Expats Unaware of Banking Jurisdictions

Research shows that despite the credit crisis and the fact that banking institutions are firmly in the spotlight, one in eight expats still remain ignorant of the local jurisdiction that would apply if their bank got into difficulties.
Studies also reveal that only about 30% of expats consult a financial advisor or expert when it comes to money matters, and 25% have all their money in one place.

If expats are in countries where the language is different to their own it can be difficult to access this information; but it is prudent to ask questions of your bank regarding its financial strength and what protection you as a customer can expect should your bank get into financial trouble.

Financial planning is important, particularly for expats who live and move outside their own country; pension funds are not as attractive as they once were and making the most of the money you do have is an important aspect of expatriate life.  Expats who are working for companies abroad usually have fixed salaries and exchange rate fluctuations can also limit their disposable income.

There can be tax advantages to living offshore, both in terms of income, investments and pensions and expert financial planning and advice is important if you want to cash in on these benefits.