As soon as you move abroad semi-permanently, you are considered as an ‘expat.’ This will also make you a non-resident taxpayer for your original county and this is the time that the expat advantages exist. This only means that once you are a non-resident for your old home country to pay your taxes, there will be a whole new financial opportunity for you but you have to use it properly to your advantage. To do this, you need professional expat financial advice.
All About Expat Advantages
Expat advantage is when you make the most out of the money that you earn and save while you are living abroad. You also will have direct access to offshore as well as the international financial marketplace. But how do you make the most out of your expat advantages?
Simple! You need to understand the international opportunities that are open for you to invest in and manage. This is when you need to take into consideration that nation that you left behind as well as their tax rules. Aside from that, you also need to understand by heart the tax rules of your country where you are currently residing. Weigh your options whether you need to remit money to your new or old nation.
Expat Financial Advisor – Why Do You Need One?
When it comes to managing your finances abroad, it is important that you seek professional advice that is specifically structured for your expatriate financial status. You might find it difficult to look and choose for the right adviser so you have to make sure that you have the knowledge that can help you choose the right person for the job.
Your financial advisor from your old nation may not be able to assist you which is why you have to find a good local advisor in your new nation. The advisor from your current residence would be able to understand your unique status and how it will affect your tax saving potential.
International Financial Advisor – Is It Worth It?
You might think that since you are living in your new country of residence that seeking an independent and international financial advisor is no more needed. You would not know but an international advisor would be more beneficial when it comes to reviewing your finances whether on an international or local level.
Your advisor would be able to fully understand your expat status and how this will relate with your tax position. They would also be able to take into consideration your pensions, saving plans that you already have, as well as your investments, back home and onshore.