for example the FCA in the UK or CySEC in Cyprus, or any other relevant bodies in the jurisdiction from which they operate.
Where are the best overseas investment jurisdictions?
There’s no definitive answer to this question; finding the right jurisdiction depends on your personal objectives. Some locations offer better tax benefits, while others will give you greater flexibility or a higher rate of investor protection. Our financial advisers at Chase Buchanan can work with you to fully understand your individual objectives and present what is available to you.