Five financial must-haves for expat nomads
Written by Carl Turner on September 18, 2015.
Financial planning can be a challenge for anyone but expats face extra difficulties in their financial lives, especially those nomads who move from one country to the next every two or three years. If you are working in hospitality and hotel management, an NGO or you are an oil and gas professional perhaps you can relate.
You may earn in one currency and have expenses and assets in several different ones. How on earth do you manage and keep track of everything in the most tax-efficient way possible?
Here are the five things I think you need to make your nomadic life as uncomplicated as it can be.
1. Offshore banking
It makes sense for you to have an offshore bank account to keep your money in, but how do you choose where to open it? An offshore bank is simply a bank located outside of your country of residence. You have a lot of choice from the Cayman Islands to the Channel Islands, from Switzerland to Singapore or from the British Virgin Islands to the Bahamas. Safety, security and privacy are three key criteria to consider when choosing. The best choices will protect your deposits against local, political or financial instability, give you easy access to your money wherever you are in the world, facilitate cross-border transfers and offer multi-currency services as well as potential tax advantages. A good financial adviser can help you make the right decision.
2. International insurance policies
It is important to protect your wealth with medical, life and critical illness insurance policies. If you move countries a lot, changing them each time you move country is a major hassle. Truly international insurance policies will follow you wherever you go, allowing you one less thing to worry about each time you move.
3. Award-winning investment choices
Often life as an expat comes with a good salary and presents a great opportunity to get ahead on saving for your retirement, however you need to be sure that your money is in safe hands and is working as hard as it can be for you within the parameters of your tolerance to risk. In order to make sure you are investing wisely you need to understand your investment goals and your attitude to risk. Decisions affecting your investments should be based on in-depth research of the markets and you should choose an investment manager who can offer this level of service.
4. The security of regulation
It is also key that both your financial planner and your investment manager (and, as I’ve explained before) should be two separate people, comply with the most stringent regulatory criteria in the business and are fully authorised and regulated providing security for your investments.
5. Consistent financial advice
Continuity is key to your financial planning and this can only be provided by a truly international financial adviser like myself. I have clients of many nationalities, living in many countries across the world and can offer all of the above services for expatriates on the move. This means that you won’t need to switch long term investments and pensions when moving around the globe, something which is both a headache and costly.
If you’re wondering about our regulatory credentials, I can put your mind at rest. Here at Infinity, we receive comprehensive and ongoing training to ensure that we are providing a first-class service to our clients at all times providing sound advice and adhering to strict working practices. Our partner company, Tilney Bestinvest, is one of the best investment managers in the business, so you know that any investments placed through us are in very safe hands with a highly qualified team of research anaylsts providing a continual stream of market data to inform investment decisions. They are, it goes without saying, fully authorised and regulated by the Financial Conduct Authority.
If you are an expat nomad and would like help to get your complicated finances in order today, please get in touch. (firstname.lastname@example.org)