This week's news of a double-dip recession in the UK has confirmed what economists, politicians and financial commentators gloomily predicted of 2012- it will be a difficult year for personal finances. However it seems that out of all people expats will be able to stave off this economic downturn more than most others.
Forecasts see economies shrinking, taxes rising, the markets becoming even more volatile, and pension rates falling lower than ever. However, if expats are able to make the most of their situations, and adequately plan ahead, then they may find they are relatively untouched by the fiscal woe that will blight many.
According to experts of expat finance, there are a number of ways that expatriates can generate more disposable income than their peers both back in the UK and those in their new country.
Financial planning is said to be the key here, as expats often require a different approach to personal finances than people who remain in their home country. Planning can help make people more aware of the many unique options open to expats, including tax solutions, pensions, health and education schemes, and more.
These options also include the QNUPS and QROPS. These schemes, which allow people to transfer UK pensions overseas and benefit from a number of advantages, are just a snippet of what expats can do to make the most of their money. For more information it’s recommended that people consult an Independent Financial Adviser.