How to negotiate a better package moving to Asia

Every year an increasing number of Brits pack their bags and relocate to an overseas location. The decision to leave the UK is obviously a huge one. However, choosing what country to set up a new life in is a decision of even greater importance. One city that is proving to be an attractive option for many is Hong Kong. Keeping that in mind, in this post we will provide some useful tips for negotiating a better package when moving to Asia.

But, before we delve into some top relocation tips, let’s take a look at the reasons why Hong Kong is becoming such a popular choice with UK expats.

What is appealing about relocation to Hong Kong?

  • Friendly expat community – A lot of expats find it easy to integrate into their new life in Hong Kong. This is because there is an established expat community and it is considered an exceptionally friendly one.
  • Great choice of properties – There are many new building developments in Hong Kong and undoubtedly there will be more cropping up as the year continues. The options are varied and thus you shouldn’t find it too difficult to locate the ideal property for your requirements.
  • Excellent public transport– It’s easy to get around Hong Kong. Public transport is reliable, clean and modern. You won’t find it difficult to get a taxi either and they’re noticeably cheap.
  • There are a lot of different things to enjoy – Whether you want to party the night away or you want to take an exhilarating hike, you won’t be short of options in Hong Kong.
  • Delicious cuisine – One cannot mention this city without talking about the food. Aside from the tasty traditional cuisine, you have plenty of other options from all over the world.

How to negotiate a better payment package when moving to Hong Kong

Now you know why Hong Kong is so appealing to expats. It’s vital to have a plan for asset management Hong Kong in place if you are intending to move to the city. One of your key goals should be to negotiate the best possible payment package. To do this you will need to be aware of some of the most common elements of a compensation package. These are as follows…

  • Salary
  • Housing
  • Days Off
  • Perks
  • Hardship Premium
  • Repatriation
  • Education

Now you know what influences your compensation package. But, how can you negotiate a better payment package for yourself?

  • Become knowledgeable about the job and its compensation – Before negotiating it is imperative to do your research in order to determine what others in a similar role to yours are earning at different companies.
  • Discover the pay philosophy of the company – Find out how the company goes about paying their employees. For instance, do they determine pay rate by ensuring salaries are competitive in regards to other companies in the region?
  • Decipher what will be the most tax-efficient way of receiving pay – If you fall into the high tax bracket your employer may be willing to pay you in a manner aside from cash, e.g. with a transportation allowance.
  • Think about split payments – If you conduct your work between two countries or more your employer may be willing to pay you separately in regards to where the work is carried out.

If you are planning on moving to Hong Kong, Taylor Brunswick Group can help you negotiate the best payment plan that will fit in perfectly with your investment plan to ensure you meet your financial goals.

How to choose the right health insurance policy

There is nothing more important than your health. But, unfortunately a lot of people do not realise how vital having a health insurance policy is until it is too late. A medical insurance plan will not only protect you in terms of your well being, but financially as well. Read on to discover all you need to know about choosing a health insurance policy.

You have a vast assortment of health insurance policies to choose from. Firstly, you can choose between local and international policies. The latter tend to be more beneficial, as you will gain from a wider range of cover and local policies are merely limited to one country. Aside from this, you also have the option of a high deductible health plan. The deductible is the amount you need to pay before the insurer will cover your treatment. For example, if you’re deductible amount is £700; you will need to pay this sum before the insurer will cover the rest. This could either be per year or per treatment. The benefit of going for this type of plan is lower premiums. Nevertheless, you of course need to make sure the deductible is set at a sum you can afford.

Aside from this, there are other factors that may influence the amount you have to pay. These are as follows…

  • Co-insurance – The best way to explain co-insurance is with an example. Lets say your co-insurance is set at 15 per cent and you have a treatment that amounts to £200 you will have to pay £30 (15 per cent) and your insurer will pay the remaining 85 per cent, which is £170.
  • Age – The older you are the more likely you are to require health services, and thus your premiums may increase.
  • How you pay – If you pay on a yearly basis as opposed to a monthly basis you may experience a discount.
  • Annual limits – All policies have a yearly limit. This is the maximum amount the insurer is willing to cover you for. If you exceed this limit you will need to pay for any further treatments.
  • Non-covered services – There are some treatments your policy will not cover and thus you will have to pay the full cost.

How to choose a good plan for health insurance in Hong Kong:

  • What are your must-haves? Make a list of everything you want from your health insurance plan. Don’t overbuy. Determine what’s right for you. After all, you may want a plan that includes optical care, whilst someone else may deem this unnecessary.
  • Choose an insurer with care – Don’t only assess the quality of the policy but also the insurer as well. Take the time to research them and to be sure that they have a good reputation in the industry.
  • Look into annual limits – Medical costs can easily add up and thus it is advisable to go for a high annual limit.
  • Assess the network – Make sure you are happy with the network of hospitals, facilities and professionals you will have access to. After all, one of the main reasons for taking out health insurance is to have access to the best care.
  • Can you afford it? – It’s vital to get the balance between premiums and deductibles right so that you can afford all eventualities.

Needless to say, the world of medical insurance can be confusing. Taylor Brunswick Group has the experience and expertise to help you find the best policy for you and ensure that you are protected adequately. They can also assist with other insurance plans, such as life insurance.

How to manage education fees planning

Every parent or guardian can relate to the difficulty that arises when choosing the best education for your children. You want to give your child the best platform to succeed in life; no matter what path they choose to go down. In order to achieve this you will need to put in some pre-planning. Investing in their future with quality education is undoubtedly the best way to give them the greatest chance of achieving their goals. The importance of planning is further highlighted if you are an expat living in a foreign country. After all, you may not have access to the free education options and you’ll want to make sure your children receive education that is taught in their native language. Keeping that in mind, read on for some recommended steps to follow when managing tuition fees planning.

Understand your needs– The first step in planning anything is to understand what you need. What will your child need to be accepted into a university or college programme? How much will it cost you to achieve all of this? You will need to do research into the costs of tuition in both local and overseas institutions. After all, you don’t know what path your child is going to take and thus you need to try and plan for all eventualities.

Map your journey– Now you should have a good idea of how much it is going to cost you for your child’s education. You’ll need to map out your journey, i.e. how you are going to get from now to your target savings. This also involves making sure that your family members are sufficiently protected so that if something happens to you, your child’s education will not be affected.

Start saving early – Education fees can often be expensive, which is why it is advisable to start saving early so that the process of accumulating the funds is more manageable. Thus, when you map out your journey give yourself plenty of time to save up the amount necessary.

Research and plan – You should also do as much research as possible into some of the countries that will be suitable for your child in terms of education. You should also see if there could be any financial support available to you. A lack of research could result in you spending more money than necessary, as you may be eligible for an education grant or loan.

 Choose between public and private education – The final step in financial planning for your child’s education is determining whether your child is going to go to a public or private school. This is vital; as it will play a huge role when it comes to how much money you need to accumulate. Assess the advantages and disadvantages of both options and decipher what route you’re going to go down.

There is no denying that planning to fund your child’s future education can be difficult. However, Taylor Brunswick Group can help you to choose a plan that fits in perfectly with your investment management program and will ensure you meet your goals for your child’s education.

QROPS: what you need to know

Is your UK pension holding you back? This could be the case if you have retired overseas or you are considering doing so. Your pension may also be holding you back if you want to make investments in another country during your retirement. In terms of taxation and investment choice your UK pension will limit you. This is why a QROPS(Qualifying Recognised Overseas Pension Scheme) is the preferred choice for those that retire abroad.

A QROPS is essentially a recognised UK pension arrangement that is based overseas. Thus, if you are a holder of a registered pension scheme in the UK you will be able to transfer your proceeds straight into a QROPS. This is completely legitimate.A QROPS differs from a UK pension scheme because they must be recognised as a pension scheme under the legislation of the country where the scheme resides. These rules can of course be different to the rules in place in the UK.

What are the benefits of QROPS?

  • Pass 100 per cent onto your beneficiaries – You can be safe in the knowledge that once you have passed away any of the funds that are left in your QROPS will be left to your beneficiaries. Your beneficiaries will receive 100 per cent of your funds, as your QROPS is tax-free.
  • Minimise your currency exposure – If you have a UK pension you are only able to pay out in sterling currency, irrespective of where you live. However, with a QROPS you are not exposed to fluctuating exchange rates, as you are able to invest and pay out in the vast majority of currencies.
  • Up to 30 per cent tax-free lump sum – If you have a QROPS you will benefit from lump sum flexibility. The cash lump sum available on any UK pension fund tends to be limited at 25 per cent. You can add an extra five per cent onto this with a QROPS.
  • Avoid future UK government pension changes – HMRC’s regulations are continuously changing. It’s not easy to keep track of these changes. However, if you transfer your pension fund to a QROPS you won’t have to deal with any of the alterations that are made.
  • Income free of UK income tax – You will likely be able to reduce your income tax liability by a significant amount, as income tax is often higher in the UK when contrasted with other countries.This includes tax on pension income.

 Now you know all the reasons why a QROPS is beneficial for expats. It is vital to be aware of the fact that the proposed flexible pension rules in the UK may impact QROPS. It could lead to a change in the QROPS legislation that currently requires a minimum of 70 per cent of the fund to be used to provide income for life. New rules may lower this amount to ensure that the gap between the advantages of a QROPS over a UK registered pension scheme is still substantial.

If you require further guidance on QROPS or require a UK pension transfer, Taylor Brunswick Group can assist.