Finance For A Life Abroad

Introduction

To navigate expatriate life with confidence, House of Peregrine brings together global nomads and experts who share insights on thriving abroad. Relocating internationally demands courage, adaptability, and resilience. When you live a globally flexible life, you are constantly navigating multiple jurisdictions, currencies, and tax rules. This complexity means you are no longer a standard case ever again.

Working with a fully qualified financial advisor and cross-border financial triage expert, simplifies this world and lets you continue to meet your financial goals while you live the life of your dreams. 

International Financial Expert Sophie Duong who is from the UK and lives in Barcelona tells her clients: insight is simple and powerful: money moves where you tell it to move. If you do not tell your money where to go, especially in times of transitions, moves, death, change in relationship status and beyond it will be subject to more than one jurisdiction and could cause incredible amount of stress. To ensure your money aligns with your values and your life goals, you must first define your own personal financial values and create a strategy with someone who can help you navigate the different jurisdictions that you may be responsible to or under the control of.

Define Your Money Values and Goals

Financial planning is planning where your resources flow.  A holistic conversation about lifestages, life goals and values  that can be fun, insightful and even romantic if done with creating the life of your dreams.  It can also bring up big fears and differences and is always influenced by cultural values. The foundational step in preparing for an international financial strategy is setting clear goals, both for the immediate future and the long term(and leave room to dream, be flexible and change course if needed).

1. Establish Your Priorities (Now and Later)

To define your values, start with goal setting, determining your priorities now, in the next 10 years, and beyond, including future retirement planning be as detailed as you can! 

Make sure to really imagine yourself in these moments, what do you see, feel, smell, taste and most of all how do you feel when these goals are accomplished?  These questions will help you get beyond the ordinary:

  • First: Strip Away the Money Layer: Ask yourself what is truly important if money is taken out of the equation. Are your values centered on stability and safety, or do you prioritize the risk-taking necessary for a globally flexible life?
  • The "Now and Later" Balance: Recognize that you can enjoy the life you’re building while protecting future you.  It is possible to grow your business or take care of your family and enjoy your present lifestyle ("now") while simultaneously preparing for your future self ("later"). 

This balance is not a luxury, it is the plan.

  • Acknowledge the Cost of Inaction: Time is everyone's best friend. One of the perspectives that a financial advisor can bring is  to "turn up the pain dial" to highlight that leaving financial planning too long may force you to either work for longer or reduce your quality of life later on.

2. Determine Your Financial Independence Number

Everything in your plan will be centered around this key metric:

Your financial independence number is the point at which your portfolio of assets generates enough passive income so that you do not need to rely on a job, salary, or employer to fund your chosen lifestyle.

Preparing for Your Financial Triage

Once you have a clear sense of your core values and long-term goals, you are ready to engage with an expert. Sophie Duong’s role is one of triage. She diagnoses financial problems, conducts a risk assessment, and uses her network to pull in technical and local expertise globally.

1. Understand the Roles on Your Global Team

It is vital to know the difference between the primary specialists you will need:

  • Financial Advisor (with International Expertise): Focuses on holistic planning, goals, strategy, risk management, and long-term security. Sophie gathers all information to understand your objectives and protect you from making bad decisions.
  • Accountant: Deals predominantly with tax, filing taxes, and administrative tasks.

2. When to Engage an Expert

There is never a bad time to seek advice when living abroad.  It is impossible to keep up with changes and regulations between countries so it pays to really have a resource, even if it is your friend group of other people living abroad.  We are all  in the same boat, the complexity is hard for everyone.  Don’t ever feel like you are the only one feeling like you are playing 4D chess when you try to do this alone.

  • Ideally: Before You Move. Having a conversation before relocating is in your best interest to optimize asset location and ensure compliance. Sophie can help give you clarity on what the move would look like and the implications on your financial assets, even if you are just weighing three potential countries.
  • If You've Already Moved: If you’ve been abroad for 10 years or more and have buried financial issues because they seemed too complicated, A financial advisor with international expertise can still help diagnose and fix the problems and get you back on track.

3. Prepare Your Financial Dossier

To provide tailored advice, Your advisor needs a holistic view of your entire financial life. Be prepared to discuss:

  • Your Background: Provide details on every country, every passport, and everything you have. Background matters because rules (like UK inheritance tax or US PFIC rules) are often tied to nationality or domicile.
  • Your Current Situation: Details on income, expenses, and insurances.
  • Asset Location (The Vehicle): Discuss where your money lives. Assets optimized for one country (like a UK ISA, US Roth IRA, or 401K) may be taxed unfavorably upon becoming a resident elsewhere.
  • Business Structure (If Applicable): For entrepreneurs, Sophie helps determine the income needs and if there is a way to be tax efficient with the company while still growing and investing the money.

4. Recognize Non-Negotiable Planning

For those living internationally, certain types of planning move from optional to essential:

  • Estate Planning: For "Peregrines," estate planning is not optional. If you are between jurisdictions, failure to have a will or plan creates significant complexity and cost upon death. Succession tax rules vary widely based on where the deceased lived, where the beneficiary is, and where the assets are.

Risk Management: You cannot close your mind to the possibility that governments and rules will change. A good advisor stress-tests your plans against future changes to protect you from making bad decisions.

Round-Up: Moving from Values to Action

You are correct that defining your personal money values is the essential prerequisite to achieving a globally flexible life. As Sophie Duong confirms, your personal financial plan should be rooted in understanding what is important to you.

Once you have identified your core values—what you prioritize now, your future financial independence number, and the balance you need between stability and risk—you are ready to move forward. You will then have the necessary framework to begin the crucial process of aligning your assets and strategy with your international life.

If you are feeling inspired and ready to map your own globally flexible plan, the next step is to consult with an expert. Having defined your values and goals, reach out to a International Financial Advisor to get clarity on how to turn your values into a functioning, compliant, and flexible financial strategy so you can live your dream life while building the future of your dreams.

For more information you can listen to these episodes on the HOP Podcast (Kubera, a financial planning software for international life and our conversation with Sophie Duong International Financial Expertepisodes)

Join House of Peregrine for community, guides, and concierge support. Visit www.houseofperegrine.com and subscribe to The Peregrine Podcast.

You can connect with Sophie via her website thewealthadviser.com

This guide is inspired by the conversation between Mickelle Weber and Sophie Duong on the House of Peregrine Podcast.

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