Step by step guide to financial planning for expats | HSBC Expat

Step by step guide to financial planning

Many expats find themselves with more disposable income when they work abroad. Financial planning is essential if you want to make the most of your money - to grow it, protect it and use it to achieve your financial goals.

You also need to consider how living or working abroad could affect your plans for the future. Has your tax position changed? Will it cost more to send your children to a good school? Does your life insurance still provide the cover you need? And could local inheritance laws alter the way your wealth is passed on to your family when you die?

A lot of people put off financial planning because they think it's complicated. But if you break it down into steps, it's a simple process. To help you get started, we've highlighted the main things you need to consider at each stage.

5 steps to financial planning

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Step 1: Set some clear goals

Step 2: Assess your current situation

Step 3: Put a plan together

Step 4: Put your plan into action

Step 5: Review your plan regularly

Importance of financial planning as an expat

  • You'll feel more positive about the future, especially your retirement.
  • It helps you find opportunities to grow your wealth - and make your savings and investments tax efficient.
  • It encourages you to save and invest for the most important things in your life.
  • It enables you to ensure your family is protected, wherever you are in the world.
  • You'll worry less about your family's financial security if you fall ill and you're unable to work.


What next?

  • Check your finances are in good shape? - Our financial planning calculators will tell you if your plans for the future are on track.

    Use our financial planning tools

  • Ready to start planning? - Book a financial review with one of our wealth managers - and get expert advice from a specialist in financial planning for expats.

    Book a financial review today

  • Want to know more? - Find out how our wealth managers help expats grow and protect their wealth.

    Meet our wealth experts

  • Prefer to build your own portfolio? - Take a look at our range of investments, including best in class funds, ready-made portfolios and dual currency options.

    See all our investment options

  • Apply online today - Log on to online banking and choose from a range of ready-made investment portfolios that invest in global markets and a broad range of asset classes.

    Find out more about our World Selection portfolios

  • Want to invest in multiple currencies? - Our foreign exchange solutions make it easy for expats to manage their international finances.

    See all our foreign exchange solutions

Please remember that the value of investments, and any income received from them can fall as well as rise, is not guaranteed and you may not get back the amount you invested. This could also happen as a result of changes in currency exchange rates, particularly where overseas securities are held or where investments are converted from one currency to another. We always recommend that any Investments held should be viewed as a medium to long-term investment, at least five years.

Please note that contributions to UK pension policies, cannot be accessed until retirement and not normally until age 55.

Tax obligations: Whilst banking offshore may have potential tax benefits for you, tax rules differ from country to country. If you are unsure about your personal tax obligations, you should seek professional advice. It is your responsibility to disclose your income to the tax authorities.

Book a financial review

Whatever your financial goals, our wealth managers can help you achieve them

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