What are the Benefits of Going Offshore for Expats?
Offshore Banking and Savings Guides » Expat Tax Saving Guide
Fri, November 20, 2009 - 9:16 am EET
If you’re just starting out on your journey abroad and beginning a new life overseas as an expat, chances are you will not yet be necessarily well-versed in the advantages of ‘offshoring’ your finances. After all, when you live onshore you’re almost indoctrinated against putting money offshore by your own government.
In part this is because your government needs to keep reminding you of your reporting obligations when it comes to taxation – and in part it is simply because they prefer your money and assets to be onshore where they can keep an eye on them! However, when you move abroad, naturally all of this changes – and it changes very much for the better.
When you leave your old home nation behind and start on a new path abroad, your entire tax status changes and this can have a positive and beneficial impact on your wealth. It is at this point that the concept of ‘offshore’ - when it comes to your fiscal status - needs to be explored. So, what are the benefits of going offshore for expats? Allow us to explain and guide you through the very straightforward ways in which you could actually be enhancing your fiscal status by going offshore.
The concept of wealth management is one that all expatriates should come to grips with – it is not sufficient to go abroad and ‘just’ concentrate of sorting out your taxation position or ‘just’ ensuring you bank sufficient funds when overseas to see you right in retirement. Rather, you need to take a complete and an holistic approach to managing your entire fiscal status if you want to enhance your financial position to the best of your ability…
Having spent two days reviewing the top ten retirement destinations in the world as chosen by Forbes magazine, we thought that there are quite a few ideal hotspots missing from their list. As a result, we’ve decided to put together Shelter Offshore’s alternative overseas retirement destinations list for anyone wondering about where in the world they should go and live when they retire.
One of the leading international insurers of healthcare services for expatriates living and working abroad is Goodhealth Worldwide – but they’ve been bought up, renamed, rebranded and turned into Aetna Global Benefits. Now, whilst we fear the new name is a bit of a mouthful and unlike Goodhealth Worldwide it hardly does what it says on the tin, the good news is that under the Aetna brand, expats will still be able to get exceptional levels of healthcare and insurance.
Yesterday we looked at the first five destinations that Forbes have determined are the top of the pile when it comes to ideal overseas retirement destinations. The Forbes list has been complied on the back of their own research which has been looked at in relation to leading international surveys from the likes of Mercer about where in the world it’s affordable and safe, attractive and good to live.
