When you choose to move overseas, Australian expat financial advice becomes incredibly important for expats living in UK, USA, Hong Kong, Singapore or other areas due to the fact you’re dealing with the complexities of multiple tax regimes and currencies.
Australian expat financial advice is critical for those currently overseas, however, it is also important to consider the financial implications for when you eventually choose to return to Australia.
By planning in advance, you’ll help avoid the significant and often costly mistakes that come with dealing with multiple countries and tax jurisdictions so you can be confident your long term wealth building benefits, should remain intact.
There are a number of areas you need to consider when looking at Australian expat financial advice.
Australia and Overseas Tax Planning
The implications of operating in multiple countries with different currencies and tax regimes can be complicated. Failure to adequately plan and account for your residency status and tax obligations can be costly and is an ever-changing consideration for many Australian expats. Operating under the correct tax structures plays a significant role in effective tax planning for Australian expats.
One of the main reasons many Australians choose to live overseas is the opportunity to grow their wealth base, through higher incomes and potentially lower taxes in certain circumstances.
The goal, therefore, is for Australian expats to make the most of the opportunity financially and set themselves up for the future through intelligent and efficient investment planning.
Some of the key issues Australian expats face are dealing with the risk of adverse currency movements as well as operating within the best structures for tax purposes. On top of selecting the most appropriate investments for your personal situation, risk tolerance and goals.
Australian Expats Costs
Many Australian expats also face significant costs in areas such as, accommodation healthcare and education, with which they might not be familiar with. It’s vital that Australian expat financial advice also looks at their overall risk management program including life & trauma insurance, global health cover and the implications of these additional costs.
While working overseas, the goal for many Australian expats is often to help set themselves up for retirement. Ultimately, Australian expat financial advice will help identify your personal situation and whether it is appropriate to invest locally in their retirement or pension schemes or look to Australian based investments and superannuation schemes.
You will need to consider the tax implications of both options along with exit costs and how easily you will be able to access any pension scheme in the future.
When the time comes to return to Australia, as most expats eventually do, there can be significant issues and costs surrounding all of the above-mentioned categories, particularly investments and superannuation or overseas pension plans and their tax implications.
Planning your move back to Australia well in advance is the most important element, although it also often highlights why you should consider Australian expat financial advice even prior to moving overseas.
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Dr Andrew Unterweger MB.BS, CFP, Dip FP, Dip FNS370 subscribers
Meet Dr Andrew Unterweger as he shares his expertise in Property, Finance and Financial Advice that he has acquired with over 38 years of experience. Learn key tips and recent updates about how to be a well-informed, successful investor, whether you are an Australian Expat, a resident of Australia or a foreign resident wanting to invest in Australia.
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