Financial Planning Tips For U.S. Expats

Financial Planning Tips For U.S. Expats

Planning to move to a new country brings joy, but it is important to plan ahead, there are a few things to consider, where to live and financial obligations. Therefore prepare your finances before you make your move.

Here are some tips:

But the ideal advice will be to pay off debts, before relocating to a new country. 

A Good Idea: Offshore Account

For expats banking services the best is flexibility (money should be easy to access and transfer between countries).

Consider opening an international account before your departure, which will provide with access to your money as soon as you settle in a new country.

Normally expats are expected to have two bank accounts; A home account for financial commitments such as mortgage, utility bill payments, and rent collection. A local bank account in the country where you are living on salary to be deposited, in local currency and day to day expenses.

One potential extension of this, however, is to adopt the “home, host, offshore” approach to banking: Retaining an account at home, opening one local to your host country but also having an offshore account for savings, investment and wealth management, as well as taking advantage of any potential tax planning opportunities.

For most expats, one of the main reasons for opening an offshore bank account is because you can grow your savings and investments while taking advantage of these potential tax benefits, but there are many others. For instance, banking offshore means your money stays in one location wherever you live or may move to, meaning you can easily access and transfer funds from around the world. It also means managing your finances in a number of different currencies.

One way to avoid the difficulties of opening an account in your host country is to open an offshore account before you leave your home country, thereby ensuring you have easy access to your money when you arrive at your new country. 

Credit Cards

It’s highly recommended to have credit cards in both countries, your home country credit card could save you from costly fees and currency fluctuations. The host country credit card will come in handy for daily purchases avoiding foreign transaction fees.

Seeking A Financial And Tax Adviser

A financial adviser that specializes in helping expatriates may assist you with choosing where to hold your assets.

A tax adviser professional can help you with the following plans. Taxation, finding out if you owe taxes in both home and host country.

With estate planning, consider the multiple tax law of multiple countries.

With real estate concern, learn about the benefits and drawbacks, tax property ownership.

Investments And Savings.

And yes using international savings accounts and investments means that you can conduct your financial matter in English, you may feel that your money is secure with an international bank, if there are problems in the economy in your home country Investments opportunities are greater internationally; you can seek advice and guidance from a financial adviser.

Currency

The effect of currency is something to keep in mind when moving to a new country; this risk can be reduced by shifting your money, into the currency where you will need it.
If you have questions, feel free to reach us for advice.

Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services.  This article cannot serve as a substitute for such professional services or advice.  Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation.  This article is subject to change at any time and for any reason.

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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA I am Certified Public Accountant, specialized in Tax Planning & Offshore Strategies for Real Estate, Hedge/Equity Funds, Fintech, Crypto, Expats, IRS Debt Resolution. You can email me fa@fascpaconsultants.com and follow us on Facebook : FAS CPA & Consultants.

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