Correctly structuring your finances for your current tax environment could free up significant capital and have a big impact on your financial goals.
The objective of tax planning is to arrange your financial affairs to minimise your tax exposure. It is important to be aware that each country has unique tax laws which are constantly changing.
Furthermore as an expatriate there are additional factors to consider such as; how relocating elsewhere around the world effects your tax liabilities, and what happens if you decide to repatriate back to your country of domicile.
Am I paying the right amount of income tax?
Have I taken all of the deductions I am entitled to?
Can I contribute to my onshore pension while I work offshore?
Can I still invest in tax efficient onshore savings when I am an expatriate?
What happens to my offshore investments when I repatriate?
Do I have to pay tax on my onshore income when I am an expatriate?
How do I reduce any inheritance tax liability?
PFG have been helping our clients with their tax planning needs for over a decade. We have a wide network of tax professionals around the globe from which we can draw knowledge and refer our clients to.
We understand that people’s lives are unique and there is no one-size-fits-all solution. All of our tax planning solutions are tailor-made to our clients individual circumstances.
As expatriates living and working in foreign countries it can often be difficult to fully understand the local tax regulations. Foreign languages and different rules can mean it is easy to miss important tax planning steps. This can often result in higher taxes and fines.
We believe it is vital to find a professional tax planning company in your jurisdiction, such as a local accountant. These firms will make sure that everything you do is compliant and structured as efficiently as possible.
However, finding the right tax planning company is not always easy. Over our decade of experience we have developed a comprehensive network of accountants all around the world that we can refer our clients to.
We never know what the future may bring and therefore it is important to have our assets correctly structured to prevent any unnecessary penalties in the event of our death. Wills and Trusts are important tax planning tools to help with this.
A Will is a legal document that sets out your wishes for how you would like your estate to be distributed. It is one of the most basic forms of estate planning that everyone should have.
However, the power of a Will does have limitations and might not prevent taxation which would be avoided using other structures like a Trust.
A Trust is like a Will in that it defines how you would like your assets treated after you have died. But a Trust is a more complex structure and goes beyond a Will, particularly in terms of reducing taxation on death.
Trusts can cover a range of assets such as property, investments and cash. They are a way of protecting your assets and avoiding probate. When used correctly they provide peace of mind that your hard earned money will pass to your loved ones.
To check that you are in the most tax efficient position as possible contact one of our advisors today.
Our dedicated team will help to guide you through every stage of the process and put you on the right path to achieving your goals.
