Posted on: 25th November 2024

How Financial Advice Can Maximise Wealth For HNWIs In Asia

According to the latest figures, the Asia-Pacific region is home to 6.9 million high-net-worth individuals with a combined wealth of $24 trillion.

There's no doubt that Asia holds incredible potential for those who live and work in the region. But as with all things that are important in life, sometimes expert input is needed to get you to where you want to be, especially when it comes to your finances.

Holborn Assets is a global financial advisory firm. Keep reading to discover how financial advice can be instrumental in the success of high-net-worth individuals living in Asia.

Help With Creating A Financial Plan

When you join a gym, you might work with a fitness coach so that the exercises you do target the right areas. Likewise, when you go abroad, you'll spend time choosing where to stay and what activities you want to do so that you get the most out of your trip.

Your finances should also be subject to the same level of planning, especially when they determine your standard of living, not just for you but also for any future dependants.

Professional input can be invaluable if you need advice on how to start financial planning or improve an existing plan. Specifically, in protecting your wealth as well as growing it over the longer term.

According to Statista , the Asia-Pacific region is the world's largest consumer of luxury brands. So, similar to a beautiful piece of couture, a financial plan is meticulously tailored to fit you as an individual in terms of your needs and overall goals.

Efficient Tax Planning

Asia isn't just a melting pot of culture, opportunity, and tax structures!

For instance, Hong Kong is widely regarded as a tax haven as income tax is not based on an individual's tax income. In contrast, Thailand has a double taxation agreement with the UK, although it has progressive tax rates of up to 35%.

Wherever you're based in Asia, it's impossible to maximise your wealth if you aren't handling your taxes efficiently. Many aspects may need expert input, including capital gains tax or double taxation agreements —plus managing tax liabilities when relocating or sending wealth abroad.

At Holborn Assets, our financial advisers also specialise in expat financial advice, meaning we've always got you covered for every scenario.

Exploring New Investment Strategies

It's common knowledge that keeping money locked away in a bank isn't the best way to help it grow. Instead, investing puts your money to work so that at some time in the future, you'll be able to reap the rewards.

HNWIs living in Asia can benefit from investment guidance, especially when it comes to spreading risk across different asset classes. These can include the likes of bonds, equities, hedge funds and real estate.

In Southeast Asia, inflation rates can vary dramatically . As a result, HNWIs may need advanced strategies to protect their wealth and assets.

Ultimately, what financial advice aims to do in all of these scenarios and others that may apply to you personally is to show you your options. This can often include exploring new avenues for your investment portfolio to help you diversify and build wealth.

Generational Wealth Transfer

If we consider the motives behind why someone would want to maximise their wealth, often the reason isn't just to help themselves but also to set up a better life for future generations.

At Holborn Assets, we provide a dedicated service for wealth management for families .

Aimed at high-net-worth families, generational wealth transfer can cover aspects such as wealth preservation and enhancement, estate planning and tax efficiency.

Even if you are not yet at the stage where you have any dependents, financial planning can look to ensure your wealth is protected should your financial situation change in the future.

Our Financial Planning Services - Discover Our Locations In Asia

Holborn Assets is proud to have a global presence, with several offices located across Asia.

Some of our key financial services include:

• Asset and portfolio management

• British National Overseas (BNO) Visa

• Citizenship by investment

• Corporate solutions

• Currency exchange

• Education planning

• Estate planning

• Financial advice

• Insurance

• Investments

• Mortgages

• Pensions

• Property investments

• Retirement planning

• Succession planning

• Tax planning

Our financial advisers can offer you advice as a HNWI individual living or working in Asia, including as an expat.

Hong Kong

Where to find us: Lippo Centre, Unit 1706, 17/F, Tower 2, 89 Queensway, Admiralty, Hong Kong

Malaysia

Where to find us: Level 21-10, Q Sentral, 2A, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, 50470 Kuala Lumpur, Malaysia

Thailand

Where to find us: Suite 115, 20th Floor, UBCII Building, 591 Sukhumvit Rd, Klongton, Watthana, Bangkok 10110, Thailand

Vietnam

Where to find us: Bitexco Financial Tower, Đ. Hải Triều/2 Ward, Bến Nghé, Quận 1, Hồ Chí Minh, Vietnam

Financial Advice In Asia FAQs

As a HNWI living in Asia, you may have lots of questions about getting financial advice. We've answered some top queries below.

For anything else, please reach out to our team for further assistance.

What Are The Tax Implications Of Relocating Within Asia?

Tax implications can become complex when you move abroad, including as a UK expat looking to relocate to Asia.

Depending on which country you move to, you may encounter challenges such as the UK Statutory Residence Test (SRT) or The Common Reporting Standard (CRS).

It's not possible to know what implications may apply without understanding your unique circumstances. However, when we receive this information, our financial advisers can guide you on the most strategic way forward.

Get started today with our UK Expat Tax Planning Tool .

What Do Wealth Managers Do?

Wealth managers provide high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) with a range of services to protect and grow wealth.

Some of the key areas where wealth managers can assist you include investments, financial planning, tax planning, estate planning, wealth transfer and risk management.

Overall, a wealth manager is there to offer insightful advice so that you can make the best decisions for your financial health. The wealth management strategies will be fully tailored to your financial goals in relation to your current position.

Can You Help Me With A BNO Application?

Absolutely! If you are considering moving to the UK from Hong Kong and meet the eligibility criteria, then you may be able to apply for a British National Overseas (BNO) visa.

Head over to our BNO visa page to learn more and download our free guide. Alternatively, get in touch with our financial advisers using the contact form below for further information.

Why Is Expat Financial Advice Important If I Move To Asia?

Our financial planners are there to guide all HWNIs on the way to long-term financial success.

However, UK expats living in Asia may require additional help to ensure they can both build and protect their wealth while living abroad. This is due to the differing tax laws and customs which apply.

In addition, there are varying currencies and market conditions, which can be challenging to navigate without expert insights.

Conclusion

Accessing financial advice regularly from a qualified expert can help set you up for success in Asia. Whether you are searching for new investment strategies or want to improve your tax efficiency, our financial planners in Asia are best placed to help you reach your goals.

Get Financial Advice In Asia From The Experts At Holborn Assets

As noted above, we have offices in key locations, including Hong Kong, Malaysia, Thailand and Vietnam. Discover your nearest Holborn Assets location to find out more.

If you have any questions please enter your details into our contact form , and our team will be in touch.