Craig McAvinue and Mark Williams of Tenzing Pacific Services explained the investment vehicles that are available to expats at the Wednesday, August 31 meeting of the Pattaya City Expats Club (PCEC).
Craig McAvinue is a chartered accountant by trade with over 20 years experience in finance, primarily based in Jersey, Channel Islands. He recently moved to Southeast Asia where he believes the growth potential is limitless. Since his time in Jersey he has specialized in tax efficient structuring and offshore wealth protection using vehicles such as Jersey Trusts & Companies.
Mark has worked in the financial services industry for his entire professional life. For 25 years he worked at Lloyds Bank in the UK, working primarily with small businesses in the East Midlands. Mark is a Chartered Fellow of the Institute of Financial Services and a Fellow of the Chartered Insurance Institute and the Personal Finance Society.
Craig started off by saying that Tenzing is an independent brokerage with offices in Bangkok, Pattaya, and Ho Chi Minh City. They manage approximately US$50 million in assets of two thousand clients. They were founded in 2012 and have 14 full-time employees and 12 independent agents. Their services include investment management and the provision of life and health insurance.
Craig and Mark focused on three types of investment vehicles, regular savings plans, lump sum savings plans and pensions. They then explained how these types of vehicles work and the benefits of each.
Regular savings plans offer the benefits of periodic fixed-sum purchases, retirement planning and financial independence. You can diversify your savings through USD/EUR/GBP/AUD and they can be portable for expats who may relocate as the savings are held overseas in well-regulated, tax-friendly jurisdictions. By choosing this type of vehicle, you can decide the amount and frequency of payments based on your goals and your schedule. This is done by looking at the provider’s options to find the right fit and fit. When applying, proof of identity is required. Payment methods include the use of credit and debit cards as well as bank transfers.
Lump-sum savings plans are different because they are one-time funding. They offer better income than money in the bank, can fight inflation, and grow assets and wealth in a tax-efficient way. There is a wide selection of asset classes available and access to institutional share classes means lower costs. They also offer the same benefits as regular savings plans through diversification, the ability to take with you if you move, and offshore holding in well-regulated tax-friendly jurisdictions.
Their retirement service provides information and assistance on retirees with pensions. In some cases, a person may have worked for several different companies and not know how to find a pension to which they may be entitled. In other cases, particularly in the UK, there may be significant tax benefits to moving the pension to another tax jurisdiction.
Overall, Craig and Mark emphasized that there is no one-size-fits-all solution. Thus, determining which investment method is best will depend on each individual’s situation such as the funds available, the income or growth sought, and above all the risk they wish to take. Normally, the higher the return, the greater the risk.
After the presentation, MC George Wilson updated everyone on the upcoming events, followed by Brian Maxey who led the PCEC open forum where questions are asked and answered about expat life in Thailand. For more information about the PCEC, visit their website at https://pcec.club. To view the presentation, visit the PCEC YouTube channel at https://www.youtube.com/watch?v=bunQ9lDO6lA.