10 Offshore Saving and Investment Tips for Expats

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10 Offshore Saving and Investment Tips for Expats

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10 of the Latest Offshore Saving and Investment Tips for Expats

Our latest 10 top tips from the market for those expatriates living and working abroad who want to save and invest offshore successfully

10 of the Latest Offshore Saving and Investment Tips for ExpatsIf you’re living and working away from the UK you have ‘the advantage!’ In other words you’re potentially in a very privileged position financially speaking as you can access offshore saving and investment opportunities, potentially save or defer taxation, reduce your overall exposure to tax erosion disadvantages, and explore international financial opportunities to enhance your wealth status more quickly than you could if you remained onshore, living and working in the UK for example.

In this report we’re going to fast track the advice and give you 10 offshore saving and investment tips for expats like you so that you can get on and get saving your wealth to the best of your ability and to the best of the opportunities open to you. We understand that sometimes you don’t want to read a report about diversifying your portfolio or learning about which method of approach best suits you at this point in your life, you just want cold hard facts and the naked truth!

If after reading this report you’re inspired to get your financial affairs in order and start making the most of your wealth status today as an expatriate, do remember that you’re advised to take personalised professional advice before you make any decisions affecting your financial situation. Finally, it remains for us to say that there is nothing illegal, immoral or even difficult about ‘going offshore,’ but you may have a reporting requirement relating to your activities depending on the nation in which you’re resident and paying tax – don’t ever overlook your reporting requirements.

1) Don’t Throw Everything You Have at One Opportunity

No matter how good an opportunity appears to be, know that historical evidence stacks up so far in favour of taking a steady and consistent approach to funding an investment or savings opportunity. In other words, because no one can call the top or tail of a market, drip feed any money into stock market based offshore savings and investments for the best potential returns.

2) Why Care What Others are Doing?

You’re unique – your financial status, your outgoings and obligations, your attitude to risk, where you’re going in life and what you like doing are all aspects of YOU that make you unique. Therefore, do not follow the crowd, don’t listen to what your friends and neighbours say – you have to find and follow the right offshore saving and investment path to success for you. This takes time to get it right – what’s more, it usually takes the services of a good financial adviser to unravel who you are, what you want, where you’re going and what’s possible with your money if you want to succeed. What it doesn’t rely upon is you taking the advice or following the same financial path as your brother, colleague, boss or friend for example.

3) Think Like a Tortoise

It was the slow, steady and consistently focused tortoise that won the race not the flighty, fast moving, easily distracted and brainless hare! In other words, it takes time to build a profitable financial future and you should keep your eye on the long-term prize rather than your short-term goals if you want to make the very most from your money.

4) Face Your Fears

One thing that seriously annoys me is when investment advisers completely ignore me when I tell them about my attitude to risk. Because I read, research, write about and rant on regularly about money matters, it makes sense that I have done a fair amount of soul searching when it comes to my own personal attitude to risk – yet no matter how clearly I lay it all out, still I have found advisers who are attempting to shoe-horn me to fit a product that fills me with dread and fear. I have faced my fears so I know how risk averse I am, and you need to do the self-same thing to make sure that your adviser is actually listening to you and therefore advising you appropriately.

It’s a better test for an adviser than just asking for testimonials or to see their qualifications or their company’s pedigree – know your own mind. If you get turned on by the thought of the lurching nature of the stock market that probably suggests you have a larger capacity for coping with risk than someone who cries when they read the stock market report and see that a crash somewhere has probably wiped significant value from someone’s portfolio! Whilst it’s not an exact science, it is worth thinking carefully about the level of exposure you’d be willing to open your money up to, and then reading carefully whatever suggestions your adviser comes back with. Make sure the two marry up well – when they do you probably have a good adviser who has listened to you and who really is going to help you build a portfolio that’s wholly appropriate for you.

5) Think Eggs, Think One Basket, Think No!

Diversification is absolutely essential unless you’re a professional fund manager-type who can spend all day every day watching their eggs! You need to successfully diversify across asset classes, institutions and products to the point at which your short, medium and long-term financial goals are appropriately targeted yet properly protected from anything and everything such as stock market fluctuations or even economic disharmony in a given location.

6) You Can Have Fun With Your Investments

You don’t just have to buy some sort of glorified insurance policy in order to earn a pittance in terms of interest if you want a secure investment, and you don’t have to saddle your savings to the stock market and watch the wild ride if you’re open to a little more risk. There are many fun, interesting, exciting and potentially high returning ‘things’ you can invest in – from residential or commercial property (or property based funds), to fine wine, beautiful art, rare coins or gold. If you’re more interested in exploring wider opportunities, spend some time seeing what there is that appeals to you as an investor, and then take appropriate professional advice.

7) Where There’s Risk There’s Often Opportunity

If you’re not highly risk averse you may well be interested to learn that emerging market potential offers higher potential returns according to Dr Mark Mobius, fund managers extraordinaire. He states that: “Emerging markets have consistently grown much faster than the developed countries in virtually every year since 1988.�

8) Get Started Sooner Rather than Later

The sooner you start squirreling away some of your expatriate earnings and wealth the sooner you will be able to potentially profit far more than your onshore peers! The longer you have to save and invest for, the greater the potential you have to profit – according to historical and statistical market-based evidence.

9) But it’s Never Too Late

Even if you’ve never saved a penny in your life and you’re soon to return to the UK, there are ways you can appropriately structure a savings plan to suit the time you have left abroad and the fact that you’re thinking of going back onshore. In fact no matter how your fortunes are about to change or how much your future path is going to differ from the one you’re on today, there are ways you can potentially enhance your wealth status – but you do have to make an effort to get appropriate advice as soon as possible.

10) Don’t Believe the Media Hype

And finally, property price predictions in the UK are probably the best example of why you should NEVER believe the media hype about any form of investment at all! According to the latest house price prediction data table from HousePriceCrash.co.uk the market is either going to rise by 25% by 2013 or halve in value by 2011. You see lies, damn lies and statistics are compounded in their uselessness by media hype. So never trust the headlines as they will always be exaggerated to suit the journalist’s personal angle for an article or for the publication’s own political leaning.

Do your own research, always read the small print, take advice but don’t wholly rely on it blindly - and finally, buyer beware – in other words, tread carefully and with a good basis of personal knowledge about who you are, what your attitude to risk is and what your short, medium and long-term goals are.
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