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Expert Financial Advice for Expatriates

Financial

Are You In Financial Limbo?

Dec 12th 2016


Many expats face failing to make the most of their international financial advantage because they leave too much of their wealth untouched back home.

Such expats are said to be in financial limbo…are you in financial limbo too?

If you have a bank account in Britain through which you’re still transacting regularly, if you have ISAs, a British based pension, UK-focused investments or even savings stuck onshore in a low-interest account, stop ignoring the risk you’re exposing your financial future to.

Once you become non-resident in Britain for tax purposes you are hit with a whole host of horrible financial realities.

If you do nothing about them they will erode your financial position. That’s the bad news…

The good news is there is plenty you can do to vastly improve your wealth status now that you’re an expat…

Blowing The Lid Off The Bad News

Once you’re no longer tax resident in the UK you’re no longer eligible to make the most of ISAs.

ISAs are only tax efficient vehicles to consider when you’re living in Britain…once you’re an expat you shouldn’t leave your savings and investments to fester in an ISA. Also, once you move abroad you can’t enjoy tax relief on contributions to a British based pension pot…

And, your bank may not even feel obliged to keep your current or savings account open. If you can keep your account open, you may have it changed into an international account whether you like it or not, on which you face paying high fees…

And you will certainly face currency conversion and movement charges every time you access your pounds in your new currency abroad.

What’s more, if you only commit your investments to British based opportunities, you’re ignoring a whole world of opportunity that you can now easily and legitimately embrace for the advancement of your wealth.

What a waste!

The final bit of bad news is that your onshore, British-based, FCA regulated financial adviser probably can’t help you with any of this.

Most are restricted by regulation from assisting expats, especially those expats located outside the EEA, and more especially if the advisor in questions hasn’t got so-called ‘passporting rights’, authorising them to provide advice overseas.

Embracing The Positives!

Many expats find they are stuck with onshore savings, investments and bank accounts, and nowhere to turn for help and advice. The good news is that expats don’t have to remain in this sort of financial limbo.

The best international financial advisories not only have passporting rights, as well as an understanding of the British marketplace and its associated regulations and restrictions, but they have clear sight of the international financial landscape.

What’s more, despite it being at times unprofitable to help expats sort out their onshore financial position, the best advisories do of course offer this service as part of their overall client support package, because they know that to make the very most of any expat’s financial status, their entire position has to be best managed, protected and enhanced. This includes giving full consideration to their current British based holdings.
Therefore, if you are in any sort of financial limbo, don’t think you’re cut off from receiving help.

Seek out an advisory that’s happy to help with existing investments, safe in the knowledge that they are a company likely committed to providing a truly holistic service for the benefit of your portfolio.
Take positive action sooner rather than later to ensure your onshore wealth is not stuck suffering from the negative effects of your expat status, and to make sure your financial future is appropriately structured for success.

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