If you’re an expatriate who is heading off to work in a new country and you have a current offshore insurance savings scheme, it’s important to take a few steps to ensure that your investment is aligned with your current financial goals and needs.
The first step is to review the details of your current policy, including the fees, charges, investment options, and any insurance coverage included. Consider seeking professional advice from a financial advisor or investment professional who is familiar with the local market and can help you evaluate your options. They can help you understand the tax laws in your home country and your host country, determine the tax implications of your income and investments, and identify potential risks and opportunities.
When choosing a financial advisor or investment professional, it’s important to select someone who has experience working with expatriates and is familiar with the specific challenges and opportunities of investing abroad. Consider asking for referrals from other expatriates or conducting online research to find reputable professionals in your host country.
Once you have reviewed your current policy and sought professional advice, you may need to consider alternative investment options such as mutual funds, ETFs, or index funds. These options may offer greater transparency, flexibility, and lower fees compared to unit-linked insurance investment plans. Research the investment options available in your host country, including offshore investment opportunities and local investment vehicles.
When investing abroad, it’s also important to understand the risks associated with investing in a new market, including political and economic instability, currency fluctuations, and other factors that can impact the performance of your investments. Consider purchasing insurance to protect your health, property, and other assets while living overseas.
Finally, keep track of your finances and investments by maintaining accurate records and monitoring your accounts regularly. This will help you stay on top of your financial situation and identify any issues or discrepancies.
In summary, as an expatriate with a current offshore insurance savings scheme, it’s important to review your current policy, seek professional advice, consider alternative investment options, understand the risks, consider insurance, and keep track of your finances. By taking these steps, you can make informed decisions and ensure your financial security while living and working in a new country.