The rules of attraction: Aussie expats
The rules of attraction: Aussie expats
• Their earnings are generally higher than their peers working in Australia due to the need for their employer to provide them with incentives to live and work overseas.
• Most pay lower rates of tax overseas, and can benefit from the non-resident tax regime in Australia.
• Employers often provide housing for expatriate staff.
• Many receive generous employee benefit packages, including, for instance, health insurance, school fees, club memberships, flights to and from their home country.
• Expats who own property in Australia generally benefit from rental income while they are based overseas, thus covering some or all of their local commitments.
• They are often able to accumulate substantial wealth due to a high level of disposable income, and employer-subsidised living costs while working overseas.
• The advice available from the local financial planning sector is generally restricted to product advice (often involving the selection of an insurance-based product registered in an offshore jurisdiction, for example the Isle of Man or Channel Islands), and doesn’t maximise the opportunities for a non-resident planning to return to Australia.
• There are currently 860,000 Australian expatriates living and working overseas.
Source: Think Global Consulting
AUTHOR
Recommended for you
Charlie Viola, founder of private wealth brand Viola Private Wealth, is confident he can find the “best of the best” when it comes to clients and advisers.
Having a trusted second-in-command to handle daily operations is critical for financial advice leaders who are seeking greater work/life balance, according to an advisory firm.
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
