Moving money around the world - Your expat explainer
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What should Australians consider before moving overseas?
Hello and welcome to the Australian's Money Puzzle podcast. I'm James Kirby. Welcome aboard, everybody. Now, you know, we have listeners scattered all around the world and we often get correspondence from Australians who are overseas, often planning to come back, I think sometime perhaps in the near future. We also have people planning to go overseas, of course, and sometimes it's them, sometimes it's their sons or daughters who are are sort of harboring this exciting idea. And I also feel, for what it's worth, a constant stream of queries on access to pensions overseas for those who are fortunate enough to find that they actually are due a pension in some other country because they worked there for a number of years.
I worked in a couple of countries overseas and I checked out all my pensions and guess what? I didn't stay anywhere long enough to get any. Having worked like an expat It's a fascinating area. I haven't done it on the show before, but I have the perfect person once more to talk about this issue. It's Brett Evans. He's from Atlas Wealth Management and he's based in Dubai. How are you, Brett? Good morning to James. How are you? Very good. Thank you. It's interesting that I wanted to just introduce broadly to the listeners some of the key issues. And I thought we would talk about one of the things I wanted to actually open with was Where is hot, if you like? Hot might not be the right word, but where is most popular?
There was a time, obviously, where Australians would naturally have gone. I worked in Hong Kong years ago. It was full of Australians. Very easy to go there then. I worked a little bit in London, which was, of course, needless to say, absolutely loaded with Australians. But I believe that it's quite different now. That Singapore, for instance, outrates Hong Kong. It wouldn't surprise me, but you can test me on that one. Dubai and other parts of the world. Has it changed where people go?
Always. And it's either geopolitical change, which is what we've seen out of Hong Kong, you know, pre certainly the handover in 97. Yeah, it was pretty hard not to bump into an Aussie, even post handover. It was still an amazing place. Then we saw that geopolitical change. Ructions with Yellow Umbrella Brigade and all that happened through COVID sort of took the shine off Hong Kong, certainly put the shine back on Singapore. But that as a result of Singapore certainly became very popular, became very expensive. And quite often it priced out a lot of expats and they also had the localization rules where You couldn't just hire an expat. You had to try and hire a Singaporean first. And then if you couldn't hire a Singaporean, then you'd hire an expat.
So it became a bit more difficult. So, but look, Hong Kong, Singapore is still popular. Certainly London has always been a rite of passage, pulling pints in the pubs and so forth. But we have seen a lot of changes in the last 12 months with respect to the nom-nom laws. So what that essentially meant was up until previously, you could hold assets outside of the country that would tax you on the assets inside of the country and off you go. But now they're changing those laws so that once you cross a four-year threshold, you then your worldwide assets become accessible from a tax point of view. So it's taken a bit of that.
These rules are probably designed for Russian oligarchs rather than Jack and Jill from Sydney and Melbourne, but they get caught in it. So very broadly, what are the newer regions, if you like, where the expats are going?
To me, the two most popular ones have been Middle East and the United States. United States, for two separate reasons. United States is all about the opportunity, the size, the market, the sector you work in, especially if it's tech. Any word, AI, those sort of things, it's like moths to a flame. The Middle East has been very popular for two reasons, and especially post-COVID, we saw the way that the region handled that and came out of it very strongly. Obviously, the low or no tax environment is very appealing.
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Chapters
8 chapters
1
What should Australians consider before moving overseas?
0:10–4:00
2
What are the hidden costs of being an expat?
4:00–8:24
3
How can expats effectively bring their money back to Australia?
8:24–13:37
4
Is your bank providing the best deal for international transfers?
13:37–19:13
5
What are the tax implications for Australians living abroad?
19:13–24:30
6
How do changing geopolitical climates affect expat choices?
24:30–28:59
7
What financial strategies should expats implement for long-term success?
28:59–30:24
8
How can expats prepare for returning to Australia?
30:24–30:33
Speakers
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