There are a few ways you can support this podcast

>> Viktoria: Hey and welcome.

>> Viktoria: Hey and welcome to a new episode of Worlds Collide, the podcast where I talked to people who moved abroad. I am your host, Victoria and I'm so glad that you tuned in today. so before we start, I just wanted to let you know that there are a few ways how you could support this podcast. One is you can give me a 5 star rating whereever you listen to this podcast. That would help to get more attention, more eyes on this podcast, the bigger listenership. And that is exactly what I want. You know, people need to hear the honest opinion of others who moved abroad, how it really is. And then there is another way how to support this podcast. And I just set this up, it's buy me a coffee. so I buy me a coffee, you can just support the podcast in giving it like two or three dollars, or whatever it cost or however how much a coffee nowadays is. So follow the link in the show notes or I can tell you right now it's buymecoffee.com worldskalideod yeah, and then I will drink this coffee and then I will be super motivated and super energized to make more episodes every week. Because podcasting takes a lot of time. But I love it. Anyway, all this is of course just voluntary. Nothing is a must. However you want to support. I appreciate your support and I even appreciate that you're just listening.

Adam is an expat wealth manager who started his journey in China

But since we just talked about money, that brings me to my new guest in this week's episode. My guest is Adam and he lives in Dubai, but he started his journey in China. Well, he's from the UK originally, but it as first stop was China. You know what I mean? He is an expat wealth manager. So that is super important. If you are moving around, you need your money to follow you. So that is what we talk about today. And of course his journey, what led him to being a wealth manager and also what brought him to Dubai and how he likes it and lots more. So stay tuned for this episode. Here is Adam.

Adam has spent 13 years living and working abroad

>> Viktoria: So my guest today is Adam. how are you Adam?

>> Adam: I a very good Victorian. Thanks for inviting me as well.

>> Viktoria: Oh yeah. And so tell me, where are you right now?

>> Adam: I'm doing this podcast from the Middle east, but as we're going to discuss, I've been around, so I've spent time in Europe, the Far east and beyond really. So, you know, I've really been around in my 13 years as an expat.

>> Viktoria: oh, 13 years abroad. Okay, that's a, long Time. Do you remember why you wanted to move abroad?

>> Adam: Well, I first traveled independently in 2007. I was with a good friend and he was actually connected to a guy who went out to live in China. And he was actually an English teacher in China. And what was interesting is he quit his job and he started to become like a graphic designer. And, basically at that time it was quite radical to like, work remotely. Right. And I'm not saying a lot of money, but he was making enough to sustain himself. And it seemed really cool what he was doing. And that kind of put the idea in my head. And I also knew, back in the uk, somebody who lived in Thailand as well. So, yeah, these personal stories really made a big difference in terms of my impression of living and working abroad. And, yeah, that was the main reason I wanted to move abroad. And also when I moved abroad, it was just after the financial crisis a few years after that. UK wasn't in a great situation at that time, or in fairness, the UK still wasn't in a great situation, but it wasn't, it wasn't the best time, to be in the uk, I think, you know, because it took the UK quite a while to recover from the financial crisis. So when I left in 2011, the economy wasn't as strong as, say in 2015, for example, because there was a long time to recover from that, the financial crisis. So it was a very good time to leave, I would say, as well.

You were in China for four and a half years before starting your own business

>> Viktoria: Okay, and was it then, to China? Was that your first stop?

>> Adam: So, yeah, my first stop was China and then I subsequently went to Japan, south, Korea also. I had a year in Southeast Asia between Cambodia and Indonesia, also Bulgaria, and I spent time in Middle east as well. So, yeah, I mean, going to China was quite interesting in 2011. A very different place to now, but it was definitely an interesting.

>> Viktoria: But have you been there then? Only always just a couple of months or were you there years?

>> Adam: I was in China for four and a half years, so actually's been my longest in overseas, believe it or not. So it's strange how these things work, because I wouldn't list China as one of my favorite places that I've lived in, but yet I stayed there for, longer for various reasons. Get Shangai was a great city, as well. There were some great things about living in China, but I seemed to live there, for quite a long time considering, like some of the otherpl places I probably prefer, but for various reasons, I left them.

>> Viktoria: Okay, and when you left, what did you do, for work?

>> Adam: well, I started in wealth management relatively early on from know being overseas. 's been pretty stable since 2013. So the difference is I started my own business in 2018. That was kind of a big change. But from say 2013 until 2018 I was working in wealth management doing essentially the same job for expats, but in different places. So my job didn't change per se, but my location did.

>> Viktoria: okay, so you were always employed through a bigger investment firm and they, to the, they kind of got you to another country or.

>> Adam: Well, yeah, I mean the first job in China was, you know, with a British own wealth management firm, who also had offices in various Asian countries. and then subsequently, I joined another company who had offices in Southeast Asia and beyond. But yeah, essentially that's the way it started. But then obviously it kind of changed where I wanted to be self employed and then subsequently start my own business.

Rel Relatives offers wealth and wealth protection beyond borders for expats

>> Viktoria: Okay, so you are a wealth manager for experts. can you explain that a little bit?

>> Adam: Yeah, sure. So basically, of course when people go overseas in general, they're outside of their country's Social Security safety net. So if you think about the US for example, you've got the 401ks in the UK you've got the pensions like autar enrollment. Australia is called superannuation. And in mainland Europe, of course you've got Social Security in general in most of these countries. But when people move overseas now sometimes it is the case that they remain taxpayers back, home in Germany or France or UK or whatever. But of course sometimes that's not the case. They want lower taxes and so on. But then it means that of course people want to invest, for their retirement when they're living overseas or they want a narrow goal for that matter, something more short term, which could just mean getting a higher income for their money than the bank maybe is offering or something like that. But it could also mean things like insurance. Right. Because we also do wealth protection like life insurance, health insurance and so on. So it's really wealth and wealth protection beyond borders. Well, and that could even mean succession planning. So when people get older they might think, well, what happens if I die? How quickly am my, you know, beneficiaries, my children or whatever, how quickly are they going to get that money? So it's kind of setting up those structures as well. but people don't kind of think about that until they're a bit older usually. But for younger people, I would say it's more kind of replacing what they would be doing at home, in most cases anyway.

>> Viktoria: Okay, so it's like financial planning just abroad kind of. Is it?

>> Adam: Exactly, yes. So also for expats as well. I know some expats stay in the same place forever, or for 30 years. But a lot are quite transient.

>> Viktoria: Right.

>> Adam: They're moving from place to place. So we in general can accept them no matter where they are in the world foriven reason. There are certain countries we can't accept for some extreme cases, but in general we can accept them no matter where they're living. So if they become our client when they're living in Thailand, but then they move to Qatar, or move back home, that's not an issue for us either. So we are kind of tailored to like the transient nature, let's say of some expats lives. And indeed now you've got digital neddss as well. People who maybe they've got a job back home, but they're basically you know, traveling and going around the world and exploring the world and some of them are long term people and they ve become settled overseas as well.

>> Viktoria: And so for example, like if I would work in the US For a long time and I pay into my Social Security and also into my 4K and then in 20 years I go back to Germany, would you then help me get that money from the US to Germany? Kind of.

>> Adam: well, one caveat I would make is the US Believe it or not, is one area we're more limited with what we do. We do partner with companies in the US because the US is a very, most of the things there are very highly regulated. So say a 401k. To answer your question, we can do it, but we partner with that locally licensed company. So yeah, we could help you do that. But the US is one of the more extreme examples because it is. But let's say for example, you know, you were living in whatever, Thailand or whatever, you saved and invested for 20 or 30 years, then you go back to Germany and you want to move the money back to Germany. Absolutely. We, we can assist with those.

>> Viktoria: Okay. All right. Okay. So just just the US was a bad example.

>> Adam: Yeah, the US is one country we can help, but in a limited way and fr. In general. and apart from the U.S. you know, just heavily sanctioned U.S. countries like you know, Iran and Cuba, those kind of countries. But apart from that. Okay, within reason, it does depend on the country and the product. But we're Relatively open.

Were you always interested in wealth management or did it lead you abroad

>> Viktoria: Okay, I want to ask you about your career path. Were you always in wealth management or was this like something that you thought of that can lead you to move abroad?

>> Adam: well here's the thing. So if we go all the way back to when I wasn't even working a university, I studied for one year at Manchester University where I studied a topic that sounds very interesting to a lot of people, which is finance and accounting. So I always had an interest in the financial side. But I did discover that the academic side of it really didn't interest me that much. Because you can imagine a university there might be certain modules that would interest me like the economics or the wealth management. But then like the accounting side it was very useful I think to get some of those concepts but it was really boring. So I actually changed what I studied. But it was always in the back of my mind. I always thought, well if I want to go into wealth management or banking or something like that, there's nothing to stop me. Because in the uk I think just like many countries you can apply for graduate schemes regardless of what you completed. Because one of my closer friends in the uk, he went on to become the counter based, studied psychology for example. So it was in the back of my mind even as a student that going into the financial arena was maybe something that would interest me. But then when I went out to China, I was very young in terms of I didn't really know what to do. My close friend was there, he was doing entrepreneurial activities like selling LED lights and so on. Getting visas was very easy at that time and so on and so forth. So to be honest, for the first like year and a half after say university I was doing various things. I didn't really know what to do with my life longer term. But when the opportunity came up and I saw one or two job ads for wealth marage, I thought well this has always been an interest for me going back to when I first decided to study at finance at university, even though I subsequently. So it kind of happened organically and it did happen very ah, quickly after I went overseas. But looking back, if I would have known what I would have known now, maybe I could have applied directly from the uk.

>> Viktoria: But you know, things happen, you never know those. This is something that you learn while you're alive I guess. Absolutely, yeah.

Why did you want to become self employed then? Well, uh,

and why did you wanted to become self employed then?

>> Adam: Well, in fairness that is something that's always interested me even from quite a young age, from the point of view that, you know, I think different people have different interests and different positives and negatives. And I was never particularly that good at kind of following hierarchies, and so on and so forth. And m. Beyond that, I think the number one thing I always wanted was a sense of personal freedom. And of course it's hard to be self employed and then subsequently start your own business. Being self employed is different to being employed and being self employed is different to starting your own business because ultimately being self employed is like a sole proprietorship, which is different to like, you know, hiring people and so on. But, I think the bottom line is I wanted to have control over my own income. And also I think one thing, I mean, I made so many mistakes, you know, as we all do, as a teenager in my 20s. But I think the one thing I did get right is I realized that actually in the scheme of things, it's not such a big risk, you know, in your 20s to like start something by yourself. You know, if the worst happens, you can just get another job. and I think I always knew that if I failed or it took me many years to succeed, it wasn't the end of the world. And you don't need as much money as well, when you'in you're trying to, especially the kinds of places I was living at that time, you didn't actually need that much money. So all these things led me to want to kind of not go down the employed route.

>> Viktoria: Okay.

Do you work on a set office or do you work remotely

And a question that is related to the self employment, is this now, do you work on a set office or do you work remotely and you could still move around if you wanted to?

>> Adam: I do work remotely. we have companies that, often for legal purposes, need to have some kind of registered office. But I do work remotely. And so like when Covid happened, I, was completely unaffected when I got stuck. So I've m. Been working remotely now for the full time. I've had my own business, which is over six years now. So yeah, definitely I could pack up and go tomorrow if I really wanted to. I would have to change the structure slightly maybe and you know, maybe, you know, close down a business or two or whatever. But absolutely, I work remotely. And I think that's one of the biggest things because also I wanted to diversify my revenue, be more global and so on. Because I did see several cases where some people were like, tied to a certain location. Especially in the niche market like expat investing. If something changes like the visas get more difficult for expats or whatever. That could really affect the business really. So one of the er, reasons I wanted a remote business is I wanted to have a global client base just to kind of managed to risk as well.

Do you work a lot with time differences then? Not too much

>> Viktoria: Okay, and do you work a lot with time differences then? Do you sou sometimes up at night?

>> Adam: Not too much. In fairness, in terms of when it comes to calls, it's just got to be arranged for like a time that sue everyone. Right?

>> Viktoria: Yeah.

>> Adam: When it comes to things like whatsapps and emails, you know, you just reply you know when you wake up. So it's much more workable than people think. I think it only doesn't work if people are highly reliant on being on calls, all the time. But obviously like with your team and it depends how you operate, if you are moapp a lot or an email a lot, of course the time difference, you're'really gon to notice it too much.

Dubai is a good place to live for people in certain times of life

>> Viktoria: Okay. And you said in the beginning you're in the Middle east, but where are you in the Middle east currently?

>> Adam: I'm in the uae.

>> Viktoria: okay. Are you in Dubai then?

>> Adam: That's right, yeah.

>> Viktoria: Okay. Okay. But I mean Dubai is I guess the expat, I don't know, paradise I guess. So many. That's what you hear.

>> Adam: Yeah, it's a good place to live for people in certain times of their life. But originally I wasn't going to move to Dubai originally I was going to go to the Caribbean. Like somewhere like the Cayman Islands or Bahamas that But the reason I came here was actually unexpected and that's that I realized that those Caribbean islands, even though they're rich and obviously they've got a lot of foreign workers and foreign entrepreneurs, they're still quite relaxed to scenes with how the government operates and so on. So for example, I was applying for a scheme to actually go to the CA/man and then suddenly the Cayman Islands government just changed the scheme and they didn't announce it online. And even when I called them, the worker didn't know that they, you know, closed down the scheme. Whereas somewhere like Dubai, I think similar to Singapore, it's quite efficient when it comes to getting things done like setting up companies, visas and so on. So I guess it depends what you're looking for because if you're remotely a business owner and you want a nice life, ah, then you know, the Caribbean can also work way well, but it's not efficient.

>> Viktoria: and how is it to set up the visa in Dubai for you being self employed.

>> Adam: It'S very easy in general in terms of you know, if you have your own business, you can actually spons to yourself quite easily.

>> Viktoria: And was it also in the beginning were you in Dubai the whole time? No, no.

>> Adam: I mean I've only came here relatively recently so.

>> Viktoria: Okay.

>> Adam: You know it does depend on the country. So for example Singapore and Hong Kong. It used to be easy, but now sponsoring yourself from certain NQM company isn't easy. I think the US is quite similar as well. It's easy to set up an llc, but that doesn't mean sponsoring yourself for a visa is easy. Yeahubai. It's still fairly open I would say as a location to sponsor yourself and come in and, and the business remotely as well. So it isn't just people like say for example for me I'm not focused on local business in the ua, it's just a global company. Rightkay same for many people like YouTubers and people like that. Dubai is a pretty good place from the point of view that you know, you don't need to even be focused on the local market to do business.

>> Viktoria: Okay.

>> Adam: You know, to do business in terms of opener business, I mean in the eua.

>> Viktoria: Right. And how big is your business?

>> Adam: Well we have, I mean if you include freelancers, we have more than 20 now. So we oay companies underneath us as well. So we also cooperate with companies around the world including ve got a few in Africa now as well who basically they're wealth management companies but they operate under our umbrella for some products as well.

>> Viktoria: okay. And was it always the plan to like be so fairly big? I mean you're a mid size company.

>> Adam: Not necessarily. I think at first, especially when I was self employed, I didn't necessarily think that that was going to be the case. But obviously over time you find different things, you know, to motivate yourself with and you kind of look for different ways to expand and so on. So yeah, it wasn't really the plan to begin with but you know it makes life more interesting as well because when you speak to partners in different parts of the world, you know, and their priorities, that's always very interesting as well. So especially what we're doing, you know, just global and remote, you know, you could be speaking to a partner in East Africa and then you know, a few hours later somebody in Latin America. And it's a very different vibe let's say. And what each client might want a Slightly different in different the world as well.

>> Viktoria: Right.

Peraps: Would you ever consider moving back to the uk

and can I also ask you, if you sometimes still go back to the uk?

>> Adam: I mean I do to visit. During COVID I visited as well, but during the early stages of COVID so in 2020 I visited twice, but then after that it was two years before I went back to the UK. But I tend to have like years where I might go back twice or so. And in times I have had times when I've been outside the UK for quite a while. So I had one, as I mentioned, for two years. I also had one period where, for two and a half years I hardly went. I think I had a couple of days there, ah, in two and a half years.

>> Viktoria: Sokay.

>> Adam: but yeah, I tried to get back when I ah. Cane.

>> Viktoria: Yeah. Your family still there?

>> Adam: The majority of them are, yeah. And that's really the only thing that keeps me going back. Peraps, when you go back as a tourist, especially when you've been outside as long as I have been, you do also find the good things as well as the bad things to enjoy.

>> Viktoria: Right. It's also, it's like kind of want to see something else too, isn't it? It's like, I'm just going here, it doesn't feel like vacation.

>> Adam: Yeah, that's right. Yeah, for sure. And then you can at least go to those restaurants or have the food that you really want to, have. but I have to say usually I'm glad to be out of the uk Once I've had that one or two weeks. Ah, that.

>> Viktoria: Okay, then you're done. Okay. And. But, was there, do you remember like, when the point was that you like, didn't miss certain things anymore?

>> Adam: In fairness, that hasn't changed that much in terms of. I've never missed a UK that much, but there's always been things maybe I'APPRECIATED about it. But I think for me actually, as I've been overseas for longer, I think I've started to appreciate a few more things about, the uk. But then by the same token, you get stronger in your beliefs in terms of also the bad things. Because when you're outside just for say six or 12 months, the first six or 12 months you might see positives or negatives, but when you've been outside for such a long time and then you see changes, when you go back, you might really see like the good and the bad sides much more. So I think, your mind at least this is what I'FOUND having been overseas for now, 30 and a half years, your mind starts to crystallize about the good and the bad things much more than when you've been m away for say, only say six months.

>> Viktoria: Yeah, for sure. But would you ever consider moving back to the uk?

>> Adam: We'll never say never, but it's not on the agenda at the moment from the point of view that, you know, the UK is not in a great state. Why? In fairness, I think most places in, in Europe, mainland and outside the mainland Europe is, you know, in general not in a great place at the moment. I think the people who go back then often are going back for the lifestyle and the, not necessarily the economy. But in my situation, going back to the uk you'd end up paying a lot more in taxes and then in addition that you're not getting the services either because like things like the healthcare, ah, are you know, at the moment a bit shambolic in the uk just like places in Europe. So like you're paying more but in many cases, like you're getting less, if that makes sense. And right now if you look at say, the news, there's a lot of people like there's 28,000 millionaires who have left the UK in the last five years. There's a big exodus. And I think that's one of the biggest reasons. And I don't think it's just the uk it's happening in Canada, is happening in mainland Europe, I think less so in the US maybe. But there is this feeling with the aging population. You know, we're paying more in tax, we're getting less, back. And that's a major driver for why many people are leaving as well.

>> Viktoria: Yes. And I guess like, Dubai then is a good place for that.

>> Adam: It is, but I think it does depend on your time in life because of course Dubai also isn't the cheapest place in the world. It's not worse than a place like London or York, New York or whatever. In fact, I would say it's probably cheaper than the major or biggest US cities. But it's not cheap at all. Yeah, expensive. sory. So, yeah, I was saying, yeah, if someone's income is high enough though, then absolutely. When you factor in the amount you could save on taxes. But then factor in things like insurance or school fees, the maths can work out very well. But in comparison, like some places, like I lived in Bulgaria for a year and Bulgaria in comparison has very low taxes, but a bit higher than Dubai, but very low. Lowest in the European Union. But the cost of living is very, very good in bulkaria. So it depends where you are because let's say you're at that stage of your life where you're making you know, good money. but you feel like somewhere like Dubai would be quite expensive. There are options as well where the, the cost of living is a bit lower but the taxes are still reasonable as well.

Dubai is a very convenient place, um, to live

>> Viktoria: And why did you choose Dubai then in the beginning in the first place? Where did you say like I gonna go to Dubai for my next stop?

>> Adam: Well originally I was going to go to the Caribbean but then the program closed down. but then I think that the reason I went to to buy in the end was I visited Dubai, an Alberu Dhabi tour three years ago and I did find that certain things were very good in terms of the service levels, the conveniencey English level and so on and so forth. So though m. It definitely wasn't my first choice. And by the way I might end up next year maybe or the year after going to the Caribbean. Still it's very much an open question. What I did feel though is if you're looking at the positives and negatives, Dubai is a very convenient place, to live. Everything about it can be convenient once you get used to it. whereas somewhere like the Caribbean for example, similar to like maybe living in Southern Europe, like an Ireland in Greece or something, it might be beautiful and relaxed but it's probably not going to be as convenient as someone might Dubai. So that's what it came down to really. I think it was convenience. And having visited before, I realized I could live here year for two or three years, no problem.

>> Viktoria: Okay. And but is there something that you don't get used to? I don't know, maybe the temperatures or.

>> Adam: U. In fairness that's been much better than I expected.

>> Viktoria: O that's good.

>> Adam: Ahead. Well that was one of the biggest things worrying me before coming I thought well you know, especially as a pet owner I thought you know, three to four, four and a half months, really really hot. And I'm not saying it is nice per se, but I would say one thing is you can adapt though. Well because of the air conditioning. So basically like If you don't need to be outside, you just change your lifestyle. There might be for example seven and a half months, eight months of the year where you're really happy, where it's absolutely beautiful, great climate. But then those mamps, where it's warmer, you know, you might Just not spend much time outside or you might, you know, just walk, you know, your dog or whatever early in the morning. So you just adapt. Or you might actually travel more in those mus as well. Like that's a good time to go back to Europe, right? Yeah, you're traveling because it's so hot. So the reality is you just adapt. Whereas in comparison, what I did find in the UK that started getting me down'something I didn't like also when I last visited. It does look a bit gloomy when it's m. Like dark and cold and whatever. what I do find about a hot place at least is when you open your blinds, regardless of where it's 25 degrees and beautiful and you want to go outside or it's 42 degrees and you want to just stay indoors when you see the sunshine all around you, it is good for your mood. I find, you just don't obviously go on long walks at 3pm and in the afternoon if you're living in the place which is 40 degr ###grees sometime in the year. But I guess some parts of the US are similar. I was just back from Las Vegas. In Las Vegas it's like 40 odd degrees for.

>> Viktoria: I feel we have also a similar climate. But I'm not like you. I say when it's hot in summer, we also have it then around 40. For me it's very depressing because I know the sun. So naturally, I want to go outside when I see it's a sunny day and whatever, everything is green. But then. And I know that you cannot go outside for longer than like a minute basically unless there's water. So it makes me really depressed. Like in summer I have like a good summer depression.

>> Adam: Well, for me, honestly the perfect climate would be something like Uganda. I went to Uganda, earlier this year. Uganda and Kenya. And apart from the far south of Uganda, Uganda or somewhere like Tenerife, you know, Tenerife is of course far into Africa. Even though it belongs to Spain. Tenerife M is relatively similar to like a Uganda where you know, 28 degrees all year round. At least some Partanda ant. Tenerife, that would be perfect. But for me, if you put a gun to my head and he said, well, the cold or the hot, I would still take the heat over the cold. Even though I don't like 40 OD degrees, I would still take it over the cold. anyway, so yeah, having said that though, what is true is I think in some of These very hot places, people don't have kids and they don't have a dog. If they've got a business like me, which doesn't rely on being physically in the country, people go out for those months. So for me, for example, if I didn't have a dog, I would probably spend three or four months somewhere else. M. Even next year I'm going to try imposs possible to make sure more of my trips that I need to do are in the summer months.

>> Viktoria: So yeah, for sure.

>> Adam: that makes a big difference. Whereas now it's almost like a waste when it's so glorious outside to. To leave.

>> Viktoria: Exactly. No, now it's nice. It's like a really nice and sunny winter, and warm. Consider it to other in Europe. but in summer it's like o. It's hard. But we do the same. We go travel in summer and then we go to Europe where it's then re nice when it's. The weather's just like now in December.

>> Adam: Comparatively. Ye.

>> Viktoria: Yeah, yeah, exactly.

>> Viktoria: Comparatively, yes. Just like. Also like, back to your work.

There are a few countries where getting money out can be a bit difficult

how would you tell like, just like somebody, to transfer money easily. What's the easiest way?

>> Adam: Just like money transfer or like both?

>> Viktoria: I. Both. Let's do both.

>> Adam: If it's money transfer in general. Now in most countries it is easy because you have things like wise and revolutes and those kind of banks can mean you can avoid big foreign exchange transaction fees. So if you're living in the US for example, and you want sell money to Germany, using something like that would be.

>> Viktoria: Yeah, I do, I do. And I can recommend it to the listeners too.

>> Adam: Absolutely. That's the most convenient thing. What you will find is there are a few countries where getting money out can be a bit difficult. So for example, we help people get money out of China. China is a bit more difficult if you're an expat. theoretically you can't move all the money you earn outside of China. But in practice it's not always as easy as people say. So we have some solutions where they can pay with a Chinese credit or debit card for investment amounts. and we've got some agreements to help people who are in various African countries where sometimes it's not easy to get money out. But in most developed Western countries there are not any major restrictions in terms of like the UK similar to the US of course, you're not allowed to illegally evade taxes, but there's nothing legally stopping you, you know, as an American resident from sending even you billions of dollars, if you had billions of dollars to Germany or any country in the world.

>> Adam: Everything is legal, there's no capital controls or capital restrictions. whereas in some countries there are. So for example for Chinese nationals, not Chinese expats, they've got 50,000, approximately US$50,000 per year they can send out to the country.

>> Viktoria: But you can look okay, when it.

>> Adam: Comes to investment accounts, it's very similar in terms of what we do is typically offshore, which just means that it's outside of your country of residence. So when people think of offshore, they think unfortunately there's still some people who think it's all kind of dodgy and some islands in the Caribbean. But offshore and reality could mean Luxembour or Switzerland or it just means investing outside of your country of residence. So for example, if you're a European expat living in China or Japan, and you're going to go back to Europe, more than likely you're probably going to want to invest in an investment brokerage that's based in say Luxembourg versus in Japan. Right? Because it makes sense because it's zero percent tax for non residents in certain cases. In other words, there's no withholding tax from their side. There might be some taxes locally, sometimes you have to pay. Like if you're living in Japan for example, you make a capital gains. But what I mean is Luxembourg or Switzerland, they don't charge on their side for non resident. Whereas the US does sometimes charge on certain assets like withholding tax and so on. And then one day they're going to come back to Europe approprably or wherever they're going to be. So we typically help them invest outside of their country of residence. There are exceptions to that, but in general that's what we do because that means everything is portable as well. So if they move from country to country, we can help them with that. But obviously that means they have to move their money to that investment vehicle, which means using WYISE or Revolute or whatever vehicle they have available to them or just a normal bank transfer. because of course if they've got a US dollar bank account and they live in wherever they live, Thailand or Japan or wherever, then of course they can just send by US dollars as well internationally.

>> Viktoria: O and do you also give advice to how to buy property?

>> Adam: It's a site service we have, but it's not our main focus. So we do help with things like second residencies and property. Sometimes the two things go together because some of our clients want a golden visa. They want to say, make an investment in a Caribbean country or Dubai or whatever and get a visa in return for that. But it's not our main focus. But we do have properties available for expp living overseas that could be properties in the uk, Germany and beyond us, in some cases land as well. And basically we ah, have contacts that can make the whole process easy. Because if you're living overseas, it's not going to be easy, obviously to fly back and find tenants and, you know, break, you know, let's say there's a broken leak up here or whatever. That's not going to be easy. Right. So often we can help with like a whole 360 degree service where it's all outsourced. So it's very simple for you as well.

Adam Fire: Hopefully we can offer that to your listeners as well

>> Viktoria: Okay. All right. I guess we're coming to an end, but I want to ask you, if you, want to add something that I didn't ask you.

>> Adam: Not really. Just a quick one. Obviously, if any of your listeners want to reach out to me where it's on LinkedIn or my website. More than happy to hear from you, of course. And if any of your listeners have any questions, I'm more than happy to, you know, also hear from you. Maybe just one last thing. We are going to be bringing out some new investments, next year for our partners and we will work on a referral code where we can give the referral code to you and some of your listeners could get a discount. Potentially it's not 100%. sure, but probably in January we'll be able to, you know, do that when this episode will probably be ed. So hopefully we can offer that to your listeners as well.

>> Viktoria: Yes. and I just want to add to that that you will find all the information to this in the show notes. So there will be a link so you can just click on it and say your website one more time.

>> Adam: Yes, so my website is Adamfire.com do. That's ADAMFAYED .com You can also find me there on LinkedIn. And on my website there's a contact me section where you can find my WhatsApp and so on and so forth as well.

Adam Fayed recommends Expat Focus for wealth management for your finances

>> Viktoria: All right, great. All right, thank you so much.

>> Adam: Thanks for having me.

>> Viktoria: Yeah, of course.

>> Viktoria: That was Adam. Check out his website, AdamFet.com for all information, wealth management for your finances, and I will also put another link in the show. notes about him from Expt Focus. If you haven't heard of Expt Focus, they're introducing a bunch of expats there. So click on it and you will see a picture of him and, like, a lot more about him. Yeah. And everything is in the show notes. Always everything's in the show notes. yeah. And that was it from this week. And I hope you tune in again for another episode next week, every Thursday until then. I hope you have a great week. I will see you soon.

>> Viktoria: Bye.