Wealth management is a subject that most expats will have to contend with over the duration of their residency as an international worker. Though equally applicable to individuals who work and live abroad for a short amount of time, or those whose time is concentrated in one foreign location, wealth management is most pertinent to nomadic expats.
This is because such professionals tend to occupy a base in numerous countries, and in many cases, have a propensity to make and therefore acquire various investments during these intervals. Keeping on top of these, in each location, in transit and in general, can be a difficult and time-consuming exercise to manage.
Perhaps the greatest challenge is in the laws, customs and restrictions unique to each country. From specific currency arrangements to tax directives – or lack of in some instances – the jargon of finance can be bewildering to navigate. The biggest downfall here is financial wastage.
“The concept of wealth management is one that all expatriates should come to grips with – it is not sufficient to go abroad and ‘just’ concentrate of sorting out your taxation position,” explains Shelter Offshore.
“Rather, you need to take a complete and a holistic approach to managing your entire fiscal status if you want to enhance your financial position to the best of your ability.”
The key to overcoming this is fairly simple in theory – centralisation. By merging investments under a single hub, in a single region for that matter, international movers are more likely to have greater visibility over their finances. This means, for example, they are able to restrict superfluous taxation, expenditure and costs that would arise otherwise.
The ideal solution invariably comes in the form of advice from a financial expert, if expats are not so versed with the finer details of this area. Take for example the idea of “refining assets”, something that can often be overlooked.
Here the multiplicity of investments can be reduced into equally valuable but easily convertible assets, meaning, in effect, they can be transferred from one country to another and not lose any of their worth.
Additionally, a seasoned financial advisor will deliver a comprehensive plan for maintenance of investments, including regular management of portfolios, embedding in flexible solutions that are reactive to fluctuations and providing advice on how to diversify assets to reduce being hit hard.
Wealth management is therefore vital for the modern, forward-thinking professional keen on enjoying life overseas, while ensuring they are securing themselves for a future that is safe, comfortable and reflective of the hard work they have put in over the years.