For expats just starting out
Congratulations. You've just joined or are about to join a global community made up of a special breed of people. People with a spirit of adventure. People who want to see the world. People who live and work abroad.
Getting ready to leave is the toughest part of the expat experience
The weeks before leaving are a stressful time. You're alternating between excitement, confusion, anticipation and perhaps even an occasional "am I doing the right thing"?
You're swamped with too much to think about. You've got to make decisions and you don't have all the facts. You have arrangements to make, deadlines to meet. You're feeling as if things are out of control. So right now . . .
You may not want to think about money, but . . .
With all that's on your mind, money and banks and assets and investments and taxes are surely not near the top of the list. But they should be. They're more important than most people realise and should be dealt with right now.
For one thing, there are the necessary basics that surface when you get to your new home. Things like –
- depositing your pay cheques
- withdrawing money
- conducting transactions in your new country
- making payments
- transferring money
These are just a few of the kinds of basics that are simple to deal with when
you're home. When you're in a foreign country it can be a very different
story. Even when there are no language or cultural differences it can be tough.
New expats have 3 key financial concerns
Security, convenience and taxes. You can make things much better for yourself right
now and later on if you look after these 3 concerns as soon as possible -
1. Make sure your money is safe and secure
You'll sleep better when you have 100% confidence in your bank. With over one
trillion dollars (CDN) in assets under administration and more than twelve million
clients in more than 150 countries, you can feel secure with Royal Bank of Canada.
You'll also sleep better knowing your money is safe. Political or economic
problems can cause currencies to lose value. The Executive Plus account and Royal
Bank of Canada International Currencies Fund Limited allow you to hold your money
in major currencies and in stable locations.
2. With your busy lifestyle, you'll need convenience
And what could be more convenient than having all your financial requirements
looked after by one financial institution.
- International Banking – The Executive Plus account
combines chequing facilities in a range of currencies and
savings and is ideal to serve the needs of busy expats
- Online Banking - you'll have the freedom
to bank whenever you like, wherever you are
- VISA™ Gold Debit Card –
worldwide convenience and it’s included at no charge with Executive Plus
- All aspects of investment, from mutual funds to brokerage and investment
advisory services to complete wealth management
- Help from a team of private banking professionals – our Relationship
Managers will be there for you when you need them
3. You need a plan that will minimize your taxes
As an expat, you have a golden opportunity to accumulate wealth - perhaps even
enough to secure your financial future.
The key is to ensure that the wealth you accumulate as an expat not only grows
but grows in the most tax-efficient manner. Banking and investing internationally
is often the first step.
Banking and investing internationally is not just for the ultra-rich. As an expat,
with the right kind of planning, and the right kind of financial products and services,
you can often reduce your taxes and still comply with tax laws.
To learn more about how we can help you optimize your tax planning,
please click here.
You will of course have to speak to a tax expert about your situation. If you don't know who to talk to about your tax situation,
Through our network of offices, we can put you in touch with tax experts around the world.
Beyond the financial basics
Once you have your financial basics in place and you've been in your new home for a while, you'll be able to relax a bit. You'll begin to enjoy the reasons you became an expat.
Then, once you feel truly settled, you can start thinking about the next stage - how to make the most of your money and your situation. How to really take advantage of your expat lifestyle.
For now, getting the basics in place is the priority. Why not
and have one of our private banking professionals get in touch with you.
Or if you want to do more reading on your own, click the button below to see how we help you take care of the basics.
VISA™ Registered trademark of VISA International Service Association, used under license.
Financial Services for Expatriates are provided by various Royal Bank of Canada Global Private Banking entities located in a number of different jurisdictions. Readers should note that the regulatory regime applying, including any investor protection or depositor compensation arrangements, may well be different from that of their home jurisdiction.
Depending upon your citizenship and residency some products and services may not be available to you. In particular, Royal Bank of Canada Funds are not available to citizens or residents of the United States of America and residents of Canada. The price and value of investments can fall as well as rise and investors may not get back the amount originally invested.
The above is intended as general information only and is not intended as taxation or investment advice. Readers should always obtain independent professional advice particular to their individual circumstances.
Your attention is drawn to the risk warnings and other important information regarding each product that are listed under “Product Specific Legal” on each product page.
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