Expatriate Financial Services

Summary: When it comes to the range and depth of financial services required by an expatriate there are many service providers out there available to assist.

When it comes to the range and depth of financial services required by an expatriate there are many service providers out there available to assist.

After all, having expatriated an individual may well have become free from some of the potentially financially restrictive elements of their home country, meaning they may find themselves in a fantastic situation for wealth accumulation.  Naturally enough financial service providers will do all they can to assist such an expatriate who is profiting well, financially speaking, from his time abroad.

But which financial services do you as an expatriate actually require, and how can you secure yourself the best the marketplace has to offer?  It is of course a case of doing the very best you can with the money that you have, simplifying your banking structure, maintaining your wealth status and capitalising over the longer term on your on-going financial success.  But where do you start?

The answer to this question depends on which expatriate group you belong to: -

Group One - new expatriates - about to leave home or just arrived abroad.
Group Two - settled expatriates - who have been living overseas for at least a year.
Group Three - career or seasoned expatriates - who have been abroad for many years and/or intend to remain overseas for a considerable period of time.

Let’s examine the key expatriate financial service requirements of each group.

Group One - new expatriates.

If you’re just about to make the move or have recently expatriated you’re likely wading through emotions and issues from feeling excited and apprehensive to finding a new home and work and the last thing on your mind initially will be any thoughts relating to your ongoing financial needs.  However, you will quickly come up against a whole host of money issues that you will need to efficiently organise: from how to deposit wage cheques, how to get hold of cash, how to organise key transactions for the payment of rent, services etc., and the transfer of money back and forth between countries and accounts to cover all your global outgoings!

The three key concerns of a new expat will likely be security, simplicity and taxation.

Security - You will need to ensure that your money is safe and secure, that the financial institution you choose to bank with is in a politically and economically secure state and that if you invest you are protected by investor protection schemes.  Expatriate financial services offered by some of the major banking giants like HSBC or Standard Bank for example offer you the levels of security you are likely seeking.  Whichever financial institution you choose, ensure you are comfortable with the likely security of your money.

Simplicity - The last thing you need in your busy new expatriate life is a complicated money management structure.  Ensure any financial services you’re offered or sign up for are convenient and all encompassing.

Taxation - Having expatriated you are free to make the most of any taxation benefits offered by your new country.  To ensure you make the most of all opportunities available to you it may well be necessary to solicit the advice services of an independent financial adviser or taxation expert.  Make sure you get the most out of your new country, find out about all the opportunities available to you.

Group Two - settled expatriates

Having overcome the initial hurdles and settled into your new life abroad hopefully you’re enjoying a comfortable and happy life.  You’ve likely established the essential banking services for the day to day management of your cash needs but have you given any thought to the ongoing security of your money, and have you considered how to make the most of your expatriate financial advantage?

Many expatriates remain overseas for a limited period, throughout that period they are potentially eligible to take advantage of offshore investments and savings schemes for the intensification of investment potential, they are able to save far more than they could ‘back home’ thanks to lower taxation, lower cost of living and/or higher salary...but time and again most expatriates fail to capitalise on this once in a lifetime opportunity for wealth and asset accumulation.

Seek professional and qualified independent advice from a financial adviser with an expatriate focus.  The expatriate financial services available from certain brokerages are second to none, we have partnered with deVere for that very reason.  Almost 100% of their work is with the expatriate meaning they have a unique level of expertise when it comes to understanding the needs and potential of the expat and then structuring the finances of said expat to achieve maximum financial potential.

Take advantage of your golden opportunity today, don’t waste your once in a lifetime chance!

Group Three - career or seasoned expatriates

Welcome to the club!  We career expatriates are a rare and often envied group.  We have embraced the overseas lifestyle and know how to take advantage of the opportunities life presents us with...on the whole!  But still, many career expatriates fail to capitalise on their offshore, overseas and taxation advantages.  And those who have taken the advice of an independent financial adviser for their initial monetary needs have failed to keep up the maintenance of their money management...meaning that they are possibly missing out on new opportunities and not making the most of their situation.

Is it a case that your money could be working harder for you? 

You need to find out!  You should engage the services of a qualified financial adviser with offshore focus, one who understands your unique situation and requirements as a seasoned expatriate, and one who can help you manage your on going financial success.  And then you need to have half yearly or yearly financial reviews.  Just like servicing your car and having regular dental checkups you have to regularly check the health of your financial portfolio!

So there we have it: the financial services required by an expatriate are specialist, the expatriate needs to understand and appreciate their situation and only then can they ensure they receive best advice and the best solutions to meet their unique requirements.

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