Pension Transfer Opportunities

Many people look at their pensions and think there is nothing they can do with them. Though they may not like it, they think their only option is to let that money sit and accrue a minimal amount of interest. They believe they are stuck with whatever terms their pension holder has outlined and that there is little they can do to change that.

In most cases, however, that’s not the reality of your retirement saving options.

You might think that you are stuck with your pension terms because it is impossible to transfer pension deposits or perhaps you fear that you will incur large fines and penalties if you do try to move that money. That may not be correct and you might be doing yourself a financial disservice by not looking into it.

Many nationalities have pension transfer options and, in most cases, pensions can be transferred into other sorts of investments with little to no penalties at all. In fact, moving your pension into diversified investments will most likely make you more money to retire with.

So, what are you waiting for?


Forget the “Don’t Mess With It” Attitude

People often think that they don’t want to touch, move or otherwise “mess with” their 401k, IRA or other pension account. They think that it has a tax advantage to not touch it. Actually, in most cases, you can usually easily roll that 401k into something else of your own choosing that pays out more dividends. The only stipulation with these accounts is that you can’t take it out of the IRA and 401k and remove it as cash – that’s when you get hit with a big penalty.


It’s More Flexible Than You Think

Many people have the notion that pensions aren’t transferable because transferring the money isn’t necessarily encouraged by the companies that hold the pensions. Since they don’t let holders know about these options, it just makes sense that people know very little about them. But it might be worth your financial while to find out what your options are.

By talking to a financial planning consultant like Richard Cayne of Meyer International, you can learn about all the possible options for making the most of your pension deposits. You might tip your hat to that financial planner when you are retired on a beach somewhere with a frozen drink in your hand!


What a Planner Might Recommend

Richard Cayne would almost always recommend moving your pension into an investment that can make the most money for you while still remaining as safe as every pension should be.

One of his favorite pension recommendations is rolling the money into some reliable annuities such as those that track the S&P index with principle guarantee. By doing this, you’ll increase your profits while still having the highest level of protection on the downside. Like all planners, Cayne knows that you’ll want the highest protection for your retirement fund.

For further information about pensions, how to make the most of them and other investment topics, Richard Cayne and Meyer International can be reached at (+66) 02 611 2561

What do Jurisdictions Get Out of Being Tax Neutral?

Most of us are familiar with the concept of offshore banking and investing. We might even know the names of some of the small, exotic jurisdictions that are best known for offshore investing and tax neutrality. The Cayman Islands, Belize and other locales seem to be little more than far-flung beaches with, apparently, lots of banks and brokerage houses. Even the people who hold significant investments there are not likely to ever visit the shores of these places.

Did you ever wonder what these jurisdictions get out of being tax neutral? Here, Richard Cayne of Meyer International explains why these tiny nations choose to make themselves financially attractive and become havens for offshore investors:


Develop Industry

The biggest draw for small nations to become tax neutral offshore jurisdictions is that doing so develops an industry for them. Think about it. These small countries have little to no products to export and little industry in their countries. Aside from modest tourism business, how will the residents make a living?

By developing a profile that would make their island nation attractive for offshore banking needs, all of a sudden a whole industry opens up. This creates jobs in many sectors. From construction to build the offices to positions for people to answer the phones, build the IT systems, clean the floors and more.

With an offshore investment industry in place, these small islands are able to create jobs and wealth for their residents and a much-needed service to foreigners. For these small countries and their offshore clients, it’s a win-win situation.


Stimulate the Economy

Providing well-paid jobs for the country’s residents stimulates the local economy. According the Richard Cayne of Meyer International, “A lot of these places aren’t much more than little rocks so, all of a sudden, everyone has a decent job. It’s pretty major for them.”

Not only that, added Richard Cayne, “you also have an influx of talented labor moving there to hold the top roles in the financial departments and other highly-trained positions.” This might include private bankers, salespeople, IT experts, lawyers, accountants, security engineers and more. Now, you have the sizable incomes of these expats being poured into the local economy and people needed to provide all the services required by wealthy foreigners as well. This might include household staff, international schools and more.


Taxation for Residents and Non-residents

The draw for foreigners to invest via these jurisdictions is that there is no tax for non-residents but what about taxes for residents? Richard Cayne explained that, “There is no tax liability for any non-resident. However, for anyone living in the jurisdiction and depending on which jurisdiction they may have to pay income tax on their salary.”

For further information about offshore and other investment topics, Richard Cayne and Meyer International can be reached at (+66) 02 611 2561


Expats and Taxes: The Laws of the Land Apply

Expats and taxes are one of the subjects that international lawyers and financial planners are approached about the most often. Meyer International most often hears: “What am I responsible for?” “Who do I report to?” and “How do I avoid doing something that’s going to cause a tax mess for me when I go home?” as the most common tax questions heard from the expat employees, company founders, retirees and investors that make up their client base. Maybe you’ve even asked some of these questions yourself.


A large number of expats can’t answer these questions with certainty. If you don’t know the answers, don’t worry, you’re not alone. Res on for some advice from Meyer International’s managaing director, Richard Cayne:


The answer to these questions is that there is no one-size-fits-all advice since tax laws differ from country to country. You need to take into account not just the laws of your home country, but also those of the country where you are residing.


One rule of thumb to keep in mind is this: Regardless of your nationality, most countries will give tax right-of-way to the country where you are currently residing. So, in most countries you’ll be abiding by the tax laws where you are living. That’s pretty easy, isn’t it?


Working Abroad


Working abroad offers untold exciting opportunities and new experiences. Everything from business etiquette to workflow will be different when you take your work overseas. Another thing that will change is who you pay your income taxes to. In most cases, you’ll pay income tax in the country where you are working and be exempt from income tax in your home country for the years in which you live and work abroad.


Some countries simply offer exemptions and not a full pass from paying taxes. The US, for example, says that expat workers are exempt from paying taxes on income up to $90k per year. If they make more than that, they must pay income tax in the US in addition to the taxes expected of them in their host country. If you aren’t sure which laws apply to your unique situation, make an appointment with a team member at Meyer International


To provide another example, expat workers in Thailand will have Thai income tax taken out of their pay automatically. That tax equals up to 36% of their gross pay.


Investing Abroad


Though far fewer people take advantage of it, Investing abroad can place you on sounder financial footing than simply working abroad. It all depends on where you’re living.


Many countries have laws in place that tax locals and expats on financial gains that come from investing. This makes investing from or within those countries very similar to investing from your home country. Other countries have laws that leave income from investments free from taxes, which can be great for expats living and working in those locales.


If you are living as an expat in a country that does not tax profits made from international investments, you have a great opportunity to invest and grow your money more quickly than if you were living in your home country. Countries with these laws include Thailand, Singapore, Hong Kong, Switzerland, Cayman Islands and other offshore jurisdictions.


If you are living in one of these locations, are you taking full advantage of the investment opportunities offered there?


Have more questions about taxes for expats? We can answer them all. Get in touch with Richard Cayne and the Meyer International Team today to make an appointment!



Tax Free & Loving It: The Best Thing About Living in Thailand That Almost No One Knows


There are endless reasons for expats to live in Thailand, whether short-term or long. There are the opportunities for work and play in Bangkok, the serenity of places such as Chiang Mai and Pai or the beauty and relaxation provided by life on the country’s many islands.


Maybe you came to Thailand for a great work opportunity, to start a business or simply to enjoy the good life. But are you investing while you are here? If you aren’t, you should

Did you know that there is an amazing tax advantage for any expat living in Thailand and investing outside of their home country? If you weren’t aware, let Richard Cayne of Meyer International share with you all of the ways that you can maximize your investment earning potential for every year that you live in Thailand.


The key to making more money off of your international investments is this: Thailand doesn’t charge any tax on non-salary monetary gains if made outside of Thailand.


Sure, you have to pay up to 36% income tax on any salary you collect in Thailand but income not brought into the Kingdom in that year, which is derived from investments outside of Thailand is not taxed at all. So, feel free to invest in that hot new resort in Phuket or in some exciting, new offshore holdings – your investment portfolio won’t disappoint you when you see the statements and note that every earned baht goes straight to you.


The way this advantage works is like this: Most expats are not responsible for taxes on money made OUTSIDE their own country for any year that they are not residing there. They don’t have to pay taxes on non-salary income if it is made outside Thailand and not brought into Thailand the same year. So, any money they make on OVERSEAS investments while living in Thailand accrues completely tax-free.


Think about it this way: If a person invests $10 while living in Thailand and, after 10 years, that $10 has become $100, they will have paid no tax on it and the entire $100 belongs to them. The moment they take the money back to their home country however, they start paying taxes for each dollar in gains accrued from that point forward. So: taxes would be due from $101 and each dollar earned thereafter from that $100 they brought back to their country with them.


As long as you remain in Thailand with current tax laws as they stand and manage your overseas investments properly you’ll never have to pay a single baht, yen or pence in tax on it if structured properly. If you stay here permanently, your capital gains will never be taxed.

This provides the opportunity to see your investments grow in Thailand faster than they would almost anywhere else in the world. Imagine how exciting it will be to see your balance grow in leaps and bounds, placing you that much closer to your financial goals.


Are you now asking yourself why you are living in Thailand and not taking advantage of this investing secret for expats? Get in touch with Richard Cayne and his team of experts at Meyer International to find out how you can start investing tax-free today!