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Financial planning is an essential discipline, but becomes even more vital when dealing with different currencies and tax jurisdictions. The financial life of an expat can be complicated; salary, expenses, investments and assets may often be across several currencies and countries. The goals for financial planning remain pretty much the same – protect the financial security of the family, save for the future and rainy days and maintain a healthy balance between income and expenses – but for expats there are a few select financial planning essentials.
Expats can find themselves being paid in more than one currency. You may receive a salary in a currency other than that in which you pay your household expenses or in a currency that does not match with expenses in your home country. Quite often, a domestic account in both your home country and your new home can prove useful for dealing with various bills and expenses. However, an international bank account can provide tax efficiency and is even more useful if you can take advantage of any free international transfer options available. International banking offers high levels of holder protection and confidentiality with plenty of major financial institutions offering a wide range international banking options.
Medical insurance is an essential for expats to ensure a high quality of healthcare in your country of domicile. Private healthcare is expensive wherever you are in the world and medical insurance is the best way of offsetting the high cost. There are a wide range of options for expat medical care and many factors to take into consideration. Specialist advice is the best means of finding a policy that matches your requirements.
Expats have the opportunity to take advantage of many tax efficient international investment opportunities. There are financial solutions specifically available to expats, such as the UK’s QROPS which can provide significant financial advantages. Once relocated, a review of your savings and investments can prove invaluable.
Many expats are shocked to discover that life insurance policies set up in their home countries are invalid once working overseas. If you already have life insurance, it makes good sense to review the policy to ensure that your current lifestyle and circumstances are covered.
An expat’s last will and testament can be tricky to set up correctly. Owning property in different countries can result in tax claims from multiple revenue departments. It is very important that your will takes into account the laws in both your home country and where you live overseas, as well as anywhere else where you have property. You should take the time to review your existing will and seek advice on how your relocation may affect you and your beneficiaries.
Infinity’s professional advisers are experienced in all aspects of financial planning for expats. If you have any concerns about any of the issues covered here, please contact us today. If you would simply like good advice regarding your particular circumstances and plans, we will be happy to talk things over with you.