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The Financial Benefits of Being an
Expat...benjamin franklin style
Every week in this article Helen Couldrey, a financial
consultant with the deVere Group, and also a qualified
English lawyer, will give you tips and ideas of how to
take advantage financially of being an expat. Helen has
clients in Bangkok, Hua Hin and Cha-Am who she helps
to maximise the financial benefits of living overseas.
Living the Golden Years
79 per cent of people get their car serviced each year,
yet only 26 per cent of people annually review their
retirement planning position. This is an alarming statistic
considering that a car is often a 5 year investment,
whereas a robust retirement plan will allow you to live
out your golden years in the way you choose. As people
live longer (and inflation steadily rises), more and more
people are beginning to realise the vital importance of a
sound financial strategy for their retirement. This is just
as well as the days when you were supported just by
the state or your employer during retirement are fading
fast, particularly if you’re an expat.
This means that the funding of your retirement is now,
more than it has ever been for previous generations, a
personal responsibility. YOU are the person in control
of your future. Any contributions that you may get from
the state or company schemes should be considered
the icing on the cake, not the cake itself.
Personal International Retirement Plan
So what are the options as an expat? Well, paying into
a pension scheme in your home jurisdiction is often
prohibited whist earning abroad. Further, you may
not be eligible for state contributions if you fall short
of certain thresholds. With these in mind, a popular
solution is a personal international retirement plan.
Ultimately, this means a private international offshore
plan that exists outside of the regular, domestic
solutions. These offshore plans are very simple and
you can easily set one up with the help of a financial
CHA-AM AND HUA HIN
Retirement Planning - Education Fee Planning
Regular Savings - Tax Saving
Lump Sum Investments
Helen Couldrey, BA (Hons), L.L.B, CISI
Contact Helen for a finance review
086 088 2127
[email protected]
advisor, and just make monthly contributions into it
from your income, leaving the markets to do the hard
work. As the plan is held offshore there is no tax on the
growth which is a superb benefit to expats looking to
make their money work hard! After the first two years,
you can access your fund at any time, which provides a
lot more flexibility than a regular pension plan. As the
life of an expat is changeable, these plans move with
you wherever you go in the world, growing tax free
whilst you begin another chapter in your life.
Your deVere Group financial adviser can help you
ascertain what kind of final ‘retirement pot’ you will
need and can guide you through what contributions you
should be making (and more importantly, what you can
afford). As a wealth management professional, they will
tailor the plan to you, your family and the requirements
of your lifestyle, while taking account of inflation, to
ensure no nasty shocks in 20, 30 or 40 years’ time.
Regardless of age or whether you think you have
everything sorted, make sure you review your
retirement position with an independent professional.
And remember, if you take the time to get your car
serviced, then don’t join the 74 per cent who fall short
of reviewing their retirement strategy. In retirement
planning, mistakes are too costly – on every level.
Let’s make sure those ‘Golden Years’ are golden.
COMING SOON!
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