Why Financial Planning is so Important for Expats Moving Abroad

When is it a good idea to start reviewing your financial planning when moving overseas? Before you go, if possible, just to make sure you are able to enjoy the benefits of being a British expat working abroad at the same time as avoiding the pitfalls many people encounter when left unprepared. There are many reasons why taking care of your finances and planning ahead are important to your present and future financial situation, and seeking advice from a company like Churchill & Partners is the smartest move in these situations where things can seem a little overwhelming.

As long as there are no payments or bills to settle back in the UK, it’s advisable to keep your money in an offshore bank account so as to reap the benefits of greater tax efficiency while you can. Doing this may worry you, and that’s where your chosen financial advisors can talk you through the process and put your mind at ease. There are lots of things you can do to further improve your finances while living overseas, for example, and it’s important to seek reliable, personalised advice before embarking on your new adventure. 

With a move this big, there are always going to be big wins and potential problems, and talking to an experienced advisor will help you avoid the latter as much as possible. In addition to setting up an offshore account, there is also the possibility of organising saving strategies that will benefit you and your family in the future – such as saving for education fees or your own retirement. Above all, it’s important to do all of this at the start of the next chapter of your life, as the same financial benefits may not be available once you get around to it at a later date.

With improving circumstances, opportunities to invest your money may also arise, and this is yet another situation in which seeking advice from specialised financial advisors will help you. Living as an expat can be a wonderful way of accelerating your wealth and career, but that’s what makes it so important to take care of the details while you can. Contact Churchill & Partners today to set up a meeting and start planning for a better financial future.