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Home›Business›How you can still grow your portfolio when you’re living abroad

How you can still grow your portfolio when you’re living abroad

By Ferrara
March 4, 2021
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Whether you’re living abroad to be closer to loved ones or to take advantage of better job prospects and lower taxes, the truth is that managing your finances abroad can sometimes feel overwhelming. You’ve got to get to grips with a different taxation system, way of life, and understand the local market before you can even think about investing in a pension, life insurance, or stocks and shares. Below, we’ve put together some tips to get you started…

Speak with an expert

Perhaps one of the most important things you can do when you move to a new country is to find an independent financial advisor who can review your current circumstances and offer some recommendations. Whether you’re looking for help identifying expat investments or you’re ready to put down roots and secure a mortgage, an independent advisor will get to grips with your financial situation and tell you what’s what. Sure, you might not want to hear everything they have to say, but they’ll open horizons and make it easier to grow a portfolio. 

Invest in your home country

Whether you want to invest in the stock market or in property, you could use your money back in your home country where you’re more familiar with the market. The benefit is that your knowledge can help you make more sensible investments, but the drawback is that you might need to pay tax on any returns in two countries, travel between the two and pay fees when you transfer any dividends into your new currency. Weigh up the opportunity cost first.

Choose a managed product

Know that there’s money to be made in a particular field but don’t know how to take advantage because of language or cultural barriers? Choose a managed investment product from a bank or investor and let them do the hard work for you. You’ll have to sacrifice a small percentage of your returns, but it’s often more worthwhile to leave it to the investment pros.

Learn as you go

If you’ve made a permanent move to a new country and want to learn how best to invest your money, learn as you go. Use the internet to find tips and advice speak to locals and get going – not every investment will make you rich, but it’ll teach you lessons and help you to identify opportunities that you might not have otherwise found with an investor or mentor. 

Take some risks

Finally, it’s important to remember that nothing in life comes without risks. Though we are naturally risk-averse and want to protect our money at all costs, sometimes it pays to take a punt. As we’ve already touched upon, it’s vital that you seek professional advice before you invest a large amount of money into a scheme, but if they’re confident in the investment and you’re still on the fence, maybe it’s time to take some risks and see what happens? After all, we all need to learn from time to time, and it’ll serve as a welcome reminder that nothing’s guaranteed. Use your judgement and learn as you go – you might be surprised by the result.

Do you have any advice? Let us know and check back soon for some more tips.

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