enquiries@kofkinbond.com.au     03 9111 2675

Expat Financial Planning

Managing Your Financial Wellbeing at Home and Abroad

There are a lot of things to consider when moving to a new country such as the USA. Financial Planning is a key consideration for all expats to ensure a smooth journey.

 Cross Border Financial Services

Between Australian citizens living in the US and US citizens living in Australia, there are an estimated 300,000 expat citizens living in a country they didn’t originally call home. While some will eventually become citizens of their new home, the overwhelming majority will maintain their existing citizenship and most likely return to their home of origin.

Living in a foreign country comes with significant challenges. One of the most important being managing one’s financial well-being at home and abroad. For instance, our research has shown that even though Australians living in the US are contributing to their Superannuation Funds, the majority do not know how much they have in the fund nor where it is invested. Other issues come from knowing what, and how, to invest in foreign markets. People often have an advisor back home, however, once in their new country they also need to find someone to build a rapport with.

Kofkin Bond & Co have formed the first, true cross-border, financial services firm. The shared goal is to create relationships with expat families, and businesses, that either live or operate in Australia and the United States.

The benefit of this structure is that clients will know that they have an entire team focusing on their financial well-being both at home and abroad. Services provided include asset management, estate planning, insurance services, business advisory, real estate management, as well as Superannuation Trustee services.

There are a lot of things to consider when moving to a new country. Financial Planning is a key consideration for all expats to ensure a smooth journey. At Kofkin Bond & Co assist all expats in different stages of their journey. These include, but are not limited to:

  • Pre-Departure Planning
  • On-going cross-border advice
  • The returning expatriates

Expat Superannuation

It is important, even when domiciled in a foreign country that superannuation laws are adhered to. For most Australians, superannuation is their largest personal financial asset. With a view to retirement planning, superannuation is one of the best long-term investment vehicles that clients can have, regardless of your country of residency.

When planning, and investing for, your retirement, superannuation offers immediate short-term tax incentives as well as long-term tax benefits including whilst the income is accumulating and of course magnificent taxation advantages in retirement.

The solutions that we provide to our clients are strategic and tailored to their individual situation. While making our recommendations, we consider all aspects of their financial position. At Kofkin Bond & Co we can help look at your unique position and determine compliance around superannuation, for example, if a client is domiciled outside of Australia, and have an SMSF, their super fund may be deemed as non-compliant.

Investment for Expats

Kofkin Bond & Co have developed a dynamic investment strategy as well as a belief system of what drives markets and investment outcomes. Along with this philosophy, a structured decision-making framework serves to remove the emotional (and at times frightening) elements of financial markets from rational decision making. This framework provides the requisite flexibility to respond to the dynamic nature of markets and new unforeseeable situations while maintaining the direction and structure that a well thought out and disciplined investment process provides investors.

Using a medium-term approach, Kofkin Bond & Co aim to deliver consistent returns with a focus on real capital preservation. This means we will adjust our risk depending on the opportunity set. Our approach will often lead to large deviations from our competitors which will cause performance to also deviate significantly. While no company can make claim to predict when the markets will price assets on the basis of their valuations and underlying fundamentals, Kofkin Bond & Co believe that using a patient, and disciplined, approach i best in providing superior long-term real returns.

Insurance for Expats

There are many reasons why a person may choose a specific insurance policy; to cover oneself in case of illness or death and to cover possessions and assets etc. No matter what the circumstances are, having insurance to protect what matters most, will offer peace of mind both financially and personally.

Insurance is an important requirement for expats. There are varying rules between insurers when it comes to insurance policies for Australian domiciled overseas. We use our knowledge and industry partners to find the right policy to ensure our client’s peace of mind through every step of their journey.

Estate Planning for Expats

A last will and testimony can help ensure the assets, that form part of your estate, get distributed according to individuals wishes. But did you know that a Will typically only applies to personally held assets and therefore may not deal with a significant portion of your wealth?  For example, the proceeds from your superannuation funds and life insurance policies don’t necessarily form part of your Estate. They can pass directly to certain beneficiaries nominated by you or go to your Estate where they’ll be dealt with by your Will. Also, some assets never form part of an estate, like jointly owned assets and assets held in a discretionary family trust. To cover all bases, thorough estate planning (or personal succession planning as it’s also known) involves putting in place strategies that address all your assets, not just those covered by your Will.

Personal succession planning can: Provide certainty by getting the right assets in the hands of the right people, at the right time, and enable you to provide for your loved ones while minimising tax payable by your nominated beneficiaries.

“The importance of having, and maintaining, an Estate Plan cannot be overstated. A basic plan for US citizens should consist of four documents which are a will, living or revocable trust, and powers of attorney for property and for healthcare. These four documents provide instructions and legal authority to trustees, and agents, to administer the estate as well as guidelines for how assets can be used and how they will flow to beneficiaries. Proper Estate Planning helps minimize potential estate taxes that may be due, on both state and federal levels, if the amount of wealth grows beyond a certain point. Having a plan in place also affords protection against future would-be creditors and predators of beneficiaries. For most families, however, the key component of Estate Planning is guaranteeing the grantors’ wishes are upheld and that wealth is preserved for future generations, thereby ensuring the family legacy is kept within the bloodline.”

Let's start planning your transition today

1

Talk

We’ll listen to your needs and deliver a personalised plan that explains how we can reach your financial goals. 

2

Act

We work together to implement a personalised plan. Then we’ll keep you updated as life takes place.

3

Relax

We’re here to help you realise your financial potential.

Contact Us