Guardian Wealth urges expats to review finances

Published:  7 Feb at 6 PM
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As reported by FT Advisor, Guardian Wealth chief executive David Howell has announced that pensions, savings, tax planning and health insurance are areas expatriates should consider. The CEO urged expats to figure out how to handle financial affairs in the midst of a volatile international market.

He said it was critical that expatriates be covered for possible illness or injury, warning that living in a foreign land may mean having limited access to good medical care, running the risk of expensive medical fees at the end.

On the subject of savings, Mr Howell stated that establishing a current account in the host country was imperative to avoiding expensive bank fees on currency transactions. He also suggested offshore banking as a beneficial way to allow expatriates to hold accounts in various currencies.

The CEO said that in certain cases expats could be subject to capital gains taxes, especially when they are no longer UK residents, while certain income (i.e. premium bond receipts) are tax-free in Britain while taxed in other countries.

He urged expats to check whether the tax laws they receive vary in their host country and if so, whether it makes sense to maintain certain income flows in the UK.

Mr Howell added that joining a registered and qualified overseas pension plan may benefit expatriates due to tax advantages, saying that those not planning on staying in the UK had no reason to keep their pension funds there.
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