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Retirement planning in the Western world is mostly based on a three pillar system made up of your government pension, your corporate pensions and personal savings. By maximizing all three of these vehicles, you can live a fruitful life in retirement. Your US government pension also known as social security covers not only retirement but disability income and death benefit. Even to expatriates and non-citizens that have worked in the US system for as little as two days. You would need to be in a special situation of being a high earner for the last day of one year and first day of the next year to get benefits in only two day. While most are under the perception that you need 40 credits to receive Social Security benefits in the US, European countries have reciprocal agreements to receive benefits with as little as 6 credits. It is also important to know that you do not have to be a US citizen to receive Social Security benefits. You should always apply at least four months prior to receiving benefits. We are lucky to have a team in Dublin that supports European residents in our special situations and you can find their contact details here . And if you're an American Expat and you have received benefits from another social security system, the Windfall Elimination provision will most likely decrease your US Social Security benefit. The social security website has a great factsheet . Look at the WEP chart to see how WEP affects Social Security benefits, WEP Online Calculator , or download the Detailed Calculator if you would like to calculate your full benefits. While the Social Security administration is trying to streamline benefits to be accessed online, regretfully, they aren't available in this format for citizens in most European countries. Therefore, you can request your current statement by using form 7004 . For charts and calculators, please see ssa.gov . Don't hesitate contacting us if you have any questions, one of our qualified advisors will assist you. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

If you're a US citizen or US expat, the sheer number of retirement and savings options out there can be overwhelming at times. With members of the public vying for each side as the one stop solution. However as we discuss below, each of these retirement vehicles have their own benefits and drawbacks associated and sometimes may not be the best options available. What is a 401(k)? A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their pay check before taxes are taken out. Taxes aren’t paid until the money is withdrawn from the account. While a 401(k)can help you save, it has plenty of restrictions and caveats. In most cases, you can’t tap into your employer’s contributions immediately. Vesting is the amount of time you must work for your company before gaining access to its payments to your 401(k). (Your payments, on the other hand, vest immediately.) It is an insurance against employees leaving early. On top of that, there are complex rules about when you can withdraw your money and costly penalties for pulling funds out before retirement age. Who is eligible for a 401(k)? You must be 21 years of age You must be a full-time employee, who has served up to a year of service. If you meet this criteria, your employer must allow you to participate in a company-matching qualified retirement plan. Not all employers make employees wait a full year before enrolling (the longest allowable time by law). What are 401(k) contribution limits? 401(k) contributions offer more fiscal freedom than an IRA. The IRS updated the contribution limits for 401(k) plans in 2024, increasing the employee contribution from $22,500 to $23,000. Other important increases that went into effect for 2024: The additional catch-up contribution rose to $7,500. 401(k) distributions tax Contributions to a 401(k) are pre-tax, which means you don't pay taxes until you withdraw money from the plan. This may be attractive for those who expect to be in a lower tax bracket during retirement than during their working years. In addition, your contributions have the potential to grow on a tax-deferred basis. As with IRAs, non qualified withdrawals from a 401(k) before the age of 59½ are subject to a 10% Federal income tax penalty, unless a qualified exception applies. Some employers may also offer a Roth 401(k) option, which allows workers to make Roth IRA-type contributions to their 401(k) plan without the income restrictions and lower contribution limits that apply to Roth IRAs. The contribution limits are the same as for traditional 401(k)s, but salary deferrals to Roth 401(k)s are not tax deductible. Qualified distributions are tax free. #401kPlans #RetirementPlans #TraditionalIRA #RothIRA #USPension DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

Most first-time homebuyers in the US use a mortgage to finance their home purchase. In fact, only 30 percent of U.S. home purchases in 2021 were paid entirely with cash. But understanding how mortgages work and what type will work best for you can be challenging. What’s a Mortgage? Put simply, a mortgage is a type of loan used to finance your home purchase. When you obtain a mortgage loan from a lender, they cover the cost of the home upfront to make up the difference between the sale price and your down payment. You must then pay the lender back in small increments over the loan’s term—usually 15 or 30 years. Your monthly mortgage payment doesn’t just go toward the loan’s principal—you’re paying for other expenses as well. The Anatomy of a Conventional Mortgage Payment Can Your Mortgage Payment Change? How consistent your payment remains over the loan’s term is primarily determined by the mortgage rate you choose. If you get a fixed-rate mortgage, then the loan term and interest rate will remain consistent unless you refinance. This means that you may only see payment fluctuations due to changes in property tax rates, homeowners insurance rates, and PMI. If you get an adjustable-rate mortgage, you may see more substantial fluctuations after the first few years of your loan’s term, as the interest rate changes with the markets (typically every six months to a year). You should carefully review the loan terms to see how far up the interest rate can go, since this can substantially change the cost of your mortgage over time. Conventional Loan Jumbo Loan FHA Loan VA Loan Conventional loans follow standards put in place by Fannie Mae and Freddie Mac, the federally backed mortgage companies that set underwriting guidelines for home loans. Conventional loans are lower cost but have a higher barrier of entry than some other kinds of loans Because jumbo loans exceed FHFA borrowing limits, they’re a great option for buyers searching for a home in a high-price market. Since these loans are high risk for the lender, they have more stringent qualifications than other types of loans. FHA loans are insured by the U.S. Federal Housing Administration. They’re designed to help buyers who don’t qualify for a conventional or jumbo loan, so their requirements are more lenient. VA loans are backed by the U.S. Department of Veterans Affairs and are intended for members of the military, veterans, and their surviving spouses that meet the minimum active service requirement detailed on the VA website. Down Payment: Minimum 3% down Down Payment: 5–20% down, depending on the lender Down Payment: Minimum 3.5% down Down Payment: No minimum PMI: Applied if down payment is less than 20% PMI: Applied if down payment is less than 20% PMI: None, but buyers must pay an Upfront Mortgage Insurance Premium (MIP) at closing and an Annual MIP for either 11 years or throughout the loan’s lifetime PMI: None, but must pay a funding fee at closing, or roll into the loan Credit Score: 620 minimum Credit Score: 680 minimum, with some lenders requiring 720 or more Credit Score: 580 minimum for maximum financing, but can be 500 to access loans that finance 90% of the home’s value Credit Score: No minimum DTI Ratio: 50% or lower DTI Ratio: Varies, but generally 40% or lower DTI Ratio: 43% or lower DTI Ratio: 41% or lower, but may be waived if other aspects of borrowing history are strong Conventional loans follow borrowing limits set by the Federal Housing Finance Agency (FHFA) standards. You can find the most recent limits on the Federal Housing Finance Agency website Jumbo loan borrowing limits vary by lender. The borrowing limits for FHA loans follow FHFA standards. The borrowing limits for VA loans follow FHFA standards. No matter which mortgage type sounds best at first glance, you must evaluate your full financial picture before looking at houses or pursuing financing. That means understanding your income, credit score, debt levels, and—most importantly—how a home will further your overall financial goals. Get in touch with our expert advisors to see how they help you navigate the landscape. #FinancialPlanning #RealEstate #Mortgages #HomePurchase DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

“Banking establishments are more dangerous than standing armies” - Thomas Jefferson One of the most important considerations as you plan your move overseas is banking. Should you open new bank accounts abroad? If so, how easy is it to do? What about your American accounts: should you keep them open, or would it be more beneficial to close them? It’s right to ask these questions while planning your move abroad, as in some cases the decisions you make can result in paying more or less tax after you move. With the right advice though, it’s straightforward to make decisions in your best interest. In this article, you’ll learn about: • Should you keep your US bank account when moving abroad? • Should expats open a foreign bank account? • How can expats open a foreign bank account? • Should expats consider a fintech (online-only) bank account? Should you keep your US bank account when moving abroad? When moving abroad, most expats wonder whether it’s worth keeping their bank accounts open back in the states. The main advantages of doing so are that it helps you to maintain your US credit score, it allows you to pay US bills and make transfers to other US bank accounts easily, and it allows you to receive payments from other US accounts without paying bank or currency conversion fees. If your stateside bank won't permit you to use a foreign address on your account, you can use credit unions such as the State Department Federal Credit Union (SDFCU) through organizations like American Citizens Abroad (ACA) to open an account. Having an active American bank account also gives you access to products and services that are only available in the US. Some products are available in the US before the rest of the world, too - such as new iPhones, for example! It often depends on how long you’re moving abroad for, though. If you know that you’ll be back in a year or two, then keeping your US accounts active will save you the hassle of opening new ones when you return. On the other hand, one possible scenario when keeping your US bank accounts active while abroad is that you may still pay state income taxes if the accounts are located in a state such as New York, California, South Carolina, Virginia, and New Mexico. Some expats in fact choose to relocate to a low or no-tax state before moving abroad, so as to be able to keep their US financial accounts without paying state taxes when they move abroad. You might also consider changing your US bank to one that charges less to withdraw and transfer money internationally. Chase Bank is one example of a global banks that caters to expats, and so is worth considering in this respect, in addition to the aforementioned option of opening an account with the SDFCU through the ACA. Citibank also reimburses you for charges incurred when using ATMs out of their network overseas. Should expats open a foreign bank account? Whether expats should open a bank account in the country they’re moving to depends on your circumstances, but if you’ll be based in a single place abroad for a considerable length of time, then you’ll probably need to. If you are going to be working for a foreign employer, or starting a business abroad, a foreign bank account is essential. Furthermore, many basic everyday necessities of living abroad will necessitate having a foreign account, such as renting or buying a home, or paying bills and for services. Having a foreign bank account also means you won’t be charged every time you use your bank card, including fees and currency conversion costs. Many American banks charge fees between 3-5% for each purchase made overseas, for example. How can expats open a foreign bank account? While the rules and requirements vary depending on which country you’re in, more often than not banks abroad are looking for the same information as an American bank. So to open an account as an expat, most foreign banks will want to see proof of ID, such as a driver’s license or passport, and proof of a permanent local address. Some may also ask to see proof of your income, or a local tax identification number. As an example; if you’re an expat living in Seoul and you’re opening a South Korean bank account, you’ll need your passport, your visa, your Alien Registration card, a copy of your address in English and Korean, a certificate of employment and a Korean phone number. While not every country has requirements as stringent as this, the point is that you should always do your research and gather what you need beforehand. Some banks let you open your account online without the need to go to a branch. You can normally check the bank’s requirements on their website. FBAR and FATCA . FBAR and FATCA are reporting requirements for Americans with overseas accounts. Whether you have to file these forms from abroad with your US tax return is based on whether the combined values of all of your non-US financial accounts exceeds the minimum reporting thresholds at any time during a year, which start at $10,000 for FBAR filing. This doesn’t mean having to pay US tax on your overseas bank balances, it’s just a reporting obligation, but an important one to be aware of! Should expats consider a fintech (online-only) bank account? While traditional banks offer a myriad of account types and services, another option for expats is a fintech bank account. Opening an account with a fintech company is often quicker and easier than a traditional retail bank, and the process normally involves just uploading some photos of your ID and other documents in a mobile app. You may also have to go through an identification process where you need to show an ID or passport over live video. Alternatively, some companies ask you to take a selfie in their app to verify that you are the same person as the ID you provide. Two of the most popular fintech banks for expats in Europe are Revolut and Wise . Wise offers international money transfers at an extremely discounted rate compared with traditional banks. Expats often wonder whether fintech banking is as secure as traditional banking. In fact, fintech companies have some of the best security available, by necessity to generate customer trust, and account balances are often guaranteed by local governments if the bank fails for any reason, similarly to traditional banks. Fintech banks are also proponents of enhanced security measures such as two-factor authentication and biometric identification. Another useful security feature that they offer is the ability to turn off your card instantly in the app, in case it’s lost or stolen. Of course, one drawback of using a fintech is that these institutions are not banks, and so while great for sending/receiving funds, those funds would not be protected in the case of bankruptcy. Summary Whether or not you keep your account in the US open depends on a range of factors, including whether you expect to return to live in the US (and, if so, when), whether you’ll be visiting regularly, what state you live in (and so whether having an account could mean paying state taxes from abroad), and whether you’ll need to receive money or pay bills in the US. Whether you keep your US account or not, most expats will also need to open a bank account abroad, either for living expenses or to receive overseas income. Whether you choose a traditional or fintech bank for your overseas banking will depend on your requirements. Many expats choose to use a fintech provider when they first arrive, due to the ease of opening them, then they open an account at a traditional bank later on when they need to access other traditional banking services, such as credit, insurance and mortgages, all three of which often serve a crucial function of helping to minimize costs while building your life in your new host country. Opening a bank account abroad can trigger FBAR and FATCA reporting in the US, however your accountant will be able to take care of these requirements for you along with your tax return. Your financial advisor can help you plan your banking, based on your situation. #Banking #FinancialPlanning #FinancialAdvisor #Expats #FinancialDecisions DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

“The benefits from a world currency would be enormous.” - Robert Mundell Until then though, both when and after moving abroad, most expats need to send money between the US to their new home country from time to time. Transferring money internationally the right way will save you a whole load of time, money, and hassle. What exactly the right way is depends on a variety of factors, including where in the world you are, how regularly you need to transfer, currency movements, and how much money you’re moving. Sending money abroad doesn’t have to be difficult or expensive though. In today’s interconnected world, and with new fintech options springing up all the time, sending money internationally has never been easier. In this article, you’ll learn about: • Considerations when transferring money internationally as an expat • Options for transferring money internationally as an expat • Tax considerations when transferring money internationally Considerations when transferring money internationally as an expat Before deciding on the best way to transfer internationally, it benefits expats to research a several key considerations: Cost The first and often the most important consideration when transferring money internationally is the cost. Depending on how you send the funds, different types of fees may be applied. The most common type of fee is a transaction fee, which is sometimes a fixed price and sometimes applied as a percentage. Transaction fees may be charged by both the sending and receiving institution. Most financial transfer firms, including banks, also charge what are called margin fees or the spread, which means that the currency exchange rate that they offer is higher than the interbank exchange rate. The interbank rate is the exchange rate that banks charge each other for the large or bulk exchange transactions that they do every day. This essentially means that they offer you a higher exchange rate compared to the nominal currency exchange rate. Expats may also be charged ACH (automated clearing house) or wire processing fees, depending on how they are transferring. The best way to ascertain the best rate of an international money transfer is to compare providers according to the total amount of target currency you’ll receive after all fees. This final figure is what you should use to compare different transfer providers to find the best deal. Security No matter which financial institution you choose to transfer with, they should be able to deliver your funds abroad securely. Sending money internationally is heavily regulated by governments around the world, so as long as your provider is recognized and regulated by an official national authority, security shouldn’t be a concern. It’s also worth checking out online reviews to get an idea of customer satisfaction levels. Speed Speed is another important factor, as nobody wants their funds tied up for days, or even sometimes weeks, in transit. To avoid this, always ask in advance how long the transfer will take. Depending on where you are in the world, international transfers should typically take between a few hours and up to several days at most. Convenience Most banks and other transfer solutions have apps now which, once you’ve added payees, can make international transfers incredibly quick and easy. The ability to trace transfers is another important consideration, for instance in the event that they haven’t arrived when expected. Options when transferring money internationally as an expat Some of the most common ways to transfer money internationally are as follows: • Expats can withdraw cash using their US bank cards at foreign ATMs, or spend using their US bank card abroad. While this is an easy option for getting money quickly abroad, for ATM withdrawals, both the US bank and the foreign ATM typically charge a percentage or a fixed fee, so, it can end up being the most expensive way to transfer funds abroad, particularly for small amounts. • Another option is a US bank to foreign bank money wire. While this avoids ATM fees, it incurs transaction and margin fees (or spread), typically up to $35 for the transaction and up to 5% processing fee, so while easy to arrange (normally in your US bank’s online service or app), it’s a relatively expensive option. International money wires normally take 3-5 working days too, so they aren’t the quickest option either. • Western Union is a popular, long-established service provider for sending money internationally. Western Union lets expats send and receive funds more or less anywhere in the world using a US bank card, receiving the funds either into a bank account, or you can collect cash, at a preferable cost compared to international bank transfers. • PayPal offers international money transfers, and is an easy and quick option, but also expensive. Paypal charges a small (max $5) transaction fee, and then between 3.5% and 5% of the balance transferred. • When transferring a larger amount, for example if you’re buying a car or house abroad, expats should look to currency brokers . Brokers offer great currency exchange rates, and they allow you to lock in an exchange rate in advance, protecting your costs against currency fluctuations. By purchasing foreign currencies in bulk, these companies have the ability to sell at much lower rates than other services. • Fintech online providers, such as Revolut and Wise are relatively new options, but among the best for international transfers. Not only are their rates and fees considerably lower than banks, they also send funds quickly and you can arrange and track transfers in an app. They also offer the ability to schedule regular payments. Tax considerations when transferring money internationally Having a bank account overseas also doesn’t in itself incur US taxes or penalties, but it can lead to having to file US reporting forms under FBAR and FATCA rules. This reporting allows the government to know where Americans’ funds are, which in turn helps the IRS prevent international money laundering. There are no taxes on international transfers, although note that the US taxes all American citizens’ global income, as do many other countries once you’re a resident there, so transferring money internationally can alert foreign governments about your income. Always check the rules and seek advice to ensure you’re keeping up with your filing obligations. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

"In investing, what is comfortable is rarely profitable." — Robert Arnott One of the most important financial planning considerations you should address when moving abroad is whether to keep hold of your current investments, investment manager, and retirement plans. In this article, we’ll look at the factors that should influence your decision-making, including which country you’re moving to, and your longer-term plans and financial goals. You should also consider how your estate planning will be affected. There’s no substitute for expert advice though, so it’s always worth consulting a financial advisor who is experienced working with Americans living in the country you’ll be moving to. In this article, you’ll learn about: • Should you keep your current investments and asset manager? • Should you keep your current retirement plans? • Tax considerations in the country you’re moving to • Considerations if you’re moving abroad temporarily Should you keep your current investments and investment manager? Whether you decide to keep your current investments and investment manager is a personal choice, but here are some factors that you should take into account. The main disadvantage to keeping your US investment manager is that they probably won’t have experience working with international clients and the intricacies of cross-border financial planning and investing. The choice may in fact be taken out of your hands, in the sense that you will need to check whether your current investment manager will want (or be able) to continue working with you now that you are moving to a new country, as not all advisors want to manage foreign residents due to the added complexity. The idea of finding a trustworthy expat-specialist financial advisor may be daunting, however it doesn’t have to be. Do some research, find some options, check out their reviews, ask around other expats, and then book a conversation to see how they would help, and you’ll soon get a good idea who you like and trust. If you’re only moving abroad temporarily, such as for a one-year work placement, it sometimes makes sense to leave your investments and manager in place. Conversely, if you are planning to live abroad for longer, it normally makes sense to transfer your investments to an expat financial planning specialist. The US has some of the lowest investment costs in the world, and you can still keep your current investments in the US when you move abroad (although you might change how and what you trade in depending on the country you reside in), so it doesn’t matter where in the world your new advisor is based as long as they are experienced and knowledgeable about working with expats in your country, the ideal being to find someone who is licensed to invest in both places. Should you keep your current retirement plans? If you have US retirement accounts such as IRAs and 401(k) plans, you have several options when you move abroad. Do nothing The first option is to do nothing and leave your US retirement accounts as they are. This may not be possible though, as some providers, particularly IRA providers, won’t let you keep your US plan when you move abroad and stop contributing. Again though, if you’re moving abroad temporarily, this option, if possible, is worth considering. One downside is that if you retire in another country, the tax benefits won’t apply there. This depends on the details of the tax treaty the US has with the country where you retire. There is also a currency risk involved, if the dollar weakens against the currency in the country when you retire when you’re drawing distributions. Move to a different US retirement account This can be a good option if you aren’t able to keep your current retirement plan when you move abroad, as the provider won’t let you, such as moving a 401(k) plan to an IRA plan. The same issues apply though, in terms of currency risk and possible taxation abroad. Cash them in early Another option is to withdraw and distribute your retirement funds early, at the time that you move abroad. This frees up your funds, however the disadvantages are losing the tax benefits, and often high withdrawal fees and penalties, too. Move your retirement accounts to a foreign retirement account It might be possible to transfer your retirement accounts to a similar foreign program, however it’s not normally possible without losing the US tax benefits. Tax-beneficial foreign retirement plans may also not enjoy US tax benefits, so you may find the advantage negated anyway. The best advice is to discuss it with your expat financial advisor. Tax considerations in the country you’re moving to Knowing and understanding the tax rules in the country that you’re moving to is the single most important factor affecting how you organize your current investments when moving abroad. The tax laws and regulations in your new country can be very different. If you choose to just move your investments without proper consultation and homework, there is a good chance that you will find yourself facing unexpected fees and taxes, potentially in both the US and your new country! On the other hand, understanding different countries’ tax rules can help you plan. For example, Belgium doesn’t have capital gains tax, while the UK, France and Canada have tax treaties that reciprocate US retirement plan tax benefits. Professional advice in this regard is highly recommended. Also, don’t forget that US tax laws require you to file an annual US federal tax return after you move abroad, and if you opt to move your investments and assets to your new country, you might have FBAR , Form 8938 , and PFIC reporting and taxation to contend with. In terms of double taxation, as an American abroad you can claim foreign tax credits to ensure you aren’t double taxed when you file your US taxes. There may be a Totalization Agreement with your new country, too. Totalization Agreements prevent double social security taxation, both when making contributions and receiving payments in retirement. Considerations if you’re moving abroad temporarily If your investment advisor is able to continue despite you being a resident abroad temporarily (such as on a temporary work contract abroad), it may be better to save the costs and hassle of changing and leave your current assets alone, assuming that your current advisor is happy to keep working with you while you’re not a US resident. It’s still worthwhile having a conversation with an expat financial planner though, as you may want to do some investing while abroad, and they can always work with you or your existing advisor to ensure you make the best decisions, even if you’re only abroad temporarily. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

With the Sustainable Finance Disclosure Regulation (SFDR) the European Commission has introduced a new system to identify financial products from a sustainability perspective. Investment products are now categorized as one of the following: Products that do not integrate sustainability into their investment process (Art. 6) Products that promote environment or social features while following good governance practices, i.e. excluding companies that do not integrate sustainability (Art. 8) Products that target sustainable objectives and invest in activities that contribute to social or environmental objectives while following good governance practices (Art. 9) With the introduction of this framework, the European Commission is the first regulator to introduce a standardized categorization and process in regard to sustainable investing and sustainability risk management. If you are concerned if the funds in your portfolio meet any of the above criteria, please don't hesitate to reach out to us. #ESG #SFDR #ImpactInvesting #Renewables DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

With the festive season almost in full swing and the holidays right around the corner, keeping the children entertained becomes quite a handful. To keep our little ones entertained this Christmas season, we’ve ranked some of the top activities for them: Pick out a Christmas tree together, or better yet, chop down your own at a local tree farm. Take advantage of cold temperatures and take your kids ice skating. Play Christmas Scavenger Hunt - https://www.playpartyplan.com/christmas-scavenger-hunt/ Donate your kid’s old toys and make room for the new ones. Build a gingerbread house - https://sallysbakingaddiction.com/gingerbread-house/ Write and decorate a letter to Santa. Read Charles Dickens ‘A Christmas Carol’ aloud. It is a powerful reminder of the importance of redemption and empathy. Make a Reindeer out of paper - https://abcdeelearning.com/christmas-activities-for-kids/ Make snowman Spoons for hot cocoa - https://www.womansday.com/life/g2054/christmas- Drive to see Christmas lights. Finally, don’t forget to prepare to answer important questions about whether Santa is real. Here is a little help - https://www.womansday.com/life/a37671573/is-santa-real-how-to-tell-kids/ DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

Dunhill Financial's expat women's wellness and wellbeing group is going from strength to strength. We run quarterly online events for women living abroad that introduce inspirational speakers who provide insights on personal wellbeing and succeeding professionally. You can see recordings of our previous events here , and you can join our expat women's LinkedIn group here . Our next expat women’s event is coming up soon! Join us on December 7th for a discussion with Adrian Leeds about her incredible journey to a successful life in France. As a real estate expert, she will also discuss the current state of real estate and talk about practical tips for those who are looking to buy property near term. To sign up, click here . During our most recent North American Expats Financial Forum meanwhile, Adrian Leeds and Anya discussed important year-end planning items. Most of the topics discussed apply to expats in all different countries. You can find a replay here . Or, if you are short on time, take a moment to review our end of year checklist.   DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

New Year is traditionally a time for personal reflection and for making resolutions and commitments for the coming months and year. As such, it’s the perfect time to look ahead and make some resolutions that will get your finances on track for the year ahead. For US expats in particular, financial planning can be more complex due to currency and cross-border considerations. So why not start the year as you mean to go on, and use our list of New Year financial resolutions as your guide as you map the months ahead? Consider the following steps: 1. Define your financial goals for 2023. In what ways would you like your financial situation to improve by the end of the year? Paying off debts perhaps, or starting an education saving plan or increasing your retirement contributions or investments. Write them down and put them somewhere safe so you can revert to them during the year. 2. Schedule a consultation with your financial and tax advisors. Arrange a time to meet with your financial advisor and accountant early in the year to review your goals for the year and see how they can amend your financial plans or otherwise assist you in achieving them. Prior to your meeting, discuss them with your spouse or other trusted friends or relatives to get some feedback. 3. Get organized. Gather all your important financial documents early in the year. As an expat, it’s worth gathering everything you need for your tax filing early, including income, bank and investment statements from 2022. 4. Ensure your insurance and estate planning are up to date. Ensure that your insurance and estate planning are up to date by checking your life insurance policies, homeowners insurance, your wills, trusts, and other pertinent financial records. Review your life insurance policies to ensure that your beneficiary designations are appropriate to your current situation, and that all other insurance arrangements are up-to-date. Also, consider repaying any loans you may have against your insurance policies. Organize them so you can access them quickly and easily, and set up reminders for any renewal dates. 5. Keep debt in check. Pay off high interest debt first, especially if the interest isn’t tax deductible. Do your best to avoid the minimum payment trap. By making only the minimum monthly payment, the interest that accumulates over time can make even “bargain” purchases costly in the long run. 6. Establish an emergency fund. You never know what the future will bring, and it always makes sense to have an emergency fund of 3-6 months income. If you don’t have one already, make 2023 the year when you aim to start establishing one. 7. Plan for the long term. If your children plan to attend college and will require financial aid, start saving for it. If it’s close, think about applying for scholarships. The earlier your children apply, the better your chances may be. Think about retirement too, whether it’s just around the corner or decades away, the earlier you start the better, after all. The New Year offers us a fresh beginning. This year, resolve to make your finances a priority. With good planning and appropriate guidance, you can begin to work toward financial independence as well as prepare for life’s uncertainties. If you have any questions, don't hesitate to contact us. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

More and more, people want to invest while making a difference. Responsible investing has taken off in recent years, and many Americans now invest in funds called Socially Responsible Investments. These funds do not invest in industries that have a poor social or environmental impact or negatively impact public welfare. For example, SRI funds don’t include investments in the tobacco, arms, or alcohol industries. What is Socially Responsible Investment? Socially responsible investment doesn't simply mean avoiding certain types of industries that have a negative impact but also investing in industries and sectors that do a lot of good. For instance, SRI funds may invest in greener technologies. These funds may invest in companies that are promoting wind or solar power technology, or in companies that have a proven track record for bettering areas in the developing world that they source from or manufacture in. What Kinds of Companies do SRIs Invest in? SRI funds may invest in companies that investors believe have a history of focusing on the public good. That means companies with a good environmental record or a history of protecting consumer rights and upholding civil and human rights. The approach is to invest in those companies and countries that promote these ideas and philosophies while avoiding companies whose products and services contribute to environmental degradation, deterioration of public health, or violations of human rights. Bear in mind also that an SRI fund may invest in companies that are highly diversified. Therefore, you may have one sector of a corporation that invests in industries that may be engaged in activities you find offensive, but because the overall contribution from that sector is so minor, the SRI may go ahead and invest in that company. The most effective and most acceptable way to invest in a socially responsible manner is to invest through mutual funds or ETFs. There are many major funds that now have an SRI format, and these funds are becoming increasingly popular. If you want to make socially conscionable and sustainable investments that are in accordance with your beliefs, speak with a financial adviser who can help guide you in the right direction. Socially responsible investing is a way of making sure that your portfolio not only makes you money but also helps you do your part to make the world just a little bit better. By investing in companies that are contributing to social and environmental good, you will have an effective voice and can ensure that your voice is heard. Our advisors would be happy to help you with investing ethically! DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.

For American citizens holding money in a foreign bank account April 15th is the deadline (with an extension to October 15th) for filing your Foreign Bank Account Report, or FBAR. This report, formerly called the TD F 90-22, must be filed for bank accounts, brokerage accounts, mutual funds, trusts, and any other type of foreign accounts. However, you don’t need to file if the aggregate balance of all of your foreign accounts is less than $10,000. This $10,000 limit exempts many Americans from filing, but it’s important to make sure you’re exempt, as in recent years the authorities are coming down hard on foreign accounts, and failure to report could cause serious ramifications. The $10,000 cap is judged every day of the year, not only at the time of filing. So, if you ever go over $10,000 at any point in the year, you have to report it. Interest earnings are also included in the limit, so keep that in mind when determining whether or not you need to file an FBAR form. If you fail to file when you should, you could face huge penalties. Non-willful violations receive a $10,000 civil penalty, while willful violations receive the greater of $100,000 or 50% of the amount in the account for each violation. Other consequences could include criminal penalties of $250,000 and five years in prison. Many Americans prefer to keep their foreign bank account balances under $10,000 in order to avoid filing FBAR forms. If you would like to store money in Euros in excess of $10,000, another option is using a US bank account. More and more banks, including Interactive Brokers and Pershing, allow non-dollar bank deposits in the US. Keeping money in different currencies allows for greater diversification, and can also act as a shield against declines in the US dollar. Usually, if the US dollar falls, other currencies rise, and having an account of Euros can keep you ahead. Many people use their foreign currency accounts to help save for large purchases, or to make purchases abroad. Of course, there are questions to consider before opening a foreign currency account. Account minimums, currency exchange rates, and whether or not the account is insured and negative interest rates should all be considered. There is also the risk that the Euro could fall dramatically, causing you to lose money if your account is switched back into dollars. Still, holding Euros in a US bank account is a good way to avoid going over $10,000 in a foreign account, while still diversifying. Still not sure? Contact us and one of our qualified advisors will be more than happy to help. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.