Working abroad is a great career and lifestyle move, but it is vital to take professional financial advice to ensure you make the most of the opportunity to maximise your wealth.
Ideally, you should take advice well before you leave. As with all elements of managing wealth, the more lead time you give yourself, the more strategic you can get. How you structure and invest your money is of the utmost importance.
As an expat you will hopefully have the chance to benefit from far higher wages and far lower taxes, and will therefore be looking for opportunities to really make that money work. Here, sound advice on which investments to get into – and which to avoid – is invaluable, as is guidance on the safest, most tax-efficient ways to hold your wealth.
Pensions and tax mitigation can get really complex for those planning a return to the UK with significant assets, making expert guidance from a reputable adviser a must. Selecting investments suitable for your profile and executing transfers for QROPs (Qualifying Recognised Overseas Pension Schemes) can be particular minefields for the unwary, and pension rules in the UK have shifted significantly in recent years too.
Wherever you are on your overseas adventure, a wealth manager will be able to help accelerate you towards reaching your goals.
High Net Worth Individuals from right around the world use our service to find expert wealth management advice here in the UK. Many of these are taking advantage of investor visas, and so need specialist assistance on investment management, wealth structuring and tax matters. Others are establishing or maintaining a “wealth presence” in the UK through a business, a second home or because of family interests, such as a child coming to study here.
Their high-touch service ethos and broad offerings mean that leading wealth managers really come into their own here. Far beyond investment, tax and structuring advice, the best firms act as a concierge, finding the best wealth solutions for every element of your plans. High-value mortgages are just one of the high-value credit facilities wealth managers and private banks are able to extend. Many people have very significant investment portfolios they would rather not liquidate, or much of their wealth held otherwise in illiquid assets. Lombard lending is an option that many affluent individuals from overseas could be eligible for.
Protecting your capital, growing it as much as possible and then minimising the tax exposure this generates are the three key pillars of wealth management, and international investors need to take a view that is both global and highly aware of local nuances. A good wealth management adviser will implement a strategy addressing all three areas all of the time – whatever stage of your wealth journey you are in, and wherever in the world your financial affairs are.
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