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AES International asked expats… “What’s the worst financial advice they received”...

By Tuesday, 06 October 2015 15:34 0

Expats’ pain points are something we are always curious about, so we asked 150 expats what was the worst advice they’ve been given, and these are the most shocking answers they gave us:
1.“Chase the money, so you can save much more.”
- Why is this terrible financial advice?
Before moving abroad, many expats think they will be able to save more than they can at home, and are blinded by the promise of higher incomes and, in some cases, the absence of income tax (such as in Qatar and the UAE). But many also fail to consider the cost of living in their country of destination, while some get absorbed into the illusion of being on an extended holiday.

- What can you do?
Set a goal and a timeframe. Think about how much you can save and what purchases you are planning to make in the future. Once you know how much you can save, you will be able to decide how best to do this and whether you are also able to invest some of your cash. To learn more about how you can achieve your goals, call or email us today.

2. “You don’t need an offshore bank account.”
- Why is this terrible financial advice?
The first item on an expat’s financial checklist should be to open an offshore bank account and many expats neglect the absolute necessity of banking offshore. This applies to all regions, but consider if you live in the Middle East, for example, where local laws could mean your money is withheld if you are involved in an accident or upon death.

- What can you do?
Open an offshore bank account. There are a lot of benefits, such as being able to organise all your assets in one place, peace of mind and the security of knowing that your money is safe and convenience, which is especially needed for mobile expats.

3. “Guaranteed growth in offshore investment bonds.”

- Why is this terrible financial advice?
Not all offshore investment bonds are bad. In fact, these can be a good type of investment if used appropriately.
Offshore investment bonds are recommended because of their tax efficiency and are helpful for expats living in high-tax jurisdictions.
However, if you live in a country with low or no income tax, an offshore investment bond may not be the best savings vehicle for you as it does not help your tax position at all, and more often than not, they are laden with hidden charges and filled with unsuitable investments.
- What can you do?
You can start by requesting your free X-Ray Report from us and we can look at how your investments have performed against their benchmarks and determine whether they were responsibly set up.
We have all been at the receiving end of terrible advice, whether financial or otherwise. But the cold, hard truth never starts sinking in until we find ourselves face to face with its consequences.

Just call or email us today…
Office: 965 058 488
Email: [email protected]

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