As an international professional, you may be the proud owner of a dog-eared passport full of stamps.
While your globe-trotting is an undoubted sign of achievement, it might also have created a confusing financial picture.
Several years of cross-continent career moves could mean you’ve accumulated a messy trail of pensions, savings accounts, and investments scattered across multiple countries and currencies.
Once you pause for long enough to acknowledge your achievements and financial success, you may be left wondering which bank accounts you should keep, how to deal with overlapping tax regimes, or plan for retirement when faced with differing access rules.
Alexander Peter is an international financial advice firm, specialising in advising and helping expats in the UK, Europe, Canada, and the US. Many of our financial planners are expats themselves, and understand the complex decisions you may face.
So, if you’ve reached the stage where you have no idea how to bring everything together, we can help.
The challenge of a global financial life
An international career rarely follows a straight line.
Perhaps you started in London, contributed to a UK workplace pension, then spent a decade in Singapore with a company savings plan, and now you’re based in Toronto with investments in both pounds and Canadian dollars.
Each move adds new accounts, tax considerations, and currency risks.
Common hurdles include:
• Fragmented pensions: Old workplace or private pensions in multiple jurisdictions.
• Multiple investment accounts: Different regulations, currencies, and reporting requirements.
• Tax complexity: Changing residency could trigger unexpected liabilities, from Income Tax to capital gains, and Inheritance Tax.
• Currency exposure: Exchange-rate fluctuations could erode returns or alter long-term plans.
Left unmanaged, your global assets could not only lead to management headaches and inefficiency, but it could also mean you’re paying unnecessary fees. And you may be losing out on opportunities to further grow your wealth.
It can be tempting to leave everything where it is
While it’s easy to fall into the inertia trap, and leave everything exactly as it is, there will come a time when you need to start planning to draw an income or think about how you’ll fund your retirement.
Continuing to avoid organising your finances until the last possible moment could leave you with a whole heap of admin headaches.
Trying to track dozens of accounts, understand local regulations, and make strategic decisions without specialist advice could leave you feeling frazzled and more than a little overwhelmed.
We can guide you through the complex maze, helping you stay compliant and on track to meet your personal goals.
5 practical ways an expert financial planner can help
Here are five ways we can help if you have a confusing mix of assets spread around the world:
1. Asset consolidation
First, we’ll identify all your pensions, investments, and savings – wherever they are. Your financial planner will work methodically to locate all your old plans and accounts, then assess whether it makes sense to transfer or consolidate them into a more efficient structure.
2. Tailored cross-border planning
Whether you’re staying abroad or planning a move home, your planner will build a strategy, accounting for local tax rules, double-taxation treaties, and your long-term residency plans.
3. Retirement plan and pension transfers
We can evaluate international pension transfer options, such as QROPS for UK pensions, ensuring you maintain flexibility while staying compliant with HMRC and local regulations.
4. Investment management in multiple currencies
When managing investments across borders, it’s crucial to consider currency risk and global diversification.
We offer a free investment consultation, exclusively designed for expats. Regardless of your level of investment, we can help with:
• Lump sum investing
• Investing for income
• Education fee planning
• Investing for the future generation.
Whatever your needs, we can advise you on all the tax-efficient options that could help you to protect and grow your wealth.
5. Ongoing support
Life is constantly changing. So, whether you relocate again, start a business, or plan an early retirement, our ongoing advice ensures your financial strategy stays aligned with your goals.
A cohesive financial plan reduces paperwork, allowing you to focus on what matters
A consolidated financial plan can help you regain control over your money, no matter how global your lifestyle.
With an organised and cohesive plan, you’ll gain:
• A clear view of your net worth, allowing you to progress toward goals with more clarity.
• Greater tax efficiency and lower administrative costs.
• Simplified reporting for both you and your future heirs.
Get in touch
If you’ve enjoyed an active and successful cross-border career and would like help to consolidate all your finances into one cohesive plan, we’d be delighted to hear from you.
Email enquiries@alexanderpeter.com or give us a call on +44 1689 493455.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Workplace pensions are regulated by The Pensions Regulator.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
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