“International investing?! Oh no, I would never!”
“That’s just wrong.”
“It’s not safe.”
“I’m too careful for that.”
These are just a few of the reactions you’ll hear when you mention international investing to people that have no experience with it. Lots of conservative investors are terrified to put their money abroad but, if you ask them why, they might have only a vague notion of something unsafe or illegal. When you press further, you’ll often find that they have no hard-and-fast reasons for feeling wary of international investments.
So why are people so scared of this lucrative and exciting field of investment?
According to financial planning consultant Richard Cayne of Meyer International, “People just don’t have enough factual information about these investments.”
One of the biggest fears about international investment comes from the mistaken notion that it’s an illegal practice. It isn’t. International investment is perfectly legal for citizens of most countries.
What people tend to think is that international (also called offshore) investing is for people that want to hide their money illegally. According to Richard Cayne, “Yes, the illegal part is hiding money. I’m not suggesting that anyone should hide money. I wouldn’t tell, say, a Japanese national living in Japan to send their money offshore and never report the investments on their tax forms – that would be illegal.”
However, the laws in Thailand allow people living in this country to invest offshore and not be liable for taxes on any profit made from international investments for each year they remain here. Once an expat returns home (or tries to bring money earned on international investments into their home country), they will likely be responsible for paying taxes on profits from that time forward.
Know the Laws
One of the most important things to think about with international investments is staying on the right side of the law. The way to do that is to be familiar with the investing and tax laws in both your home country and your country of residence, if you are an expat.
You’ll rarely need to be nervous about your investments if you know that you are following the letter of the law.
Choose an Experienced Consultant
If you don’t have the time to familiarize yourself with the laws or simply feel safer in the hands of a professional, don’t hesitate to get in touch with a knowledgeable financial planning consultant like Richard Cayne or any of the staff at Meyer International.
How do you know if you’ve found a consultant you can trust? Easy. Go for somebody with a friendly, relaxed manner; educated and qualifications; a professional with a well-appointed office that you can visit to speak with him or her. Look for someone that shares information freely and can easily answer all your questions on the spot. Don’t hesitate to ask for referrals or testimonials from past and current clients.
If you are ready to start investing internationally and want to have all your questions answered honestly and thoughtfully, get in touch with Richard Cayne at Meyer International today!