Expat Expert: How to enjoy your golden years

Q.I AM LIVING AND WORKING ABROAD BUT I WILL WANT TO RETIRE AT SOME POINT IN THE NEXT 10 YEARS. WHAT DO I NEED TO THINK ABOUT?

A.The good thing is that you are already thinking about your retirement, which is the first stage in planning and investing for it. As you approach retirement you will need to make sure that your finances are in good shape – check that your financial portfolio still suits your plans and your attitude to risk.

Offshore solutions can help expats strengthen their portfolio and potentially let them take advantage of tax efficiencies, benefit from offshore wealth solutions and get more effective protection.

If you are living abroad and in several different countries, you may not be able to pay into your personal pension plan back home so a single offshore solution is often better than having several local ones.

Q.I HAVE RECENTLY RETIRED BUT HAVE WORKED IN A FEW DIFFERENT COUNTRIES DURING MY CAREER. HOW CAN I MANAGE MY WEALTH?

A. Whether you’ve retired abroad or returned home, you need to review your finances regularly. You want your savings and investments to work hard but you may also want to reduce your exposure to risk. And if you retire abroad, you may be able to take advantage of tax efficiencies available to expats.

You also need to check your protection policies give you the right cover. This is especially true if you’ve moved abroad recently because protection policies and cover often differ between countries.

By investing offshore, you may be able to take advantage of potentially tax efficient products depending on your circumstances. You’ll benefit from all your offshore savings and investments being catered for from a single location.

Q.AS SOMEBODY WHO HAS LIVED IN SEVERAL DIFFERENT COUNTRIES AND HAS ASSETS ACROSS THE WORLD, WHAT ISSUES MAY I ENCOUNTER IN ESTATE PLANNING?

A. If you have property abroad as well as a range of bank accounts, pension schemes and investments, you may want to consider what would happen to your possessions and assets if you were to die.

For a start, your will may not guarantee your wishes. Even if you’re able to cover your worldwide assets under one or more wills made in different jurisdictions, domestic laws can hinder the transfer of these assets into the names of your intended heirs. This can cause unnecessary anxiety and distress for those you leave behind.

Depending on your individual circumstances, an offshore location such as Jersey could be the ideal environment in which to create a lifetime trust. Assets held within a trust are not subject to local taxation if the beneficiaries are not resident there.

For more details about HSBC Bank International’s offshore banking solutions visit www.offshore.hsbc.com or call +44 1534 616079