01/06/2025, Paphos 8035 // KISS PR Brand Story PressWire //
Chase Buchanan Wealth Management, an established global team of advisers, tax experts and wealth management consultants, has reminded clients and other expatriates to remain conscious of the impacts of changing tax legislation as we enter a new year.
In many countries, tax years run alongside the calendar year, and following a period of political and economic change, many individuals and families living overseas may need to account for impacts on their investments, incomes, tax obligations and overall wealth.
Current and Forthcoming Events Expected to Affect Expat Wealth Management
Over the last 12 months, there have been various notable announcements and elections that could directly or indirectly affect the financial planning and investment decisions expats around the world make, depending on their country of residence, tax residency position, and citizenship status.
These include:
- UK elections, with the Labour Party coming to power in July 2024, with initial impacts including sweeping reforms to abolish ‘non-dom’ tax schemes.
- US presidential elections, with a power transfer to the Trump administration in January 2025 anticipated to introduce broad-scope reforms to tariffs and taxation.
- Snap French elections in the summer, with talk of further changes yet to come should a governmental collapse and/or no-confidence vote proceed.
Previous reforms, such as the cancellation of the lifetime allowance pension threshold tax in the UK, the removal of residency by investment real estate options in Portugal, and the extension of solidarity wealth taxes in Spain, have also had major effects on the tax affairs and decision-making of expats—both those planning a relocation and expats already resident overseas.
Chase Buchanan indicates that those who have yet to revisit their plans, wealth management, portfolios and assets or reevaluate their tax exposure both at home and abroad should do so as a matter of urgency ahead of further changes forecast from the new year onward.
Aligning Expatriate Investment Reviews With the New Year
Lee Eldridge, Group CEO and Head of Investment Advisory at Chase Buchanan, says, ‘ There is no bad time to consult a wealth management professional or specialist expat tax adviser, but the tipping points from one tax year or calendar year to the next are potentially the most pivotal.
Many clients living in diverse locations find that aspects such as freezes to tax thresholds, increases to taxation bands, changes to their tax residency classification, or introductions of new taxes at the beginning of the next tax year can have more profound impacts than anticipated.
Although the UK uses the 6th ofApril as the start of the new tax year, the fiscal year in myriad other jurisdictions begins on the 1st of January and ends on the 31stof December, which means revisiting portfolios, risk analyses, and diversification strategies now may be essential.
This applies to most European countries, including Belgium, France, Portugal, and Spain, as well as the US and Canada. For example, expat clients living in Canada will be subject to new federal tax brackets and rates from January.
Regardless of location, we often suggest a financial review at year-end or early into the new year since this gives us the opportunity to discuss your plans, objectives, and expenditure activities to identify areas where restructuring, reinvestments of assets, or tax-beneficial changes to your savings products would ensure your wealth is being managed consistently with your requirements.’
The Importance of Regular Financial Reviews for Global Expatriates
Most professionals recommend at least an annual reassessment of financial planning to determine how currency fluctuations, changes in tax position, expected outgoings, living costs, and returns are affecting individuals’ circumstances and future plans.
A typical review might also factor in retirement planning, estate and succession plans, tax budgeting, and compliance with returns, declarations, submissions and reporting in potentially multiple locations, particularly for expats with assets in more than one country or with cross-border financial products.
Those interested in scheduling a review can contact their nearest Chase Buchanan Wealth Management team directly to learn more or to arrange a convenient time to discuss their financial advisory needs with a regulated, qualified tax specialist or private wealth manager.
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About Chase Buchanan Private Wealth Management
Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.
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