Offshore Asset Protection
Identifying offshore asset protection solutions for those who live, work, invest or own property abroad
Wealth management is all about making the very most of your money to specifically fulfil your life’s ambitions and your financial obligations. As we show, no matter what stage of life you are at, there are specific expat wealth management considerations you need to have in mind.
Expats are often financially advantaged when they move to live abroad. Which is fortunate as most don’t have the support of any state sponsored social security programme as soon as they leave their old nation behind. As an expat yourself you’ll be only too aware of the complex money matters that you have to juggle – from having tax liabilities in more than one country for example, to needing to self-fund everything from pensions to schools fees for your children.
All of these aspects and elements have to be taken into consideration on a case-by-case basis when a wealth manager looks at an expat’s financial position in life. Which is why expatriate wealth management is a complex field of financial planning. Those in the industry who perform well for their client base are well-remunerated as a result, but they do have to work hard for their money.
In order to enable you to see exactly how you might benefit from a review of your position by a professional adviser, today we’re breaking down expat wealth management into every life stage. So whether you’re a professional working hard to get ahead, you’re an expat parent or you’ve take retirement abroad already, you will be able to see how your wealth may be better managed to give you enhanced returns.
Many expats often fail to realise that their life insurance policy can become invalid when they move abroad, and they fail to address the fact that their change in lifestyle can affect the appropriateness of their life assurance policy – we detail how expats can get the right life cover in place quickly and easily, and why reviewing the cover you already have is now critical if you’ve moved abroad.
When was the last time you thought about life insurance? It’s not something the majority of us concern ourselves with more than one a year when it’s time to review our premium. Others who have no insurance in place clearly think about it even less often! However, if you’re an expat, living abroad with dependents, or who has financial obligations anywhere in the world, life insurance should be a critical consideration as soon as your status changes – i.e., as soon as you become an expat.
You see, your life insurance policy may become invalid when you move abroad, as you may be breeching the terms and conditions of it. Alternatively, your situation in life may change because of your relocation (you may take on a second mortgage for example) – a result of which is the fact that the policy you have may be less than adequate to live up to the job…
So what follows here is a word of warning for expats – your life insurance could be invalid when you move abroad – and as an expat you really do need to spend a little time looking at the cover you have in place and whether it’s right for the task. Read on for a step-by-step guide to getting the right cover in place for you and your family. It’s not a particularly enthralling subject…but it is critical…so we make it as pain-free as possible!
Explaining the concept of wealth management that’s specific and targeted for expatriates – covering every element one needs to consider for the protection and enhancement of fiscal status
The concept of wealth management is one that all expatriates should come to grips with – it is not sufficient to go abroad and ‘just’ concentrate of sorting out your taxation position or ‘just’ ensuring you bank sufficient funds when overseas to see you right in retirement. Rather, you need to take a complete and an holistic approach to managing your entire fiscal status if you want to enhance your financial position to the best of your ability…
…and expatriate wealth management as a concept is just that – i.e., the complete and holistic management of your financial affairs – from how and where you bank to how your tax status is managed, how your physical assets are owned, where your money is invested and how you structure your affairs so that they are ‘appropriate’ for your status and position today, tomorrow and into the future.
In this report we’re going to outline the main fiscal elements that you need to consider when you move abroad, and how they all interlink when it comes to the effective management of your wealth. We will explain why a given aspect of your financial status is important to focus on, and give suggestions about where you might begin getting the help and advice you need to effectively manage your wealth for the best possible returns.
America has forced Switzerland to give up details of Americans with Swiss bank accounts as it clamps down on its citizens’ freedom – is Britain going to copy the US in an offshore tax clampdown and rob us of our freedom too?
If you weren’t aware of the fact already, America takes an even harder line than the UK when it comes to its citizens and taxing them. For example and to put it simply, an American is liable for US taxation on income, assets and gains no matter where in the world they live and no matter where in the world said income, assets or gains are located, herald from or are earned.
Of course, the nation has many double taxation agreements in place, but that doesn’t detract from the unpleasantness of the taxman’s reach for the likes of Americans living and working abroad who effectively have no other ties with their ‘homeland’ than that they have to pay taxes to it! The most recent news is that America has now put so much pressure on Switzerland that it has forced the nation to reveal American bank account holders’ details just in case they are not paying full taxation on what they have squirreled away in that country.
So, will the UK ever go as far as America in terms of an offshore tax clampdown? In this report we’re going to look at facts and opinions about how Britain and America may well be thinking of advancing their Big Brother stance that is eroding the privacy and freedom rights of their citizens.
As the OECD and G20 put pressure on offshore financial centres to comply with tax information exchange agreements, many argue offshore asset protection is a thing of the past
The wonderful world of offshore has been used for many years by many people for legitimate asset protection purposes – fact! Those who have assets and wealth that they would quite legitimately like to shield from possible litigation or from a spouse, family member or business partner have used offshore structures such as trusts and companies to secure themselves and their wealth in the past.
However, is the offshore asset protection advantage now being eroded by the actions of the OECD and the G20 who are seeking to have tax information exchange agreements in place between all offshore financial centres?
The organisations involved in pressuring for this exchange of information would categorically say ‘no,’ for if you have nothing to hide and are using your offshore structures correctly, then you will never come under scrutiny. However, many offshore experts disagree, and they believe that those who are offshore perfectly legitimately could have their own confidentiality and privacy breached as a result of the new rules that are being enforced.
Top insurance tips to help would-be expatriates moving to live abroad, and to guide those who have already made the move so that life is covered!
Getting everything arranged for your move abroad takes a great deal of time and effort, and to get it right lists have to be written, plans have to be adhered to and there is a lot of stress that goes with the inevitable excitement. If you manage this part of the move successfully however, it will set up your new life very well indeed.
And we feel that this is key to getting off on the right foot abroad, after all, if you arrive in a state of disarray and then have to face the inevitable chaos that ensues when you attempt to get your new life in order, you’ll be drowning in cardboard boxes for months!
On top of all the arrangements that have to made to ensure that your move abroad goes swimmingly, is getting all of the essential insurances in place to make sure that you and your family, your health, wealth, wellbeing and even personal possessions are covered at home, on the move and abroad. In this report we’ll cover all of the living abroad insurance tips that you need so that you don’t even have to write your own ‘to do’ list, we have it covered for you.
With a totally free will making service available and one specifically available for expatriates, how can any expat fail to get their affairs in order when they move abroad?
Did you know that of the 2,700 people who will die in the UK today, 2,000 won’t have made a will and that they will die intestate, that the state will decide how their assets are distributed, and they will of course have no ongoing say over how any children under the age of 18 are cared for.
We don’t have the figures for the numbers of expatriates who die intestate every day but here’s a question for you – will you make a will before you move abroad? The answer is probably ‘no’ for the vast majority of people. You see, making a will means facing up to our own mortality – therefore none of us relish the thought of having to do it.
Yet if you want to have any say over how your affairs are handled when you die, if you want to make sure your loved ones are cared for and you want everything handled correctly so that the authorities at home and abroad know how your estate should be handled, then you – as an expatriate – have a very real and pressing requirement to write a will. And with 2 brand new and fantastic services available, one of which can even offer some people a free will, (a service tried and tested by us and proven to work), what’s stopping you getting your affairs in order today?
A look at how expats can protect their income against anything from redundancy to illness and even death when living and working abroad
When you move overseas and establish a new life abroad for you and your family you’re taking a significant risk. You’re stepping outside of your comfort zone and leaving behind your network of family, friends and support. With the risk can come substantial reward however, which is why so many of us choose to expatriate.
The rewards can come in the form of anything and everything from better weather to a better salary – with research from HSBC International identifying that on average, expatriate professionals earn up to £20,000 more than their ‘onshore’ peers back home. But how can expats protect their income when working abroad?
This is a question being asked by more and more professionals well aware that they may not have the same levels of employer protection in place when they work overseas. And at a time when job insecurity has never been so rife, we feel it is an important question to ask. You have taken the risk of moving abroad, but you don’t now want to risk your new life overseas, so in this report we look at the main ways you have of protecting your income whilst abroad.
Once you physically move offshore and away from home, where is your money safest? Where should expats save their money for safety’s sake?
Speak to one financial adviser and they’ll tell you to stick your money in bonds, speak to another and they might mention a specific investment fund, talk to a precious metals trader and they’ll advise you to buy gold, and ask my dad and he’d say you can’t go wrong with land! So where is an expat’s money safest?
Onshore you can perhaps rely on the government to bail out a bank if it sinks and takes your money with it…but offshore, well, no one can hear you scream if your investment adviser legs it with your life savings.
In this article we’ll take a look at where perhaps an expat can squirrel away their hard earned cash to make sure that the mice don’t eat it and a fat cat doesn’t steal it…
Looking at whether expatriates can cut costs as well as corners when it comes to quickly finding the cheapest yet best insurance cover
With the global job market shrinking in line with many nation’s economic prospects, and expatriate employees perhaps worrying even more about their job security than their onshore peers, are there ways you can cut corners and costs with critical expat insurance cover?
In this report we take a look at whether choosing the cheapest policy is always the best option, and how you can cut corners to get to the best policies available on the market to suit your personal and direct requirements.
If you want to save time and money but you want to make sure you have all your essential expat insurances in place, this article makes for critical reading…