This article is an updated version of an installment in “The Expat Spouse as Household CFO” series. You can download an ebook of the entire series here . If you are a part of an expat household, it may not at first seem necessary to open a local bank account in the country where you and your spouse live and work. However, there are several reasons why you might choose to do so. Simply put...
With increasingly global careers, weak job markets in some developed countries, and retirees looking to stretch their savings and pensions, greater numbers of people are building their lives outside their home countries. In many cases, they end up as expatriates in emerging and developing economies where growth and opportunity seem abundant and the cost of living can be cheaper. While living, working, and retiring overseas can be a rewarding experience, it is not a decision...
Creveling & Creveling protects its clients' privacy. The following is a fictitious example designed to demonstrate the type of financial decision-making required to achieve financial security and does not refer to any specific case. Many working expatriates dream of the day when they can throw in the towel and retire on their savings, enjoying the benefits that an international lifestyle can bring without the hassle of having to work. But how do you know if...
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. As April 15 approaches and 1099 forms from U.S. banks and brokerages roll in, many Americans living overseas are collecting the various documents needed to file their 2017 U.S. taxes. Since there's a number of sometimes obscure tax forms that U.S. citizens living overseas are required to file...
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. As the annual U.S. tax filing deadline for 2017 approaches (April 17, 2018), so does the deadline for making 2017 contributions to U.S. Individual Retirement Accounts (IRAs) . But this is an area where U.S. expatriates need to be careful. If the rules surrounding IRA contributions weren’t complicated...
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 from 2017, 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, all of these titles have a...
In recent years, investors’ appetite for cheaper, passive ways to diversify has accelerated growth in the global exchange-traded fund (ETF) industry. According to industry data-provider ETFGI, total assets in ETF products surpassed $4 trillion as of May 2017 globally. Growth in ETF assets combined with frothy global markets has spawned an increasing amount of alarming press emerging over the safety of ETFs . The size of the industry, its largely passive investment style, lack of...
For expats who are considering a home purchase, buying a less expensive house can be difficult—for most of us, costlier homes simply seem more desirable. But you should be aware of the trade-off: By sacrificing a little size and whatever other amenities the more expensive home has, you can add significantly to your retirement savings. As an example, in our case study below we show how additional retirement savings of almost USD 1.2 million may...
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. Buying a home overseas is a significant financial decision for any expatriate. For American taxpayers who are taxed on their global income, it’s important to understand how foreign exchange movements can impact the U.S. tax you may owe when you sell an overseas property. Pay Attention to Currency...
When it comes to currency, there is no shortage of places for expats to hold their savings. Many offshore banks offer multicurrency accounts and market high-yielding forex or dual-currency deposits to their expat clients. Concerns regarding the viability of some currencies as well as recent government interventions can complicate the decision about which currency to hold. Since even a relatively small foreign exchange move can have a significant impact on expats' personal finances, it's important...
Creveling & Creveling protects its clients' privacy. The following is a fictitious example designed to demonstrate the type of financial decision-making required to achieve financial security and does not refer to any specific case. The Situation Craig and Cindy are expatriates from Toronto in their 50s. Their two kids are grown, and the couple has been working to save, hoping to accumulate enough to retire when they reach their mid-60s. They’ve worked out that they...
You hear it all the time: “My portfolio is up 15%!” or “My financial advisor is really clever—he’s getting me a 30% return!” Generally, this is harmless bragging, but it does tend to elicit envy and cause investors to question their own investment performance. Sometimes, it may lead someone to stray from a consistent, disciplined investment strategy appropriate for their unique situation. When someone brags about their investment returns, there’s a good chance you’re not...