Saving & Investing: A Guide for Expats

SAVINGS OVERSEAS

In our experience, people become expats due to job or lifestyle opportunities. With this typically come key perks such as a relocation package, bonuses or salary increases. Getting the most out of these perks will put you in a great position overseas.

Each country has different savings mechanisms. UK residents tend to favour an ISA (Individual Savings Account). For US residents it would be the Roth IRA (Individual Retirement Arrangement). However, when you move overseas you may lose out on the tax benefits of these savings accounts.

Rather than leaving your excess cash lay dormant in a saving account, where inflation and low interest rates usually mean you’re losing money, we recommend exploring a more diverse investment strategy.

We use an instant access investment Platform. Here your money can be invested into the following types of funds:

• Stocks
• Commodities
• Property
• Fixed interest securities

These options enable you to diversify your saving and investing profile. Platform accounts do not have exit penalties and will allow you to stop, start, and change the amounts or even the currencies of your monthly savings. There are no ‘lock-ins’ on the products that we use. The valuation of your portfolio at any given time is what it is worth to you.

The value of your savings can go down as well as up, so consideration of this fluctuation when making withdrawals is imperative. We do recommend holding enough cash in a traditional savings account to cover you in case of emergencies.

INTERNATIONAL INVESTMENT ADVICE

The difference between saving and investing is simple. Saving refers to regular instalments over time, Whereas investing refers to placing a lump sum in on day one and then managing its growth.

When it comes to investing internationally, having a diverse portfolio is key. Using a platform through Galileo Wealth gives you access to thousands of funds, in multiple currencies.

We design bespoke portfolios that fulfil your requirements, within the outline of your risk profile.

We monitor your investments on your behalf and through regular communication, suggest any improvements and changes, keeping your investment on track.

The beauty of the investment platform is that the funds used have no exit fees, so there are no real costs (apart from dealing charges) to make these changes. We can respond to market conditions and maintain value as well as take opportunities for growth in real-time, acting proactively, not reactively for our clients.

With over 25 years of managing investments for clients all over the world, Galileo Wealth can produce bespoke portfolio’s to suit any client situation and needs.

UNDERSTANDING YOUR EXISTING PRODUCTS

The transient lifestyle of expats means they tend to leave some financial ‘instruments’ behind in countries where they have previously lived and worked.

Frequently, it seems that they have portable products but having left their financial advisers behind they are now in possession of products that they do not understand.

Galileo Wealth will aim to explain what you have, explore the future possibilities for the existing products and help manage the performance of what you already have. It is not always about investing ‘new money’, a lot of the time it is about doing the best job possible with what you already have.

WANT TO KNOW WHAT’S BEST FOR YOU?

As an ex-pat saver or investor, you could enjoy a significant financial advantage over UK resident savers. With access to a broader range of services and products, your economic landscape opens up considerably. You’ll have an increased choice of how and where to save and invest.

We offer a Free Review, where we help you identify the best performing funds, discover the best rates of interest for your savings and gain an understanding of how to access preferential rates of interest. Your review also includes an expertly created and fully personalised wealth management plan that shows you how to leverage your investment and savings opportunities to the fullest extent. You will even understand how to maximise your ex-pat savings and investment advantage. If you’re planning to retire as an expatriate or returning to the UK, we’re confident, and you’ll find tremendous value and insight.

Get the facts and knowledge that you need to make the best choices by getting in contact.