| As an expatriate you are in a privileged savings and | | | | allow you to do the following without penalty:- |
| investing position. Make the most of the options | | | | 1 Reduce contributions without penalty (normally |
| available to you while you can, consider investing | | | | after an initial period of one to two years). |
| offshore for your retirement. | | | | 2 Switch investments between different funds to |
| While you reside overseas you are legally entitled to | | | | respond to changes in the market. Preferably including |
| make use of any tax savings in the country in which | | | | funds managed by other people outside of the |
| you reside, furthermore you are most likely in a | | | | institution zone. |
| position to save and invest offshore to fund and fuel | | | | 3 Have the option of retiring when you want to |
| your retirement. | | | | without penalty. |
| Not enough expatriates make use of their offshore | | | | 4 Allow certain access to monies invested (again, |
| advantage when living and working abroad. Don't | | | | after an initial period). |
| make the same mistake! | | | | How to Find the RIGHT Offshore Savings Solution |
| Do you already have a domestic pension plan in place | | | | Finding out what each provider's best products are |
| from your home country that you established prior | | | | currently, and then hand picking the best to suit your |
| to working abroad? Have you found that this policy is | | | | own personal needs and current circumstances is the |
| not as mobile as you are? Does it make sense to | | | | best idea! |
| continue with the savings policy? | | | | But how impractical! |
| Have you been considering switching from retirement | | | | Do you have the time to do this? |
| savings plan to savings plan as you change from | | | | Would you consider yourself an expert in offshore |
| country to country? Did you know that by doing this | | | | investments and pension planning? |
| the income you end up with in later life will be | | | | Where would you start? |
| fragmented and may be whittled away by foreign | | | | Obviously professional advice will get you the right |
| exchange costs, charges or even a cash-strapped | | | | solution and save you time and money and reduce |
| government? | | | | your cost of delay significantly! |
| Or are you one of the lucky few who need read no | | | | Pension Surrender |
| further - one of the lucky few working for an | | | | Cashing in an onshore pension is rarely the best |
| international company who offer a pension plan to | | | | option available to you. |
| expatriate employees as part of their benefits | | | | If you have taken out an offshore pension policy and |
| package? | | | | you are unhappy with it or want to take a break |
| If you are not one of the lucky few and you | | | | from paying into it, consider all the options that are |
| understand that the onus is on you to provide for | | | | available to you before you decide on your path of |
| your own retirement this article may be able to help | | | | action. |
| you. | | | | Generally with an offshore pension up to the first 2 |
| If you are looking for the most sensible offshore | | | | years of contributions are committed to being |
| investment solution for your retirement savings | | | | invested until maturity - meaning that if you cash in |
| planning you need to consider finding a safe harbour | | | | your policy early you will potentially be wiping |
| where you can anchor your retirement investments | | | | hundreds or thousands off your potential returns. |
| so that you can move from country to country as | | | | This is money you would be literally THROWING |
| necessary without this having any negative impact on | | | | away! |
| your assets. | | | | Instead of encashment could you take a payment |
| If you decide to do this, you need to find out | | | | holiday or change your investment focus? |
| exactly which safe harbour or tax haven is the best | | | | Instead of encashment you HAVE to speak to a |
| for you. | | | | brokerage to find out what options are available to |
| Offshore financial centres present a viable solution - | | | | you and which options are BEST for you. |
| especially if you are undecided as to your eventual | | | | You do not have to speak to the adviser or |
| retirement destination. Basing your pension | | | | brokerage who set up the initial policy for advice - a |
| investment offshore should mean that future | | | | good independent financial adviser will be happy to |
| movements of capital or income are not impeded. | | | | assist you with any previous policies. |
| However you should remember that any retirement | | | | Get Informed! |
| income you take could be liable for taxation | | | | Simply put, if you haven't started your retirement |
| depending on where you are living at that time. | | | | planning or you want to check whether you need to |
| When it comes to offshore retirement planning what | | | | do more or you want to find out what you can do |
| do you need to be aware of?: - | | | | with policies already in existence - from company |
| Your own personal circumstances are unique. | | | | pensions, personal pensions and offshore pensions - |
| Be realistic about how much you should be | | | | you need to act now! |
| contributing. | | | | Find the right person to advise you about exactly |
| Consider the charges the bonuses and the flexibility | | | | what is available in the market place today. |
| of any investment plan - generally the more flexible | | | | Find the right person to get the best solution in place |
| the plan the more charges will be. | | | | for you sooner rather than later! |
| Know that a good offshore retirement plan should | | | | |