This week we’re going to be talking about Financial Planning for ex-pats. This is a session I’ve been asked to do many times, so for all of you who have asked – thanks for your patience, and I hope it is worth the wait! Today I’m going to be chatting to Richard Taylor, a financial planner current based in the UAE – stay tuned…

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Introduction

Now I’m aware that talking about financial planning for ex-pats will only be relevant for a smallish percentage of my listeners, but it is more than you might think I reckon. It’s only possible for me to break down listenership by country, but I obviously can’t know whether the people listening in those countries are British ex-pats or not, but I suspect many of them are. I know I have lots of listeners in the US and Canada, and I know that just shy of 10% of my downloads come from the UAE, so shout out to all my overseas listeners; I’m so privileged to be able to talk to you each week.

Richard Taylor is a financial planner who came on my radar a year or so back when we had an email conversation. I have since referred some overseas clients to him. I think he is unusual in the ex-pat advice world because he is a financial planner, rather than a product salesman which many (most) offshore financial advisers are.

Don’t forget, for a full transcript, you can just hit the button below.

My questions for Richard

1. Who are you, what do you do and how did you end up doing it? (basically a brief bio)
2. What drew you to the ex-pat advisory world? (if you haven't covered this in the first question)
3. What are the most common reasons ex-pats come to you for advice?
4. If someone is considering moving overseas for work, what should they know/do in advance of making the move?
5. How does UK income tax work when working overseas?
6. What happens when the money gets sent back to the UK?
7. Can people still invest in UK wrappers like pensions and ISAs?
8. Are there some angles people can use to legitimately save tax while working overseas?
9. Ex-pats often earn very well. What should they be doing to save for their future? What methods of investing – offshore bonds?
10. Are there any obvious pitfalls that ex-pats should be wary of?

Summary

OK, offshore peeps – hope that was helpful to you. If you have any questions, please do leave them in the comments section of the show notes and Richard or I will do our best to answer them.

Thanks again to Richard Taylor for agreeing to be interviewed for this session.

Update

Listener Stuart let me know of a wrinkle in the law when it comes to tax on estate for ex-pats. This legislation, colloquially called ‘Brussels IV' has been passed but doesn't come fully into force until August 2015. The UK has opted out of this legislation, but if you own an asset in a country which has not opted-out, you should know about it.

Obviously this is a technical area, but there is a good summary on the Boodle Hatfield website here.

Next Session Announcement

Next time we'll be talking about Teaching Your Children About Money – Part 2. I covered this important subject way back in session 26, but this time I’m privileged to be talking to the CEO of GoHenry, a great new system to help kids get hands-on with their finances.

If you have a question on this subject, or any other financial query that you want answering here on the show, then the best way to do that is to leave me a voicemail at meaningfulmoney.tv/askpete