Top Five Wealth Management Mistakes Made By Expats

Article by Paula Mackie

If you're thinking of moving to another country, life as an expat can be a very exciting journey - but it's important to seek support from a financial adviser in order to make sure that your wealth management strategy is robust. While many people make the move abroad without too much hassle, many others fall in to some big wealth management traps that can have a serious effect on their overall financial strategy. Here we will look at five of the biggest wealth management mistakes made by expats - take notice and hopefully you won't make the same mistakes! Underestimating living costs

When working out your budget for your new country, try to be aware that the cost of living may differ tremendously between your home country and your new one. Many expats make the mistake of working out their budget by making calculations on a like-for-like basis. In order to avoid this mistake, always over calculate and expect things to be more expensive, just in case.Living the high life

Many people get swept up in the excitement of living in a new country. This can mean that you end up spending money as if you're on holiday, rather than settling into a new lifestyle. Try to keep tabs on your budget and also make sure that you have an emergency fund that you can access if things take a turn for the worse. Falling into the tax trap

As with laws, tax systems can differ hugely between different countries. For expats moving abroad, especially in Europe, it's a good idea to get advice from a qualified financial advisor so that you can prepare for the levels of tax that you will have to pay and make sure that you account for this in your wealth management strategy.Forgetting HMRCAnother mistake many expats make is not notifying HMRC of their new status - in other words, telling them that they're no longer resident in the UK. This could leave you being chased for tax in two countries, so make sure you fill in form P85 to inform them of the change. Life InsuranceAs an expat, you need to make sure that any life insurance policies you have cover you abroad. As many do not, or if they do will be very limited, it's a good idea to get some proper advice from a financial advisor to help you arrange appropriate cover.As you can see, there are many potential pitfalls facing expats - these are just a few of the mistakes regularly seen by financial advisors. If in doubt, seek professional advice or talk to other expats in the country you're moving to for some help and insight into starting a new life abroad.

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About the Author

Moving to a new part of the world can be very exciting, but if you don't do your research well, you could end up making big mistakes that can cost you a lot of money. Financial advisors see many expats falling into bad financial situations due to a lack of preparation. If you're aware of the main mistakes expats can face, it might help you to avoid them.



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