Although it may not be common to have problems with a financial custodian, bankruptcies and fraud do happen. Although these types of issues may occur most frequently in the offshore world where regulators may not provide solid oversight, they can also happen in larger or better-regulated markets. This is especially the case during periods when market volatility is high and financial firms experience increased liquidity needs, margin calls, and counter-party risk. In 2015, several foreign...
Volatility in global markets picks up sharply as investors’ worry grow and discontent spreads. Talking heads on financial news programs discuss uncertainty over economic forecasts while U.S. treasury yields plunge and crude oil and gold prices rise and fall. For expatriates trying to manage their long-term portfolios, there are times that financial news flow and market volatility can be particularly unsettling. In this environment, what should expat investors do? Nothing is more detrimental to your...
This article is for general information purposes only and is not intended as specific tax advice. Please consult your tax advisor for advice relevant to your situation. It’s that time of year when many Americans living overseas are collecting the various documents needed to file their 2019 U.S. taxes. Below we’ve provided an updated checklist to help you with filing; this list should be used as a starting point only. Please note that U.S. citizens...
As the new year and decade begin, it’s a great time for expats to re-evaluate their financial positions and to make positive changes. Improving our financial circumstances largely requires instilling good habits, being consistent, getting started early, and possessing a basic understanding of finance and investing concepts. To help you enjoy a more prosperous 2020, here are some financial resolutions to consider as you start the year. If you start at the beginning and aim...
As you look for a holiday gift for your favorite expat or perhaps just for some interesting reading over the holidays, have a look through our annual list of highly rated books, especially selected with the expat reader in mind. All can be easily purchased on the internet, and while some are more serious, others are just for fun. For those expats who may live far away, most of these titles have digital and audio...
As the end of the 2019 tax year approaches, expats working in Thailand may wish to consider sheltering some of their income from Thai tax by contributing to Thailand’s Long-Term Equity Funds (LTFs) and Retirement Mutual Funds (RMFs). With a little bit of planning, you can save up to THB 350,000 (or about USD 11,700) this year in Thai taxes by contributing to both of these tax-advantaged funds. Important: LTF tax privileges are due to...
Creveling & Creveling is required by law to protect clients’ privacy, and does not release client information to third parties without written approval. The following is a fictitious example designed to demonstrate the value of proper financial planning, and does not refer to any specific case. The Situation Steve and Denise are a Canadian couple who have been working in Southeast Asia for the past seven years. Steve works in the oil industry, while Denise...
To enjoy your ideal expat life, you need to embrace proper planning and have an awareness of the challenges of building a life overseas. Whether you’re a retiree or a professional on an extended stint as an expatriate, here are some financial issues you need to consider as an expat in an emerging economy. Cost of Living Yes No Have you researched cost-of-living expenses in your country of residence? Have you researched historical inflation rates...
Consumer financial fraud has hit all-time highs around the world, and much of it occurs online. Stories about scams abound, including identify theft, phishing and push-payment scams, unauthorized credit card purchases, hacked financial-institution websites, and ATM fraud. In the worst cases, hundreds of millions are stolen, even from large corporations like Facebook and Google. If sophisticated tech companies can fall prey to these scams, how can you protect your own finances? We've put together the...
If you're lucky―and we certainly hope that you are―nothing will ever go seriously wrong for you and your family while you’re living overseas. But unfortunately, the reality for most of us is that at some point, something adverse will happen. Your spouse may lose their job, or your family business may fail. Someone could fall seriously ill, become disabled, or even die. While none of us wants or expects anything bad to happen, it's important...
Once you've gotten your financial affairs in order after moving overseas—by limiting your number of financial accounts, getting a local credit card and opening an online brokerage account, among others—it's a good idea to set up ways to keep track of your finances online. They'll save you time and simplify the management of your finances, giving you more time to enjoy life as an expat. Here are six we recommend: 1. Have all account statements...
While Americans are taxed on worldwide income and assets and are actively discouraged from holding investments outside the United States, non-U.S. expats can often realize substantial tax benefits from investing in offshore markets. Non-U.S. expats are typically not taxed by their country of citizenship on income and assets held outside their home country. Additionally, many Asian countries do not tax expats on their investments and income earned beyond their borders. This creates a substantial benefit...