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
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
