It’s true what they say about yesterday being the best time to start saving for tomorrow. And whilst it can be hard to visualise the impact your initial contributions will have on your future, with a little bit of time and some careful planning, you will soon begin to reap the rewards. Don’t forget the Wright Brothers started out with a kite!
Aside from the lifestyle and experience, many international workers moved overseas because the salaries can be significantly higher and taxes potentially lower. This creates a unique opportunity to save while you’re away and secure your family’s financial well-being for generations to come.
Being an international expatriate opens up a whole host of offshore wealth management solutions that allow you to maximise both your returns and tax efficiency. However, it’s important to have professional advice to guide you in this process.
All Skybound financial planners are experienced in the complexities of international financial advice and as a firm, we are regulated locally in every jurisdiction where we operate. To provide you with the right solution our experts seek to understand your goals, assess your attitude to risk, consider the relevant jurisdictions’ regulations, where your expat journey might take you next, and talk to you about your timeframe for investing. We do the work to make sure you achieve your desired outcome from your offshore investment.
Possibly the question we are asked the most: it all depends on what you want to save for and what the rest of your life looks like. If you would like to retire in 15 years, then naturally you choose 15 years, but this has to be something you can afford during that time. Many international workers will spend around ten years overseas, so it makes sense to save more during this period where you are earning a lot more.
Having a savings plan is even more important when you’re working overseas, as you may not have access to the local retirement schemes, or your company may not provide the same benefits whilst you’re abroad. University and professional development costs can be significantly more expensive, you may wish to travel more, or you may wish to buy an extra home locally.
One of the main attractions of investing overseas is the potential tax advantages that may be available. Depending on your tax residence, jurisdiction, and individual circumstances, your investments may benefit from favourable tax treatment. Where taxes do apply, the rate may be lower than in your home country, subject to the applicable tax rules.
Skybound creates tailored investment solutions designed to support your lifestyle and financial goals. We can advise on your investment timeframe, contribution amount, payment frequency, and multi-currency options. We work with reputable providers that operate within applicable regulatory frameworks and offer transparent information about investor protections where available. We'll help you explore the options that best suit your needs. As with all investments, the value of your investments can go down as well as up, and you may get back less than you invested.
Talk To An AdviserWhether you are reviewing pensions, investments, property, inheritance planning, a move abroad, or a return to the UK, we can help you understand what may need attention and where specialist tax advice may be required.
