How Do Expats Invest Their Money?
Offshore Banking and Savings Guides » Offshore Savings Guide
Tue, November 03, 2009 - 10:03 am EET
According to one of the most influential studies of expatriates globally, over two thirds of the world’s international citizens are able to save far more intensively once they have moved abroad, directly as a result of their expatriate status.
The HSBC Expat Explorer Survey reveals that 68% of expats are actively able to save and invest more than when they lived in their original home nation – and these international individuals are really taking the expatriate advantage by the horns and making the very most of their time abroad financially speaking.
So how do expats invest their money? Do they place it all offshore to grow in a savings account, do they invest in the stock market at home or overseas, or do they give it all to a financial adviser to manage for them? We thought we’d have a look into expatriate saving and investing habits to see how the increasingly wealthy are managing their money. For those of you who are moving abroad and for those of you who are already working overseas and in a position to save more wealth, the findings may well prove interesting and even inspirational.
The Isle of Man as a jurisdiction has taken a battering in recent months because of the collapse of the offshore arm of the Icelandic bank, Kaupthing Singer & Friedlander on the island. The investor protection scheme in place in the Isle of Man has been criticised for not offering enough protection to those who choose to place their money with institutions within the jurisdiction for example.
When you move abroad to live or work permanently overseas, your tax situation changes. Depending on the nation you originate from, you will need to be non-resident in your old home nation for a set number of days before you can officially claim this non-residency status for tax purposes, but as soon as you can, your entire financial situation can change for the better!
