Wednesday, 30 November 2016

Ten Top Financial Tips for Expats in China

1. Save 10% of your income
On an expat package it’s easy to spend all of your disposable income. Set up a savings account and direct 10% of your income before you spend it.

2. Keep updated with your pension(s)
When you’re far away from home you can lose track of your pensions. A suitably qualified financial adviser based in China can obtain up-to-date valuations on your behalf.

3. Explore international opportunities
When you are away from home, be aware that you have a wealth of global opportunities before you

4. Plan ahead for your children’s education
Many people under-estimate the cost of their children’s education. Children educated in International Schools will often choose to attend international universities. In addition, global education costs are inflating at around 7.5%. Set aside sufficient funds to cover your children’s future.

5. Consolidate your assets
Expats typically leave assets in several countries. Consolidate these so they are accessible to your loved ones in the event of something unexpected happening to you.

6. Review your will
What was appropriate at home may not be valid in China. Review your will with an expert in international law.

7. Don’t let RMB accumulate
Officially, RMB in Chinese banks is owned by the Chinese Government! Many banks place restrictions on the amount of RMB that can be taken out of the country in a year. Regularly transfer RMB into a currency that is matched to your long-term planning.

8. Open an offshore bank account
An offshore bank account offers many advantages to expats, including easy access to your money as you move around China and Asia

9. Plan both medium and long-term
The glamour and excitement of expat life offers immediate gratification. However, expat life also offers medium and long-term windows of opportunity. Whilst these might not be glamorous, don’t go home with nothing more than memories.

10. Consult a specialized financial adviser
Expats face a world of opportunities ranging from tax optimization to international planning. A good adviser will be aware of all your options, as well as the longer-term picture, including what happens when you return home or move to another location.

This guest post by:

Howard Whiteson
Senior Wealth Manager, DeVere Group

For complimentary initial planning contact Howard:
+86 156 9214 1599

If you are an expat or international parent looking to send your child to school in the UK, consider our digital guide on the UK Education System:

Our online store has guides on all areas of UK Education including financial aid, interview preparation and questions to ask on a school visit.


We offer a wide range of services and expert advice on your child's education.
Email or contact Claire on 01865 522066 for an informal discussion on how we can help.
For more information visit

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