In normal circumstances, it's estimated that around a third of international workers will either return home or move to a new destination in their lifetime. However, with the COVID-19 global pandemic clouding the world in uncertainty, this figure looks set to increase considerably.
For those working in industries such as aviation and tourism, times are even more uncertain with some nations introducing quarantine measures at the drop of a hat placing even more pressure on already stretched organisations.
Consequences Of Moving
With the majority of internationally based advisers geared up to only provide offshore and localised solutions in the jurisdiction they are based, many investors find that the consequences of repatriating their wealth has been completely overlooked, resulting in additional fees, tax penalties and more.
Fortunately, Skybound Wealth Management specialise in flexible, portable, international friendly savings solutions for expats designed with the future in mind.
If you find yourself in a similar position, there are a few salient points to consider ahead of your departure, that can help to ensure your retirement plan is as flexible and portable as your circumstances require.
Check Your New Tax Status
Whilst income tax isn’t something you will have had to consider whilst living in some regions, it’s important that you register with the local tax authority in your new country of residence as soon as possible.
Review Your Investments
To ensure you aren’t subject to unexpected tax liabilities in your new country of residence, it’s vital that you review your existing investments. By actioning this before leaving, you could prevent a large chunk of your wealth falling into the hands of the tax man.
Close Local Bank Accounts
Whilst it’s not a requirement, it’s probably prudent to close any local bank accounts. Don’t assume that by withdrawing all your money the account will stop accruing charges.
Health and life insurance
If you have taken out some form of cover whilst residing overseas, now is the time to check its validity when you leave. It’s often the case that your plan will be worthless when you leave so it’s vital that you obtain a more suitable policy.
Peace of Mind
At Skybound we offer a complete 360 service to international workers. From the moment you board the plane to begin your expat adventure, to where and when you choose to retire, and beyond, Skybound are on hand to ensure you make the most of your international status.
What Is A Financial Review?
Such an important decision should never be taken without receiving sound advice that considers all options and eventualities. A financial review will involve a meeting with one of our retirement experts to explore your financial planning. We will assess your needs and objectives along with reviewing the policies you have in place. We will help you to understand the planning you already have, what you need from your pensions and how you will achieve your future goals.