MIKE COADY

Financial Expert | Business Excellence | Growth Expert
Mike is an award winning financial expert and a well-known leader in the financial industry. Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended. In addition, Mike is qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), and a Fellow of the Institute of Directors (FIoD).
Top

Expats must embrace financial planning more than counterparts ‘back home’

Mike CoadyEducation Expats must embrace financial planning more than counterparts ‘back home’

Expats must embrace financial planning more than counterparts ‘back home’

I was recently interviewed to put the case forward that expatriates need to embrace the idea of financial planning more than their counterparts in their country of origin.

I commented that although living abroad usually positively impacts people’s lifestyles, sometimes there’s extra layers of complexities, making professional financial advice all the more important for those of us who choose to live overseas.

I suggest that expats should centre their attention around four main topics: tax which includes the impact of savings and investments, retirement planning, education planning, and international insurances & healthcare.

Tax affairs, savings and investments

It is important, that expatriates establish where they are classified as a ‘tax resident’, so they know in which country their tax liabilities lay and how double taxation agreements could impact on their fiscal obligations.

Additionally, I advised how expats should ensure they use their international status to their financial advantage.  For example, how they might be able to mitigate the effects of excessive inheritance tax regulations and how they could benefit from savings and investment products that are typically designed for mobile expats.

Retirement strategy

The importance of planning retirement when living overseas as there might be additional questions that need to be asked, such as where you will reside once you retire, and how you can access your pension in the most tax efficient way whilst overseas.

SIPPS & QROPS are identified as an important part of retirement strategies for many expats.

Education and healthcare

As schooling children overseas is generally more expensive, compared to doing so in your own country, and as healthcare is often not available and/or free, and because expats can use some efficient ‘tools’ to build up pots to fund them, I recommended building these two factors into a financial plan.

How to select a financial adviser?

I was also asked about how expats should go about choosing a financial adviser.  My advice, for both those who are considering moving overseas and for those who already are residing abroad, would be to opt for an advisory company which has a history of working with expats as those who live/work abroad have very specific requirements and available opportunities when it comes to maximising and safeguarding their money.

In addition, it’s imperative that your adviser is someone you trust and with whom you can build a steady rapport.

To learn how to choose a great financial adviser, download our free guide.

For more insights, further advice or guidance, you can get in touch HERE

To keep updated, follow me on;

LinkedIn

Twitter

Facebook 

Blog by Mike CoadyCoady Performance Group

Mike Coady is an award-winning financial expert and a well-known leader in the financial industry.

Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.

Mike is qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), and a Fellow of the Institute of Directors (FIoD).

Mike CoadyMike Coady
Mike Coady
Comment
  • Nathan Tarr

    It is always surprising when meeting expats for the 1st time how little they have paid attention to their financial planning since moving abroad. More often than not it is down to a lack of spare time and focus, financial planning is pushed further down their ‘to-do’ list whereas it should of course be more likely right at the top!

Leave a Reply

Have a Question

Enter your name and number, and we will be in touch shortly to discuss your financial plan.

%d bloggers like this: