Expatriates in Asia face unique challenges when it comes to building and protecting wealth. A tailored approach is required to navigate the complexities of cross-border financial planning and wealth management. Here’s what you need to know.
Wealth management for expats in Asia
Financial planning and wealth management for expats in Asia can be challenging. There are a number of factors that need to be considered to successfully build wealth while minimising risk.
Financial regulations and tax systems vary from one country to another. If you live in Asia but have assets in your home country and/or you plan to repatriate at some point, these different factors need to be taken into account as part of your financial plan. A financial adviser with cross-border experience can explain the tax implications of different investment strategies to help you make informed decisions and optimise your wealth management while you are living abroad.
Income tax advantages
Many expats in Asia benefit from attractive employment packages coupled with amazing income tax advantages. This double whammy means that they can accumulate significant wealth while working abroad. Whatever your budget, it is essential to get the right investment advice to avoid making mistakes and missing out on capital growth opportunities.
All investors should incorporate This key risk limitation strategy into their financial planning. Risk can be minimised by diversifying your investments across different asset classes, regions, and sectors. Balancing risk and reward can be tricky, and we’d always recommend seeking professional guidance to make sure that your portfolio is aligned with your circumstances and protected against market volatility.
International lifestyles often mean that expatriates are dealing with multiple currencies. Currency risk and fluctuating exchange rates can have a big impact on your financial affairs, so currency management is an important part of overall wealth management. A professional financial adviser can outline the pros and cons of offshore banking and save you money on foreign exchange transactions.
Financial planning involves wealth protection as well as wealth creation. Expatriates should integrate comprehensive insurance into a financial plan. Health insurance and coverage should be calculated with care to ensure that all bases are covered to protect your wealth and your family in the case of unforeseen tragedies. A professional can establish whether you are under or over-insured.
Financial planning versus wealth management
Wealth management can be separated into two different elements.
Financial planning is the process of devising a financial strategy that encompasses your saving, spending, and investment goals. A financial planner will clarify your short, mid, and, long-term objectives and work out a bespoke strategy to help you achieve them. They will advise on how best to structure your finances in order to minimise your tax liability.
Investment management is the selection and management of assets and investments to enable you to maximise your return in line with your investment goals.
The financial planning and wealth management dream team!
Infinity’s financial advisers provide gold-standard financial planning services to our clients across Asia. They are the reason Infinity won the 2022 award for Best Adviser Firm in East Asia at International Adviser’s prestigious Best Practice Adviser Awards.
Our advisers work in close partnership with Evelyn Partners, one of the UK’s top-tier wealth managers. Evelyn has 186 years of experience supporting 172,000 clients and £54.4 billion of assets under management.
Together, Infinity and Evelyn can provide you with award-winning, international wealth management services to maximise return, minimise risk and help you build wealth for a secure future for you and your family.
To work with this dream team, get in us touch today.
A leading provider of expat financial services and wealth management services across Asia.