3 Reasons Why Expat Financial Advice Is Important For You Read Count : 72
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Sub Category : Miscellaneous
Living abroad is not easy, as your plate is full with new tasks, responsibilities, and experiences. Add investments, taxes, and liabilities in your home country to the mix and most expats are bound to feel confused and overwhelmed. There is one quick fix to such confusion and challenges, which is, seeking the expertise and comprehensive services of a trusted and experienced financial advisor. Read on, as we have listed 3 reasons why expat financial advice is important for you. Complex tax system There is a common misconception among expats and foreigners that Singapore’s tax system is simple. While other countries have more complex taxes, Singapore has several obscure details, which when missed, can cost you tremendous amounts of money. To most expats, taxes on their respective stock portfolios come as a surprise. No capital gains tax is levied in this city-state, however, as part of an expat’s income, their stocks can be taxable. A competent tax or financial advisor offering the best portfolio management services Singapore has, will help you understand such nuances and avoid common pitfalls. Exchange rates affect your income As an expat, you must always consider currency exchange rates and their impact on everyday things like transferring funds to your family, paying taxes in your home country, etc. Exchanging during bad times can result in a considerable loss of income. Expats who do not seek advice from a financial advisor or wealth manager are said to lose thousands when exchanging. If you have retained your insurer in your home country, bear in mind that currency exchange rates also affect payment of insurance premiums. Financial advisors can help maintain your policies while minimising losses. They can also provide multi-currency alternatives. Some expats protect their wealth through tie-ups between Forex brokers and their wealth managers. Mortgages are different To aid your home buying process, your wealth manager will negotiate an ideal loan package, as you may be unaware of local practices, which can impact your property loan. For instance, banks here do not offer perpetual fixed rates on mortgages. However, wealth managers help expats refinance into packages that offer fixed rates for a few years. Moreover, loan approval methods also vary. To a self-employed expat’s monthly income, banks may apply an approximately 30% haircut. Conclusion Now you know why professional financial advice is important. So, determine your needs and look for a reliable advisor. Singapore Expat Advisory, a renowned financial planning agency, is the most trusted name among expats.If you aim to make life in Singapore easier, especially with respect to your finances, get in touch with them today.
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