Expatriate Financial Planning
Expatriate financial planning centres on the special financial demands that an expat faces. It means getting a plan together that - in complex international circumstances - put the right money, in the right place, at the right time.
What is Expatriate Financial Planning?
Expat financial planning centres on the special financial demands that an expat faces. It means getting a plan together that – in complex international circumstances – puts the right money in the right place at the right time.
If you leave your country of birth to live abroad, it is very likely that you will end up with assets spread around the world. This has implications. These assets need looking after. To provide security for your family, you will want to arrange your assets so they work together as an effective financial whole. You will also need to address a number of complex tax issues that stem from having money, property and family in different countries.
Expat financial planning means getting your financial ducks in a row in foreign as well as domestic waters. But there’s more to it: you must never lose sight of the goals that your expat financial plan supports – your life goals.
With years of experience assisting clients in navigating cross-border financial landscapes, we provide tailored guidance to help you transition smoothly back to the UK. Our team offers specialist advice on tax planning, asset management, and wealth preservation strategies, ensuring your finances are optimally structured for both current and future success.
"Financial Planning is your roadmap to achieving financial security and reaching life’s goals through smart, strategic money management."
The importance of financial planning as an expat
Many expats set out with the simple financial plan of making as much money as possible somewhere sunny – and then retiring at home on the proceeds.
Unfortunately, it rarely happens like that. Rather, expats lose track of their original plan and end up living for the moment, enjoying large amounts of disposable income in exotic locations from which they travel the world with a growing family. But the original financial plan of returning home with a retirement nest egg goes out the window.
For example, a recent survey by the Financial Conduct Authority (FCA) in 2020 found that 42% of UK adults do not have any retirement savings. Additionally, 34% of those surveyed were not confident that they would have enough money to live comfortably in retirement. You can read more about this in the Financial Lives 2020 survey.
And the UAE is just one expat destination. Seizing the day and hoping that tomorrow never comes is a global expat phenomenon.
However, there’s plenty of expats who are looking beyond tomorrow. Canny expats opt for a long-term plan that serves their life goals as well as delivers financial opportunities only available to an expat.
And the result? The benefits of robust financial planning for an expat are many. But they all boil down to one thing: peace of mind. It’s what you want for your family. And it’s what professional financial planning delivers.
Thinking of retiring abroad?
You are not alone. According to the Office for National Statistics (ONS), as of 2021, there were approximately 1.3 million British citizens living in the EU. Many of these expats are retirees seeking a better quality of life and favorable climates. In Spain alone, around 121,000 British citizens are registered as residents, with a significant proportion being retirees.
And that’s just the EU. There’s plenty of great expat destinations around the world. So for all sorts of Brits, spending their retirement years somewhere sunny is a very reachable dream. But there’s a lot to consider – which is why moneyadviceservice.org.uk say: "We recommend you get financial advice from a tax and pensions specialist before making any decisions."
As a UK citizen, you are eligible for a state pension, and you may have private and workplace pensions too. The UK Government plans to offer a Pensions Dashboard for all Brits to see their complete pensions picture on one screen.
Talk to Trinity Capital Partners for our guidance and expertise by completing our enquiry form.