The Top Factors To Consider When A Client Plans To Move Abroad, With Ashley Murphy
Cross-border planner Ashley Murphy explains why advisors should first decide whether they can keep serving a client who moves abroad, covering foreign regulators, custodians, tax traps and insurance gaps.
The gist
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Murphy groups moves into temporary, domicile uncertain, and permanent, and says short-term movers should usually keep their investments in the US.
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Murphy says serving clients abroad can draw foreign regulators; he affiliates with an Australian license holder, where compliance takes hours per week.
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He warns of tax traps like PFIC rules on foreign funds and US citizenship-based taxation, which hurts Americans saving into foreign retirement plans.
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Murphy suggests planning at least 3 years before a move, using Baker McKenzie's compliance resource with AI research, and defining your ideal client.
"When you get into country-specific research, there's a great resource actually that I could recommend from the compliance point of view. The best we found is one from Baker McKenzie. So they've got a global resource on financial compliance. So I think using that in conjunction..."
▶ Play at 25:10What they recommend · 1 pick
"When you get into country-specific research, there's a great resource actually that I could recommend from the compliance point of view. The best we found is one from Baker McKe..."
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