For the last 20 years, the offshore advisory industry has received a lot of negative press about the high-pressure sales tactics they use to sell financial products under the guise of providing financial planning and for good reason too. Just Google bad offshore financial advice and sit back and read the results.
The tax financial advice that we provide to Australian expats is not only tailored to your citizenship but also where you are domiciled.
For example, the advice that we provide an Australian expat in San Francisco would be completely different to the financial advice that we provide to an Aussie expat in Hong Kong or Dubai.
Quite often these offshore advisory firms will have a team of advisors whose job it is to sign you up to some sort of savings plan or “tax-effective bond” and once you commit for 5, 10 or 20 years they will then move onto the next expat.
While these offshore advisory firms will tell you that their speciality is in providing financial advice to expats, more often than not they will be providing you with the same advice that they have provided to a UK, Canadian or South African expat.
The advice only relates to your situation as an expat in that country and does not take into account the possibility of you either moving back to Australia or to another country.
It is important to ensure that when you obtain expat financial advice that the advice is portable. By that we mean that it is appropriate for not only the country that you live in but also the possibility of either moving back to Australia or to another country that may not have as favourable tax structure.
There’s a big difference in what is appealing as an Aussie expat in Dubai versus being an Aussie expat in New York or Los Angeles.
We have prepared below a list of questions to ask an adviser should you find yourself in the situation where you would like to consider the offshore investment option.
Questions to ask
What sort of license does the firm currently hold? Does that license carry any credibility in the financial world?
Should anything go wrong, what recourse do you have against the adviser/advisory firm? Is there a government body that you can apply to?
How flexible is the advice being provided? Does it just suit you now and would it be appropriate if you moved back to Australia or another country?
Should you change your mind after a year, can you close the account and walk away with no penalties? Everyone’s financial circumstances change and you need to be prepared for this.
What are the fees and charges of using their service and signing up to their recommendation?
9 Ways We Can Help
General Advice Disclaimer
The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Atlas Wealth Management Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Atlas Wealth Management nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.