Are you looking forward to saving for your future?
You need to know how best to save, and overseas savings plans may be the best option for you.
An international savings or retirement plan is a tax-friendly alternative for those who want to supplement their local retirement savings with longer-term savings.
It is often incorporated in international financial centers such as Guernsey, Jersey, and the Isle of Man, where risk is minimized, favorable laws, a favorable tax environment, and competent support services are available.
The chance of double taxation upon distribution or disposal is reduced if the assets are already offshore in a tax-transparent location. It also avoids political uncertainty, no matter what country you live in.
Multi-currency payroll options (e.g., GBP, USD, Euro, AUD) and competitive and transparent pricing are available. This could be seen by the investor as a very effective strategy to earn FX gains on top of investment returns while reducing FX risk when withdrawing funds.
What are the differences between an international savings plan and an international retirement plan?
The age at which you can start receiving benefits is one of the main differences. Because an international savings plan is not held in trust, the owner can access it at any age, while an international retirement plan can only be accessed once the owner has reached the age of 55.
International savings plans are generally structured as frameworks that can be set up on an ad hoc or contract basis with monthly, quarterly, or annual payments.International pension plans, on the other hand, are designed to receive lump sum payments from one or more pension plans to save money, reduce currency risk, and increase investment returns.
Let’s define which investment plan suits you best!