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2. Expatriate Money Matters By Paul Graham

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Working & living overseas, either on a contractual basis o provides every British expatriate with r in a more permanent role, the ideal opportunity to increa

Working & living overseas, either on a contractual basis o provides every British expatriate with r in a more permanent role, the ideal opportunity to increase his or her savings and create substantial personal wealth in the future for you and your family.

As an expatriate working in Taiwan it is likely that you are earning considerably more than you would in the UK; it is therefore vitally important that you adopt a sensible approach to investing your savings in order to capitalise on your advantageous financial position.

Similarly, it is equally important to maximise your non-UK residence by establishing tax-efficient bank and investment accounts. Such accounts are not liable to any form of tax in respect to the income and gains on funds, whereas in the UK income and capital gains tax are both deducted in accordance with your personal tax band or rate. This means that an offshore account will grow at a greater rate than a comparable UK account.

Offshore for an UK expatriate would generally point to the Isle of Man, Jersey, Guernsey or Switzerland. Each of these established investment centres offers a stable, independent legal and excellent regulatory framework for savers – on a par with the UK and Europe.

Likewise, the world’s leading banks and financial institutions are represented in the above offshore centres, which will give you the confidence that you have invested your money wisely and safely. All major banks; insurance and investment houses will usually be regulated both in the UK (FSA) and the offshore centre where they conduct their business.

Never invest your hard-earned savings with a company or person that you are not familiar with. Such organisations may not be regulated or qualified, if this is the case you could lose all  of your capital if something goes wrong!

Unit-linked insurance products offer their own unique advantages to expatriates; in addition to tax-free growth, investors can chose to save on a regular monthly basis or invest a single lump sum from outset.

Through these products investors gain access to a superior range of investment opportunities from top-performing fund managers at very low cost. When you return to the UK to take up permanent residence the account can legally remain offshore and will continue to enjoy tax-free growth indefinitely.

Careful financial and taxation planning can legitimately save you thousands of pounds in taxation, which means that you keep more of your money and the Inland Revenue gets less!

Paul Graham is Head of Private Clients at Platinum Wealth Management (PWM) and regularly visits the Far East to meet with expatriates to discuss their financial affairs. He is a professionally qualified financial advisor and a member of the Society of Financial Advisors (UK), the Chartered Insurance Institute (UK) and the Life Insurance Association (UK). If you would like any further information on this article or indeed any other aspect of your finances please do not hesitate to contact Paul at [email protected].

PWM is an Independent Financial Advisor and is part of the Platinum Capital Management Group, which is regulated in the UK by the FSA. We recommend services and products from a wide range of the world’s largest and most respected banks and financial institutions. This article is for information purposes only and should not be construed as advice. Always consult a professionally qualified advisor before making an important financial decision.

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