Focus on the opportunity ahead without worrying about your finances
Whether you move abroad for a work assignment, retirement or a life-changing adventure, you’ll face the same challenges all American expatriates (expats) encounter. Adapting to a new culture, living arrangement and work environment in a foreign country can be daunting—but managing your new tax and financial situation shouldn’t be. The Mather Group’s in-house advisors and CPAs can guide you through the expat journey, providing customized, tax-efficient financial solutions and helping you create the expat life you deserve.
Planning, protection and management for every stage of your journey
Stage 1
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Planning for the expat journey
A move overseas can have a tremendous impact on your finances, which makes proper advance planning essential. Without a solid plan, you’ll miss the opportunity to maximize growth during key years of your career abroad while adding stress and added expenses and sometimes even costly fees for improper tax filing.
Prior to your departure, our team will meet with you to assess your current financial and tax situation, learn your financial goals, and better understand your risk profile. We’ll then develop a personalized financial plan that provides comprehensive oversight of the many moving parts involved in living abroad, ensuring you a smooth transition.
Stage 2
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Expat Journey
While you focus on making the best of your professional and personal life abroad, we focus on adding value to your expat Journey through the following services:
Wealth management: Many expats have opportunities to accumulate wealth while living abroad, which can be challenging to manage without proper planning.
Unlike other expatriates, American expats are taxed on worldwide income—making financial decisions and tax implications a bit more complex. To truly maximize the expat Journey, you’ll need an effective financial plan allowing you to achieve your goals, such as purchasing property, renting or selling your US property left behind, saving for your children’s education or maximizing nest egg returns—all while keeping a close eye on your new tax situation.
Maintaining strong financial health abroad does not need to be stressful or complicated. That’s why having a fiduciary like The Mather Group to advocate for your financial and tax well-being throughout your expat Journey is essential to your success and peace of mind abroad. At The Mather Group, we have the expertise and tools to create a customized expat strategy that’ll effectively manage your assets while you’re abroad.
Optimal Banking Management: It can be frustrating to manage banking matters as an American expat when you have US financial obligations, plus new financial obligations in your new country of residence. Many strenuous rules imposed by the US government, such as the Foreign Account Tax Compliance Act (FATCA), make it challenging to bank outside the US.
Due to the additional tax compliance and paperwork imposed on foreign banks, fewer and fewer foreign financial institutions are willing to work with Americans, further complicating your banking matters. Additionally, fewer US banks want to keep open US accounts for non-US residents living abroad. You don’t need to tackle this challenge on your own. The Mather Group can create a customized banking solution that meets your global needs and minimizes money spent on foreign transaction and wire transfer fees.
Tax Services: There are many nuances that come with moving abroad, and one of the most complicated is tax management. Moving abroad does not stop your US tax filing obligations—in fact, it makes them more complicated.
As an expat you may have your tax returns prepared by your employer-provided accounting firm; however, neither your employer or accounting firm are responsible for finding the best tax opportunities for you. At The Mather Group, we can review their tax work to assure your tax return is prepared in your best interest. Additionally, we’ll provide tax guidance throughout your expat journey and craft customized solutions that best address your unique tax situation and minimize your overall tax burden, including:
Checking your overall US tax return and ensure all the appropriate forms are filed
Find additional tax opportunities to possibly minimize overall tax liability
Ensuring your tax benefits as an expat are being maximized
Answer one-off questions that relate to foreign charitable contributions, foreign social security, foreign pensions, self-employment, etc.
Implement tax optimization strategies to maximize return on retirement compensation plans offered by your employer.
Retirement planning: As an American expat, you should be aware of the tax advantages that US retirement vehicles can offer. For that reason, The Mather Group will customize a holistic financial plan that combines retirement planning with well thought-out tax strategies that can maximize your after-tax retirement income.
Additionally, if you are offered a variety of employer retirement compensation plans, we can develop a strategy for you to maximize your plans’ value upon your retirement.
Our advisors work hand in hand with our in-house CPAs to ensure we make the most of your investment and tax opportunities. We believe successful financial and retirement planning hinges on thorough consideration of tax consequences. Our goal is to develop and execute effective tax planning strategies to achieve your short- and long-term goals.
American expats returning home face yet another re-adjustment period. While you focus on re-establishing your US life, we’ll focus on fine-tuning your financial plan and tax strategies accordingly. There will be important, nuanced matters to consider, from new costs of living to selling or renting foreign property. You might need to close foreign bank accounts and possibly manage foreign pensions your employer provided while abroad. All these factors impact your US tax filing. At The Mather Group, we provide customized expertise that’ll ensure a smooth transition back home.
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