What is financial planning?

Expat financial planning is tailored to meet the needs of expats when they leave their country of birth. Ultimately it’s about putting the right money, in the right place, at the right time.

Financial planning is an effective way of arranging your assets but these assets need looking after. It’s not uncommon for expats to have assets in different countries, but this has implications. You will need to address complex tax issues that stem from having assets 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.

For most expats, working abroad is ultimately about securing a nest egg for retirement, maybe even to retire early. Balancing your financial goals and enjoying life as an expat can be difficult which is why financial planning is so important.

Your practical financial planning should begin by writing down your life goals. Give your plan a focus that is clear and realistic – get down to the nitty-gritty of what you need your financial plan to support.

A big part of your plan will then be investment planning. Investing means making your money grow by putting it aside for a time in what is known as an “investment vehicle”, and this usually involves some level of risk.

Financial planning means looking at all areas of your finances. This includes any debt you may have.

Cross-border tax will be another thing to consider for expats in their financial plan. With of products to consider such as mortgages and insurance, there’s a lot to plan. That’s why the help of a professional adviser is so often sought: with expat financial planning, experience helps.