Expat life suits you. You’ve settled in. Made new friends. And adapted to a different culture. You’re making the most of your life abroad. But are you making the most of the financial benefits available to you?
To help you take advantage of the financial opportunities available to expats, we’ve listed some of the main things you should think about below – and explained how we can help. We’ve also provided a range of tools, videos and articles to help you find out more about expat life.
Things to consider
- Most expats have a home country account and a local account in their new country. As a seasoned expat, you should consider an offshore account, as it can be the most effective way to save, invest and manage your wealth – plus take advantage of potential tax planning opportunities.
- If you have children, you might have to set aside money for their education, as you can’t always send them to the local school. Depending on where you live, school fees can also be expensive.
- If the unexpected happens, you’ll want to make sure your family and wealth are protected. You’ll also want cover that’s portable, so it moves with you if you return home or move to another country.
- Being an expat can affect your pension. You may not be able to pay into a pension in your home country, and you’ll want to avoid creating small pension pots in numerous countries around the world, so portability is key.
- As an expat, you may have to transfer money between your new country and home, or make international payments – so it’s important to understand the foreign exchange options available and the impact of exchange rates moving against you.
- Some expats continually move from one overseas assignment to the next, which can make banking a little tricky. Having an offshore account means your money stays in one location – with a consistent banking relationship – wherever you move.
Helping you get more from your money
- We understand expat life
As specialists in expat finance, we can help you grow and protect your wealth – wherever you are in the world. We can also help you benefit from the potential tax efficiencies of saving and investing offshore.
- Products designed for expats
With international access to our multicurrency accounts and investments, you can keep your finances in one place wherever you live. We can also help you find the most tax efficient way to save for specific goal – like school fees or your retirement.
- Portable protection
It doesn’t matter where you are in the world, we’ll help you choose the best possible protection for you, your family and your wealth. All our protection policies are portable – so you won’t have to take out a new policy if you move.
- Foreign exchange
Most expats need to convert currency at some point. We have who can explain the options available to you, and solutions that let you fix the rate even if the currency markets move.
- Global connections
We’re based in Jersey (Channel Islands) and are part of HSBC Group. This means you’ll receive all the benefits of HSBC’s global reach and local knowledge.
Your tax situation will depend on your personal circumstances and we recommend you obtain independent tax advice. Any tax information is based on our understanding of current and proposed legislation and practice. The legislation and practice may be subject to change.
Please remember that the value of investments, and any income received from them can fall as well as rise, is not guaranteed and you may not get back the amount you invested. This could also happen as a result of changes in currency exchange rates, particularly where overseas securities are held or where investments are converted from one currency to another. We always recommend that any Investments held should be viewed as a medium to long-term investment, at least five years.
For UK pensions, pensions may not be accessible until you take your retirement benefits. via hsbcexpat