One of the challenges of working in as an expatriate is that you are often on the move every few years. Many a NGO, oil and gas professional, hotel management executive, and hospitality professionals often move around the globe in course of their work. Although the rewards are often generous it does bring its share of financial complications.
Here five best practices that will help make your financial life flow that little bit easier.
Choose your Offshore Bank Account with Care
There is plenty of choice for opening an offshore bank account, and as expat it makes sense to do so. Often you will have income and expenditures in different currencies, and managing these in the most tax efficient way possible is the goal. Banks that are in the Cayman Islands, Channel Islands, Switzerland, Singapore, British Virgin Islands, and Bahamas tend to be better. When choosing a bank and location take into account security, privacy, and safety. The better banks will protect your money from local, financial, and political instability, and provide easy cross border access.
A good financial planner can provide information on making your money as tax efficient as possible.
Make the Right Investment Decisions
The secret to exceptional wealth planning is to make the right investment decisions. This can be the difference between a very good, and a very bad retirement. It is a good idea to find financial and investment advice that quantifies your attitude to risk. When choosing financial and investment planners ensure they are willing to research the best products for your lifestyle aims and ambitions.
Take out International Insurance Policies
Unlike your home country of residence, medical, life, and critical illness insurance policies often pose issues for expats, as often, policies only cover you in one country rather than several. This means that when you change country, you have to change your policies and they are an easy thing to forget.
This can be solved simply by taking out a truly international insurance policy, which follows you around as you work in different countries.
Ensure your Financial Planner and Investment Manager are Authorised and Regulated
Another key aspect to ensure is that your financial planner and investment manager are fully qualified and regulated. If you dig a bit deeper you can see how well are they are thought of by their existing clients. A good financial planner and investment manager are worth their weight in gold.
Choose a Financial Adviser that Understands Expat Requirements
When you choose a financial adviser ensure they have a good understanding of the expatriate lifestyle, and the stresses and issues associated with financial and wealth planning. It is often a good idea to choose a financial adviser who is an expat themselves.
Award Winning Financial Advice
As an expatriate and award winning financial planner I can help you make the best wealth planning decisions to make your money tax efficient, and to mirror your lifestyle ambitions. To get started click here and complete the Call Back Service Form.