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“Successful investing is about managing risk, not avoiding it.” - Benjamin Graham All investments carry an intrinsic risk. Even companies that are considered safe for decades or more can suddenly crash in value, like banks in the 2008 financial crisis. Wise investors understand the inherent risks in different types of investments and mitigate them, balancing risk management with the necessity of realizing their financial ambitions. Natural hedging is a way of managing risk when structuring your investment portfolio. In this article, you’ll learn about: • What is natural hedging? • The advantages of natural hedging • The disadvantages of natural hedging • Examples of natural hedging in portfolios • Other types of hedging • Natural vs financial hedging • Can you use natural and financial hedging? What is natural hedging? Natural hedging is an investment strategy for lowering risk by investing in different assets that share a negative correlation, meaning they are likely to have an inverse performance. So if one investment performs badly, the other is likely to perform well, reducing the losses on the first. For example, typically equities perform well when bonds do poorly, while stocks suffer when bonds do well. It is a simple strategy that doesn’t require sophisticated financial instruments such as futures, swaps or derivatives. As an example, expats could hold assets in different currencies to mitigate the risk of the two currencies’ values fluctuating. Natural hedging as a risk management strategy doesn’t provide 100% risk elimination, but it will help reduce risk when structuring your portfolio. Advantages of natural hedging The main advantage of natural hedging is minimizing losses if a particular investment unexpectedly drops in value. All investments fluctuate in value all the time, due to market sentiment, government policies, company management decisions, and currency movements, among other factors. Natural hedging allows investors to reduce their exposure to losses caused by these factors beyond their control. It is also a cost effective risk-reduction strategy, as, once set up, portfolios don’t need constant monitoring and adjusting. Disadvantages of natural hedging On the flip-side, natural hedging can inhibit portfolio growth, as conversely when one investment experiences gains, it’s probable that the investments bought as a natural hedge will experience a loss. The key to using natural hedging successfully is to seek good advice as to the exact investments that you pick as part of your natural hedging strategy, to ensure that you still achieve your growth goals. Examples of natural hedging in portfolios Finding assets that exhibit a negative correlation with each other requires experience, research, and time-consuming technical analysis. Natural hedges can involve matching assets in different currencies, as already mentioned. Another example is if you hold stocks and government bonds, which are a traditional natural hedge for stock losses because they are inversely related; if one appreciates, the other typically depreciates. Profitable stocks and under-performing bonds, or vice versa, are often used to offset each other's losses. Another often-used hedge is gold against stocks, as when stock markets suffer losses, investors often turn to gold as a safe haven, which causes the price of gold to rise due to increased demand. Finally, some investors who hold riskier investments also choose to keep a proportion of their portfolio in cash, so that in the event of a market fall they are still in a position to invest and so benefit from a subsequent upturn. Other types of hedging Pairs trading Pairs trading involves taking both long and short positions against two highly interrelated assets, most often two stocks in the same sector. Pairs trading is a strategy often used by hedge funds - in the year 2000, out of $137 billion invested in hedge funds in the US, $119 billion was invested in pairs trades. One major hurdle in pairs trading is that it can be hard to identify assets with the required correlation, however your expat financial advisor should be able to help if you’re interested in exploring pairs trading in your portfolio. Financial hedging Financial hedging involves trading in derivatives like futures and options to offset the price movement of a closely related transaction. So if you hold a stock in Apple for example, you could reduce the risk of a share price fall by also taking a position that the stock price will fall. That way, you profit both if the price rises or if it falls, and limit your exposure to the risk of a particular asset decreasing in value. It's similar to buying an insurance policy in a sense, as it covers you against the potential risks of financial losses. Financial hedging vs natural hedging The major disadvantage of financial hedging is that it is more expensive than natural hedging due to the costs of purchasing the positions against an asset price falling. This may mean trading futures, options, and inter-currency interest rate swaps. In general, natural hedging is preferable, as it’s simpler and more cost-effective. Can you use both financial and natural hedging? It’s definitely possible to utilize both financial and natural hedging to reduce the risk of losses when you structure your portfolio. Whereas natural hedging can (and normally should) be used to reduce risks of losses in an asset class, financial hedging could be a good option if you have a high exposure to a single asset, or if you expect volatility with a particular asset. 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 © 2023 Dunhill Financial. All rights reserved.

“I'm a big crier in general. The right life insurance commercial will take me out for a couple of days.” - Ike Barinholtz Having a life insurance policy in place can provide peace of mind for you and your loved ones should you unexpectedly pass away. However, the situation is often nuanced for expats, and should be carefully considered. There are many several types of life insurance available, each with its own advantages and disadvantages. In this article, we’ll outline the different types of life insurance available to expats, and the factors you should consider when choosing a plan as an expat. Specifically, in this article we’ll look at: • The merits of life insurance • Should Americans living abroad purchase life insurance? • Types of life insurance The merits of life insurance The fundamental purpose and benefit of having life insurance is that it provides protection to your loved ones if you unexpectedly pass away. The reassurance that all of your financial commitments would be taken care of, and that they wouldn’t have to deal with any financial challenges while grieving, is significant. Life insurance plans can also provide tax advantages for the policyholder and the beneficiaries, as premiums paid into a life insurance policy are deductible on tax returns, while the payout is typically not subject to taxation, either. Another possible benefit of some life insurance policies is that there can be an investment component. Sometimes known as the ‘cash value’, the investment component allows you to save in a tax deferred way that can either be drawn as income during retirement, or passed on to your heirs, with US tax only payable when withdrawn. However, the first step for expats should be an informed analysis of whether you need it or whether it makes more sense to build your wealth through investing. Should Americans living abroad purchase life insurance? The first consideration when thinking about whether you need life insurance as an expat is how long you will be abroad for. If you are abroad on a work placement with a US employer, they may provide life insurance as part of your package. Or, if you are only planning to live abroad for a finite time before returning to the US, it makes sense to purchase and retain a US life insurance policy before you move abroad. This is because life insurance costs much less in the US (where it is a state regulated product) compared to in most other countries. If you have settled abroad permanently, there may be good life insurance options in your new country. Another option for expats is international life insurance, however this is typically an expensive option. Most often, life insurance is useful to cover a particular cost should you pass away unexpectedly, such as to pay off a mortgage, for example. The merits of this need to be balanced against whether it may make more sense to increase the amount you invest each month, instead. It is certainly worth discussing the relative merits of purchasing life insurance as an expat with your expat financial advisor at the earliest opportunity to determine the best course for you. Should you and your financial advisor agree that it makes sense for you to purchase life insurance as part of your wider financial plan, you will have to consider: The coverage amount: The level of coverage you need is one of the most important choices you’ll have to make. This is the amount that will be paid out if you pass away. You’ll want to ensure that your policy offers enough coverage to fulfill your financial commitments and care for the people you love. The length of the term: The length of the policy's term is another important factor to think about. Life insurance contracts can have many different term lengths, most often between five and thirty years. You should choose a term length that’s compatible with your wider financial goals. Premiums: The amount you pay for your life insurance coverage each month is known as the premium. When selecting an insurance plan, it is essential to consider the current premium cost and also how it will develop throughout the policy, to ensure the policy is affordable for the whole term length. Policy options: Different life insurance plans come with different policy options and features. For example, some plans feature a monetary value component, while others offer the option to change the plan type later. Take some time to think about what options and features are relevant for you. Types of life insurance If you are going to purchase life insurance, there are several different types available. Again, discuss them with your expat financial advisor to ensure that any insurance you purchase will help you achieve your wider financial goals. Term life insurance: A term life insurance plan offers coverage for a set term, normally up to thirty years. Term life insurance is often a relatively inexpensive option, and it is frequently utilized to cover particular monetary commitments, such as a mortgage, or your children’s education expenses. Whole life insurance: Whole life insurance offers coverage for the whole of the policyholder's life and includes a savings or investment component, often known as the cash value. Whole life insurance policies are also known as permanent life insurance. The premiums for this kind of coverage are typically higher than those for term life insurance, as there will definitely be a payout at some point. However, whole life insurance plans come with the advantage of building the cash value, which can then be used to supplement income during retirement. Universal life insurance: Universal life insurance is a type of flexible policy that offers the benefits of both term life insurance and whole life insurance. This is because the policyholder can make changes to the coverage amount and the premium payments throughout the term. Universal life insurance is a good option for expats who wish to have greater control over their life insurance coverage. Variable life insurance: Variable life insurance allows the policyholder to invest the policy's cash value component in one of a number of specified investment options. Expats with a higher risk tolerance who are at ease with the thought of having their cash value invested in stocks might consider a variable life policy, such as younger expats with no health issues, for example. Wrapping up Life insurance can offer peace of mind, however it doesn’t always make sense for Americans living overseas, as the cost as an international individual can outweigh the benefit unless you already purchased it in the States before emigrating. If you’re unsure, seek advice and carefully consider whether it will help you best achieve your financial goals. 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 © 2023 Dunhill Financial. All rights reserved.

A person doesn't know how much he has to be thankful for until he has to pay taxes on it.” - Ann Landers Americans with foreign trusts have to report them to the IRS. Foreign trusts are often set up by expats to protect an investment, gift, or bequest overseas. Furthermore, some foreign retirement accounts qualify as foreign trusts and have to be reported, and some direct gifts and bequests from non-US persons also have to be reported on the IRS foreign trust reporting form. In this article, you’ll learn about: • What is a foreign trust? • When do expats have to report a foreign trust? • How to file Forms 3520 and 3520-A • Reporting receipt of a foreign gift • What happens if you don’t file Form 3520 and Form 3520-A? What is a foreign trust? A US trust is a trust that US courts have primary jurisdiction over and which is controlled by US persons. (Note that ‘US persons’ refers to US entities such as companies as well as American individuals). Any other trust is considered to be a foreign trust, so trusts registered outside the US are normally foreign trusts, as US courts don’t have jurisdiction over them, even if the trust is owned by an American. Similarly, a US-registered trust controlled by non-US persons has to be reported, too. Some foreign retirement plans are considered to be foreign trusts by the IRS, such as many Australian and New Zealand Superannuation funds, if they are set up in the name of the saver but with a fiduciary controlling them for the saver’s benefit. Understanding the US reporting requirements relating to foreign trusts is important, as expats can incur heavy fines if they don’t file the right forms both on time and correctly. When do expats have to report a foreign trust? There are several scenarios in which expats may have to report a foreign trust. Firstly, income received from distributions from foreign trusts should be reported on Form 1040, along with income a trust makes if you’re the owner of the trust. Secondly, some foreign trust accounts will need to be reported on an FBAR (Foreign Bank Account Report), while assets in foreign trusts may have to be reported on Form 8938 under FATCA reporting rules. In both cases, it will depend on whether the total value of your foreign account balances and assets exceeds the minimum reporting thresholds. Thirdly, any US individual who is considered an owner of a foreign trust must file Form 3520-A annually to confirm their status with regard to the trust. Lastly, any American who either receives a distribution from a foreign trust, or who transfers assets (e.g. property, stocks, or money) to a foreign trust, should file Form 3520. Both Form 3520 and 3520-A are typically required to be filed on an annual basis. Form 3520 is required annually for US persons who, during the current tax year, are treated as the owner of any part of the assets of a foreign trust under the rules of Sections 671 through 678. US owners are required to complete Form 3520 Part II even if there have been no transactions involving the trust during the tax year.” - Shannon Meyer, Aspyr Group How to file Forms 3520 and 3520-A Many expats with foreign trusts have to file both Form 3520 and Form 3520-A annually. Both forms are complex, and it’s highly advisable to ask an expat tax professional with experience filing these forms to help you out. Form 3520-A is for reporting American trustees and beneficiaries, and to provide a financial statement for the trust’s assets and income. Form 3520 is for reporting distributions and other financial information. Forms 3520 should be filed with your annual federal tax return, by June 15th for Americans residing abroad, or April 15th for those resident in the US, unless you request an extension until October 15th. Form 3520-A has a different filing date: it is due on the 15th day of the third calendar month after the end of the trust’s tax year. So, for a trust that uses a calendar year, Form 3520 would be due by March 15th. Reporting a foreign gift Expats who receive a gift or bequest from a foreign individual or estate may also have to file Form 3520, depending on the size of the gift or bequest. Recipients of gifts from a foreign individual or estate of amounts of less than $100,000 annually don’t have to report them. If gifts or bequests do exceed $100,000 on the other hand, the IRS requires that you report the total you received, and also separately identify each gift in excess of $5,000 on Form 3520. The threshold for reporting gifts from foreign companies, partnerships or corporations is much lower: Americans must report any gift over the amount of $16,815 (in 2022). You must also report each gift separately, and identify who gave them to you. What happens if you don’t file Form 3520 or Form 3520-A? Filing the right forms on time is important to avoid fines. Penalties for not filing Form 3520-A are the higher amount of either $10,000 or 5% of the trust’s assets owned by the American owner in question. An additional 5% penalty can be levied if you don’t also provide statements to the trust’s US owners each year, or for incorrect reporting. Penalties for not filing Form 3520 are similar: failing to submit all information required or filing incorrectly can result in a penalty of $10,000 or 5% of the gross value of the trust’s property, assets, and distributions that weren’t reported. The fines don’t stop there though, as failing to report creation of a trust or transfer to a foreign trust may result in a whopping 35% fee of the gross amount of the value of the amount transferred. Similarly, failing to report distributions from a foreign trust can result in another 35% fee of the gross amount of what was distributed. These are worst case scenarios, and if there’s a genuine reason why you haven’t filed, leniency is at the IRS’ discretion. As with all financial reporting, if you keep your account records and related paperwork and provide the relevant info to your tax professional, keeping up with your obligations needn’t be too strenuous. Summary Whether or not you establish a foreign trust will be part of your wider financial planning. Doing so doesn’t open you up to any new US taxation (you’re never taxed on ownership, only on income), but it does create new US reporting requirements, and not reporting can have significant consequences due to possible penalties. 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 © 2023 Dunhill Financial. All rights reserved.

“A person doesn’t know how much he has to be thankful for until he has to pay taxes on it.” - Anonymous Americans living abroad have additional reporting requirements that most people living in the States don’t. One of the most common additional reporting requirements for expats is having to report your foreign financial accounts and assets. In fact, there are two separate reporting requirements for foreign accounts and assets, and many expats have to report the same information on both. These are known as FBAR and FATCA reporting. FBAR and FATCA mean more form filing for expats, but no additional tax implication. There are stringent penalties for not filing them, though. They are intended to help combat money laundering, so, like video cameras in public spaces, they seem inconvenient at first but soon fade into the background of life abroad. It’s also important to be aware that the US Treasury and the IRS are able to check whether you’re reporting all of your foreign accounts and assets, and they can verify your foreign account balances. In this article, we’ll look at the reporting requirements, how they came about, and how the IRS can enforce them. In this article, you’ll learn about: • What is an FBAR? • Who has to file an FBAR? • What is a foreign financial account? • How to file an FBAR • FinCEN Form 114 instructions • FBAR filing deadlines, and penalties for not filing • What is FATCA? • FATCA foreign asset reporting requirements • Filing IRS Form 8938 instructions • FATCA enforcement and penalties • FBAR and FATCA differences summary What is an FBAR? An FBAR, or Foreign Bank Account Report, is a form the US government requires Americans with overseas accounts to file annually. It was introduced in 1970 to help prevent offshore tax evasion. Don’t forget that FBAR filing doesn’t carry any new tax implications as it’s just a reporting requirement, though an important one, as penalties for not filing FBARs are significant! Who has to file an FBAR? Any American who has over $10,000 in total at any moment in a year in financial accounts registered in foreign countries is required to submit an FBAR. The figure stayed at $10,000 since 1970, rather than rising with inflation, so it now catches many more expats in the FBAR reporting net. It doesn’t stop at individuals though, as any American-owned tax-paying entity such as a trust or company is required to submit the same form under the same guidelines. This maximum balance can exist in one account or across multiple accounts, but once an American individual or entity crosses the $10,000 threshold, they’ll need to file or risk a penalty. FBAR Filing Example: Jason lives in France working remotely for a US employer. He’s paid into a US bank account, but has a local bank account in France for his day to day spending needs, with a balance that doesn’t normally exceed $10,000. However, he decides to buy an apartment in France, and transfers the deposit across, which exceeds the $10,000 FBAR filing threshold, even though it’s just in his account for a few hours, making him liable to file an FBAR and report his French bank account. Sue meanwhile relocated permanently to Italy, where she opened checking, savings, and brokerage accounts. While none of the individual account balances exceeded $10,000 in the first year, the combined balances do, so Sue has to file an FBAR to report all three accounts, too. What is a Foreign Financial Account? The term ‘foreign financial account’ covers several different types of accounts. While many people would correctly assume that a foreign checking or savings account qualifies, so do: • Foreign stock and brokerage accounts • Individual retirement accounts • Mutual funds • Joint accounts • Any other bank or investment accounts you have signatory authority over even if it isn’t registered in your name, such as company, charity, or trust accounts, as well as any accounts you may have opened for your children, where you currently hold custodial and signature authority. Expats often wonder whether you have to report crypto accounts on an FBAR, and the answer (as of 2022) is yes, if a crypto account is held in an offshore exchange, account, or fund, but no if held in a private wallet at home. How to file an FBAR (FinCEN Form 114) Filing an FBAR means filing FinCEN Form 114. You can file your FBAR on the FinCEN website directly, or ask your tax professional to do it for you. "The information you’ll need to provide includes the account name and number, the type of account, the maximum balance of the account during the year, and the name and address of the financial institution where your accounts are held. You’ll need to provide this information for every foreign financial account you have." - Joshua Reeve, Moore DM When providing foreign account balances, you have to convert foreign currencies into their closest whole number dollar values. FBAR filing deadlines, and penalties for not filing FBAR filing deadlines for expats are slightly different to tax return deadlines. Whereas tax filing is due on June 15th for expats, with an extension to October 15th available on request, the FBAR (FinCEN Form114 ) deadline is April 15th with an automatic extension to October 15th. In practice, most expats file both their tax return and FBAR at the same time. The penalty for not filing an FBAR unknowingly is $10,000 a year, and the penalty for not filing when you do know you can be $100,000! Mistakes on the form carry the same penalties. The US government is receiving the same information reported on FBARs from foreign bank and investment firms directly, so it’s able to check FBAR filing accuracy, globally. What is FATCA? FATCA, or the Foreign Account Tax Compliance Act, was passed by congress in 2010 to address some of the same issues as the FBAR, albeit in a different manner. FATCA created a new reporting requirement for many expats, though for reporting foreign financial assets to the IRS, rather than financial accounts to FinCEN. There is often overlap in practice, though. FATCA also created the means for Uncle Sam to check on both by compelling foreign financial firms to report their American accounts holders’ information. How can a US law compel foreign companies, you might think - the answer is by imposing a tax on those that don’t comply when they trade in US dollars, which all foreign financial firms need to. FATCA foreign asset reporting requirements FATCA reporting means filing IRS Form 8938 when you file Form 1040. One small piece of good news for some expats is that FATCA has higher minimum reporting thresholds than FBAR. These thresholds are also higher for expats than for Americans resident in the US. For expats, FATCA reporting is required for any American living abroad who has a total of $200,000 of offshore financial assets at the end of the year, or $300,000 at any given time during that year. Like FBAR, the thresholds are per person, not any individual account. If you are married and filing a joint tax return, then that threshold is bumped up to $400,000 on the last day of the year and $600,000 at any point in the year. Note that currently (as of 2022), the IRS considers crypto held in an offshore account to be reported on Form 8938. Filing IRS Form 8938 instructions Form 8938 isn’t a simple form to fill out, and it’s always worth asking your tax professional for assistance. Similarly to FBAR, you’ll need your foreign account and brokerage records for the year to hand, so you can provide information about where your accounts are held, and your balance details. FATCA enforcement and penalties The penalties for not following FATCA guidelines are not as severe as the FBAR’s, but neither are they insignificant, ranging from $10,000 to $50,000, depending on the situation. If you haven’t been filing FBARs, there is a voluntary amnesty program available if the IRS hasn’t contacted you yet, so consult a tax professional as soon as possible if this is you. FBAR and FATCA differences summary FATCA - for reporting offshore financial assets. Higher minimum reporting thresholds for expats of $200,000 at the end of the year or $300,000 at any time in the year, per person. Form 8939 is filed to the IRS as part of your tax return, due by June 15th (unless you request an extension). Spouses can file jointly (with doubled thresholds). FACTA reporting requirements also apply to accounts held in US overseas territories (i.e. Puerto Rico, Guam, American Samoa, the US Virgin Islands, and the Northern Mariana Islands). FBAR - for reporting offshore financial accounts. The reporting threshold is just $10,000 per person (or entity, such as an American-owned corporation). Form 114 is to be filed to FinCEN by October 15th. Spouses must file separate FBARs. You must include any account that you have signatory authority over. FBAR doesn’t include US overseas territories. 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 © 2023 Dunhill Financial. All rights reserved.

“Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn't as hard as you might think.” - Suze Orman With two jurisdictions’ tax rules to consider, tax efficiency is a prime concern for Americans investing when living abroad. Investing through a limited company or trust can, in certain circumstances, be advantageous. As with most sophisticated tax saving strategies though, the devil is very much in the details of your circumstances and goals. What assets are you investing in? Which country are you investing in? When, or whom, do you want to receive income from your investments? In this article, you’ll learn about: • When expats might invest through a trust • When expats might invest through a limited company • Where should expats register a trust or LLC? • Taking income from a trust or LLC When expats might invest through a trust Investing through a trust can be advantageous in two potential ways: tax efficiency, and retaining control of assets that you want to benefit someone else. The two most common scenarios when you might invest through a trust are either to reduce estate taxes as part of your estate planning, or to retain control of assets that you want to gift for the benefit of others during your lifetime. Trusts all have three legal parties, the grantor, or person setting up the trust, the trustees, who manage the trust, and the beneficiaries, who benefit from it. The grantor can also be a trustee. There are also two types of trusts: revocable, or irrevocable. Irrevocable trusts are normally used for estate planning purposes, as once set up, it is hard to amend them. A revocable trust on the other hand could be used to gift assets to grandchildren while retaining control of how the assets, or the income generated by the assets, can be used during your lifetime. So an irrevocable trust might be used to leave assets to your heirs while reducing estate taxes, if certain conditions are met, because the assets are already deemed to be outside of your estate once gifted to the trust (although gift taxes may apply at the time you set up the trust). Trusts also avoid the probate process, also because assets gifted to a trust aren’t considered part of your estate any more. When expats might invest through a limited company Similarly, there are some scenarios when investing through either a US LLC or an equivalent limited company in another country can be beneficial. The most common scenario is when investing in real estate such as rental properties, as investing through a limited company structure limits the owner’s liability in the event of a lawsuit by a tenant. A lawsuit is much less common when investing in other types of assets such as stocks though, reducing the benefit of investing in an LLC. There can also be tax benefits to investing in a limited company, but the devil is very much in the detail, as while corporate tax rates may be lower than personal tax rates, a US LLC is considered a pass-through entity anyway (so company income is taxed as personal income), and in any case you will always be taxed again when you take money out of the company. Though if for example you are planning to just reinvest the company income in the company until you sell it, rather than ever take money out of the company, it may make sense. Where should expats register a trust or LLC? If, after consulting with your expat financial advisor, you conclude that it does benefit you to invest through a trust or an LLC, you’ll also have to consider whether to register the trust or LLC in the US or in your country of residence. It will depend on your long term plans among other factors, such as where you see yourself living in the future, where the beneficiaries of the trust will be, where the assets you’re looking to invest in are, and also the relative tax advantages and disadvantages of registering in the US or abroad. A foreign-registered LLC isn’t automatically considered a pass-through entity, so unless you elect for it to be, it will trigger additional US reporting requirements (as will all foreign registered trusts). Foreign registered financial accounts and assets also trigger FBAR and FATCA reporting. Where your investment vehicle is registered may also impact what countries and assets you can invest in. The best strategy is to always consult your expat financial advisor when considering where to register an investment company or trust. Taking income from a trust or LLC The income from investments in an LLC may be liable to corporation tax, depending on whether the LLC is considered a pass through entity or not. Then, when you take distributions, you will have to pay either income or dividend taxes. In the case of a trust, income tax will just be due on distributions paid to the beneficiaries. As American citizens living abroad have to file US taxes as well as taxes in the country where they live (depending on the tax rules of that country), there is a risk of double taxation when receiving income from a trust or LLC, however you can normally claim tax credits to offset this, meaning you’ll end up just paying the higher tax rate of the two countries. In this article, we’ve outlined some of the different scenarios and considerations relevant when considering whether to invest through a trust or LLC, however everyone’s situation is different, and it’s imperative that you seek advice from your expat financial advisor to explore whether it makes sense within your overall financial plan and goals. 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 © 2023 Dunhill Financial. All rights reserved.

"Taxation with representation ain't so hot either." - Gerald Barzan Amidst all the challenges and excitement of moving abroad, taxes are typically at the back of the minds of most expats. For Americans however, moving abroad doesn’t mean leaving your IRS reporting obligations behind, as you’ll still have to file a US tax return. Furthermore, US reporting from abroad is different, as there are more forms to file, often foreign currencies to be converted into US dollars, and there may be a foreign tax system to take into account, too. In this article, we’re going to provide an overview of the rules for reporting US taxes for American citizens and Green Card holders living overseas. In this article, you’ll learn about: • The US tax system and citizenship based taxation • Tax systems in other countries • US filing and reporting overview for expats • US self-employment taxes for expats • Finding an expat tax accountant The US tax system and citizenship based taxation The reason why American expats have to file US taxes from abroad is because the US tax system is different compared to other countries. The US has what is called a Citizenship Based Taxation system, which means that all US citizens (and residents, including Green Card Holders) are taxed on their global income, wherever in the world they are. BOX - CBT Origins The system was first introduced in the 1860s, when the federal government was short of funds during the Civil War and hit upon the idea of continuing to tax US landowners who had moved abroad to avoid the fighting. After the war, it never got reversed, as it wasn’t considered enforceable - until the age of the interconnected international digital banking in the 21st century, that is. CBT has been challenged in court, particularly with non-US income also being taxed, however the challenge was overruled on the basis that Americans living abroad still enjoy the benefits of US citizenship, such as voting rights and the right to return and live in the US. Most Americans who move abroad either don’t know about the requirement to keep filing US taxes or ignore it, assuming that the IRS can’t enforce it anyway. In the twenty-first century though, the interconnected international digital banking system means that the IRS can look at expats’ finances globally. Tax systems in other countries Almost every other country has either a residency based tax system, which means just taxing those people who live in the country, or a territorial tax system, which means just taxing income generated in the country. This means that most Americans living abroad will also have to pay taxes in the country where they live, depending on the rules and residency qualification in that country. Furthermore some countries have a different tax year, including: • The United Kingdom: April 6 - April 5 • Australia (and Pakistan): July 1 - June 30 • South Africa: March 1 - February 28 • New Zealand, India, Barbados, Belize, Botswana, and Jamaica: April 1 - March 31 Not all countries require residents to file a return though, as many, particularly in Europe, deduct income tax from wages at source before it's paid. This means that if you don’t have any other income, you don’t need to file an annual tax return in that country. US filing and reporting overview for expats All Americans, including those living abroad, have to file Form 1040 every year reporting all of their worldwide income, if their total income exceeds the Standard Deduction amount ($12,950 for tax year 2022 for individual filers, $25,900 for joint filers), or if they have any self-employment income, or if they are married but file separately to a foreigner who isn’t a US citizen or Green Card holder. In general, if you’re married to a foreigner who isn’t a US citizen or Green Card holder, it might not be advantageous to file jointly. This is because if you file jointly, you’ll need to obtain a US Taxpayer Identification Number for them and you will effectively render all their current (and future) income and assets liable to US reporting and tax! If you have income earned in currencies other than US dollars, you have to convert it into USD using either the Treasury published rates, or a reputable currency conversion source before reporting it in your US tax return. The IRS cites X-rates, Oanda, and xe as reputable sources on the IRS website. Most expats have to file other forms additionally, such as: • IRS Form 2555 to claim the Foreign Earned Income Exclusion • IRS Form 1116 to claim the Foreign Tax Credit • FinCEN Form 114 to report foreign financial accounts • IRS Form 8938 to report foreign financial assets • IRS Form 5471 to report a foreign registered corporation There are specific rules relating to all of these forms that are covered in other articles. Americans living abroad have to pay any US tax they owe by April 15th, however if you live abroad, you don’t have to file until June 15th. Any expat who earns under the FEIE limit or who pays more foreign income tax at higher rates than the US rate won’t normally owe any US tax anyway if they claim the Foreign Tax Credit or the Foreign Earned Income Exclusion when they file their US return (note that this assumes they don’t spend time working in the US during the year). If you live in a country like the UK or Australia, which follow a different tax year, and you need more time to file your UK/Australian taxes first, you can file Form 4868, giving you until October 15th to file. If you’re still not ready to file by October 15th, you can apply to the IRS in writing for a discretionary extension until December 15th, explaining why you need the extra time. The deadline for reporting foreign registered financial accounts on FinCEN Form 114 is currently October 15th (thanks to an automatically applied extension from April 15th). All other filing deadlines are the same as in the US, such as US S-Corp, C-Corp, LLC, and Partnership filing, and quarterly, estimated self-employment tax payments. US self-employment taxes for expats Americans living abroad have to report their self-employment income on Form 1040 and pay US self-employment taxes. These consist of 12.4% social security tax and 2.9% Medicare tax (for a total of 15.3%). Unfortunately, US social security taxes can’t be reduced by claiming the Foreign Tax Credit or the Foreign Earned Income Exclusion. That being said, the US has signed double social security tax treaties (called Totalization Agreements) with around 30 other countries. Finding an expat tax accountant Due to the additional rules and forms for Americans overseas, most expats choose to find an accountant to help them file, as the IRS has a global reach and the consequences for getting filing wrong can be significant. In 2010, the US passed the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign banks and investment firms to report their American account holders to the US Treasury, including their contact details and account balances. FATCA has given the IRS the ability to snoop on US expats’ finances globally in the name of reducing tax evasion, as well as check whether expats are reporting their foreign account balances correctly on FinCEN Form 114. In general when filing from abroad, you have 4 options: • DIY - doing it yourself is only advisable if your financial situation is very straightforward, such as if you are posted abroad working for a US firm for a year still paid in the US (so with no foreign accounts or income) and just have to file Forms 1040 and 2555. • A US-based tax professional - It’s important to find an accountant who has experience with expat filing. As most accountants in the US with no expat clients don’t have experience with tax treaties, foreign tax systems, and other expat issues, they normally won’t be able to ensure that you file from abroad in the way that is in your best interest. • An expat tax software - If your situation is relatively straightforward, there are some great online expat tax filing softwares available. • Expat CPA or EA - Most expats choose to work with an experienced expat tax accountant who has either an EA (IRS Enrolled Agent) or CPA qualification. 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 © 2023 Dunhill Financial. All rights reserved.

“The best things in life are free, but sooner or later the government will find a way to tax them.” - Anonymous Unless you’re living abroad on a short term contract, or you’re a digital nomad, exploring the world while working remotely, as an expat, you might consider buying property overseas at some point. Expats most often buy foreign real estate as a home, but many also buy foreign property to provide them with rental income. It’s important to understand the IRS tax implications though, when you’re buying, owning, selling, or renting foreign property. In this article, you’ll learn about: • Tax considerations when buying foreign real estate • Tax considerations when owning foreign real estate • Tax considerations when owning foreign rental properties • Tax considerations when selling foreign real estate Tax considerations when buying foreign real estate In general, the US treats real estate ownership abroad similarly to in the US. This means that there are no US taxes to pay when you buy real estate overseas. However, the transaction may trigger a reporting requirement, and you may be liable to pay foreign taxes. Many foreign countries impose a tax when you buy a property, such as Stamp Duty in the UK, so always find out about local property purchase taxes in the country where you’re buying to avoid being caught unawares. There may also be charges relating to transferring money into a country to buy foreign property, both from foreign banks (and there will always be transfer fees, of course) and foreign governments. Lastly, before calculating how much you have to spend on a property abroad, if you are transferring money from the US, don’t forget to factor in currency exchange costs. It’s always worth talking to an international currency exchange specialist, who will obtain the best exchange rate and minimize fees, and they may be able to lock in an exchange rate for you in advance to minimize the risk of negative fluctuations (though you risk not benefiting from positive fluctuations too in this scenario). While the IRS doesn’t require you to report the fact that you’re buying real estate abroad, if you transfer money from the US into a foreign bank account, having the money in a foreign account, even momentarily, triggers FBAR and FATCA reporting (FinCEN Form 114 and IRS Form 8939, respectively). These are reporting forms for Americans with foreign accounts and assets that are required if you exceed $10,000 and $200,000 (respectively) in total in your foreign financial accounts. - Nathalie Goldstein EA, MD at MyExpatTaxes Tax considerations when owning foreign real estate Similarly, while the IRS doesn’t tax ownership of a foreign home, the foreign country where the property is might do so. There are different types of foreign taxes on real estate ownership, depending on the country, including local property taxes, and wealth taxes imposed on your total assets, including foreign real estate, in some countries. Always seek reliable local advice to ensure that you understand your local obligations. Once you own foreign real estate, if you haven’t already, you’ll need to do some estate planning. If you don’t have assets in the US, you may only need to do estate planning in the foreign country where you live, however if you do have assets in the US, you should seek advice and create wills in both the US and in the foreign country. You may want to deduct your mortgage interest on your US tax return if it is more than your standard deduction, if you owe any after claiming either the Foreign Earned Income Exclusion or the Foreign Tax Credit. From 2017 and until 2025, you can deduct the interest that you pay on the first $750,000 if you file jointly, or $375,000 if you’re single or married and filing separately. After 2025, it is due to revert to $1 million. Another consideration (which also applies to rental property abroad) is that if you own foreign real estate in a foreign company or trust rather than directly, you will have a US reporting and sometimes tax liability related to the foreign company or trust. This could mean filing Form 5471 or Form 8858 for foreign companies, and Form 3520 and/or 3520 for foreign trusts. Note that foreign real estate doesn’t have to be reported on Form 8938 under FATCA rules. Tax considerations when owning foreign rental properties Many of the same considerations apply for owning foreign rental properties as for owning a home abroad. There are also some additional ones. So you still need to be aware of local property taxes, both when buying and once you own, you still need to do estate planning, and you need to be aware of US reporting rules if you own foreign rental properties through a company or trust. Additionally, you will have to report your foreign rental income, along with all your global income, on Form 1040 Schedule E every year assuming you're not in the business of renting. You can deduct your rental expenses though, and you may also have to pay foreign income tax on it. If so, you can claim US tax credits to avoid being double-taxed. In general, the same deductions can be applied as for rental property in the US. For depreciation however, you have to use a 40 year schedule for foreign rental properties purchased prior to 2018, otherwise a 30 year schedule, rather than 27.5 years for rental properties in the US. Some foreign countries don’t allow depreciation as an expense, so you may end up with a higher foreign tax liability on your rental income (or a taxable profit for your foreign taxes and a loss for your US reporting). In this scenario, you can claim US tax credits for the foreign taxes you pay as a carryover Tax considerations when selling foreign real estate When you sell real estate abroad, there may be a foreign and a US capital gains tax liability. The IRS usually grants a $250,000 exclusion from US capital gains tax per person ($500,000 if you’re married filing jointly) if you are selling your primary home (See Section 121 Exclusion Rules) Above this, the rate you pay depends on your taxable income, so it will be 0% if your income level is less than $40,400 ($80,800 if filing jointly), or otherwise 15% or 20%. Keep in mind, when selling a rental property, your cost basis must be decreased by any rental depreciation recapture. Essentially when you claim rental depreciation as a deduction against rental income, you have to reduce your cost basis by the same amount. Many foreign countries impose capital gains taxes too on the sale of property, though some don’t charge it when you sell your home (so just on rental real estate). When Boris Johnson was mayor of London, several years before he was UK Prime Minister, he decided to sell his London home. In the UK, you don’t pay capital gains tax on the sale of your home. However, he had been born in the US while his father was working there for a short time, which meant he had the right to US citizenship. This in turn meant that he had to pay US capital gains tax when he sold his UK home. So don’t be surprised like Boris Johnson if you receive a US capital gains tax bill when you sell your home abroad, even if you don’t have a local capital gains tax liability. If you have to pay foreign and US capital gains taxes, you can normally claim tax credits to offset the double taxation risk. If you sell rental property and immediately buy other rental property abroad, you may be able to avoid US capital gains taxes under Section 1031 like-kind exchange rules, but this is only possible if you sell abroad and buy abroad, or sell in the US and buy in the US, and not if you sell abroad and buy in the US or vice versa. 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 © 2023 Dunhill Financial. All rights reserved.

Many expats have to transfer funds to and from the US from time to time. This could be because you make regular payments from abroad to support dependents or pay bills back in the States, or you may be paid in the US and transfer regularly to support your life abroad. You might also have to transfer larger sums occasionally, such as when buying a car or real estate. Whenever you transfer money internationally, you are exposed to what is called foreign exchange risk due to the currency value fluctuations between the US dollar and the foreign currency you’re transferring from or to. Currencies fluctuate all the time, and these fluctuations can make a significant difference to the amount of target currency you receive after your transfer. Expats have options when it comes to mitigating foreign exchange risk. Strategies such as future contracts, forward contracts, options, and swaps can help you transfer money internationally while reducing both the cost and risk of loss. In this article, you’ll learn about: • What is foreign exchange risk? • Mitigating foreign exchange risk What is foreign exchange risk? Whenever you send money internationally, you have to sell one currency and buy another, and the risk that as an expat you will lose out from an unfavorable exchange rate when making these transactions is known as currency exposure, or sometimes FX or foreign exchange risk. The larger the amount of money you are transferring, the greater the risk. You might for example receive a quote from a broker for a significant transfer for a deposit to buy some real estate abroad, but then if either of the two currencies changes in value you would suddenly find the cost of the transfer changes. If the exchange rate fluctuates significantly, you may even find you can no longer afford the purchase. Many expats own a business that operates across borders, and there are three different types of foreign exchange risks that businesses that operate internationally can encounter. These are known as transaction risk, translation risk and economic risk. Transaction risk occurs when a currency fluctuation changes the forecast value of the exchange transaction, exposing you to a possible negative financial outcome. This is the most common risk that individual expats experience. Translation risk is when a domestic (i.e. US) company has a foreign subsidiary and they report revenue from the subsidiary in the parent company’s currency and so potentially lose out due to currency exchange rate fluctuations. Economic risk is when a company trades in other countries and its market value is affected by exchange rate fluctuations that alter the reportable value of its overseas revenue. Many expats have foreign companies with US parent companies due to the tax advantage in paying less US corporate GILTI tax since the 2017 Tax Reform, so some expats will encounter all of these risks. Mitigating foreign exchange risk Luckily, there are ways for expats transferring money internationally to mitigate foreign exchange risk. Future contracts Future contracts are legal agreements between two parties looking to buy or sell a security or investment at a specified price at a predetermined time in the future. These contracts are bought and sold on a futures market and so have set standard sizes and amounts. When someone buys a future contract, they pay in advance and they agree to receive the asset when the contract expires. Forward contracts Like a futures contract, a forward contract is an agreement on a price and future date for the transaction. Where forward contracts differ from future contracts is that a forward contract is privately agreed, customizable and settled at the end of the agreement. Options Options are financial derivatives that give buyers the right to purchase an asset such as foreign currency at a predetermined price. As buyers aren’t obligated to exercise these options, this can give expats an added layer of flexibility. Swaps Currency swaps are another derivative instrument that let you secure a pre-agreed currency value ahead of time by agreeing an exchange rate with someone looking to transfer in the other direction. If you need assistance, currency specialists can provide their expertise, so reach out to one if you’re in need of advice. Winding up Foreign exchange risk can be a significant factor for American expats transferring funds internationally. Some currencies are more volatile than others, of course, increasing the risks of fluctuations in transfer values. Currency exposure risks can’t be avoided though, and so they will need to be mitigated. By using strategies like future contracts and options, expats can create a predetermined price and date and so minimize their currency exposure risk. 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.

"An investment in knowledge pays the best interest." - Benjamin Franklin As an American investing while living abroad, one of your first considerations should be how to structure your investment portfolio. Of course, how to do this depends on a variety of personal factors - your aspirations, time horizon, risk appetite or aversion, personal investment preferences, and your situation in life as well as future plans. So rather than tell you how to structure your portfolio, we’re going to look at the different factors that you should take into consideration when structuring your investments as an American living overseas. In this article, you’ll learn about: • Investment goals and time horizon • Risk tolerance • Types of investments • Diversification • Whether to invest in the US or abroad Investment goals and time horizon The first question you should consider when deciding how to structure your investments as an expat is: what are your investment goals? Investment goals typically vary depending on your age, also known as time horizon, meaning how long it is until you’ll want to draw from your investments. This is because assets that drive growth are often different to those that provide income. So if you don’t need to draw on your investments for a while, you are more likely to focus on growth-generating equities, whereas for a shorter time horizon, bonds may be preferable. Time Horizon Examples - A young person in their twenties with some excess income decides to prioritize saving to buy a home, and also starting to save for retirement. The first priority could benefit from buying bonds, providing fixed income to grow the portfolio with little risk of loss, while for the long term, equities that will grow over decades despite some ups and downs could be appropriate. Someone in their fifties on the other hand, whose retirement income has been growing for a while, but who wants to generate some income in the short term for their kids’ college fees, may transfer some of their long-term investments into bonds. You should always seek to discuss your goals with your financial advisor based on your personal priorities and plans. Another factor relating to your time horizon is geographical: where will you expect to be when you start drawing your investments? This could impact your investment structuring too, as you may want to employ a natural currency hedging strategy. Risk tolerance Another factor that affects how you structure your investments is your risk tolerance. Higher risk assets can generate higher portfolio growth, however they may also be more volatile, and so they can result in losses that, in some cases, can take years to recover. If you’re in it for the long haul then it may not matter, because over decades you’re still likely to experience higher growth, based on long-term trends. But if you may need to draw on your assets in the short term, then it makes sense to be more cautious in terms of the assets that you invest in. Your risk tolerance may be influenced by your investment goals, too. Personality is another factor that determines your risk tolerance, as some people are naturally more aggressive or conservative in terms of their desire to take on riskier investments for a potentially higher reward. Types of investments When deciding on the structure of your portfolio, there are numerous different types of investment options available. Some of these investment classes and their typical characteristics are summarized below. The first step is deciding your asset mix, based on your investment goals, time horizon, and risk tolerance. Then, you’ll have to decide which assets within each class to invest in. This is where financial advisors can be incredibly helpful, as they have a detailed knowledge of current investment opportunities. Stocks Also known as equities, stocks are issued by companies to raise cash in exchange for a share in the company that will hopefully grow as the company grows. Some companies also distribute their profits to shareholders in the form of annual dividends. Larger, longer-established companies are generally considered safer long-term investments. Small companies and startups are considered riskier, as they might take off and achieve sky-high growth, but conversely they might fail. Bonds Bonds are issued by governments, states, and some companies as a sort of loan in exchange for a fixed annual payment or for a predefined payment when the bond expires after a fixed term. Bonds can be traded for a profit (or a loss) before they mature (expire), depending on how well the issuer is performing. As bonds feature a fixed income component and are debt instruments as opposed to equity, bonds are typically considered safer investments than stocks. Mutual funds Mutual funds are professionally-managed funds that pool many investors’ money to purchase different stocks and other assets. However, Americans living abroad should only normally invest in US-registered mutual funds, as the US has stringent tax and reporting requirements relating to foreign mutual funds, which the IRS classifies as Passive Foreign Investment Companies (PFICS). Exchange-traded funds (ETFs) ETFs are similar to mutual funds, but they often track a market or index. Again, US expats should treat foreign-registered ETFs with extreme caution, as the IRS also classifies them as PFICs. Real estate investments, and real estate investment trusts (REITs) There are many ways to invest in real estate, from owning rental property to investing in commercial or other real estate funds or real estate investment trusts (REITs). Rental property can be a good investment option if you are looking for income, however rental properties come with the burden of management and maintenance. Intellectual property, such as copyrights, patents, trademarks and royalties This is a specialist investment area, though it can result in high growth, if you invest in a patent or copyright of something before it conquers the mass market. There has been a trend in recent years for investors to buy musicians’ back catalogs too, while buying the rights to make a movie from a book has held a large amount of appeal for decades. Cash equivalents, such as certificates of deposit (CDs) or savings accounts The safest investment is to keep your money in cash, such as in a bank, however while relatively risk-free, your money is actually losing value while it’s not working for you, due to inflation, and especially when inflation rates are high. Nonetheless, many investment advisors keep some funds in cash ready to invest if a new opportunity arises. Crypto At the other end of the risk scale, investing in crypto is popular but very high risk, as crypto values fluctuate wildly. Gold, other precious metals, art, and other physical assets Gold and precious metals are considered safe investments at times when stock markets are experiencing sustained losses. Art and other assets, such as vintage clothes, cars or jewelry for example, can increase in value, however it’s wise to seek specialist advice when investing in these types of assets. Diversification Diversification is a way of managing risk by spreading your investments around different asset classes to reduce your exposure to turbulence or loss in any single asset class. A typical diversified investment portfolio includes a mix of stocks, bonds, and some cash held in case you suddenly need to access some funds or if you find a great new investment opportunity. The mix between stocks and bonds is traditionally seen as the higher the risk tolerance, the higher the proportion of stocks compared to bonds, and vice versa. Whether to invest in the US or abroad When deciding whether to invest in the US or abroad it’s important to understand the long-term tax and reporting implications in both countries, as well as taking into account your personal circumstances and future plans. So, for example, if you are saving for retirement and you’re going to retire abroad, and the country where you live doesn’t have a tax treaty with the US that recognizes that distributions made from Roth retirement plans shouldn’t be taxed, it may make more sense to invest in a local rather than US retirement plan. Furthermore, if you are going to draw income from investments held in another country in the future, you will pay for currency exchanges at that time, whereas if you invest in the US now while living abroad you will pay currency exchange costs now. Another consideration is fees. As a US expat, if you invest in the US, your investment fees will normally be lower. You can still invest in foreign assets through a US broker, but you will pay less to do so. So there are many factors to take into account what types of investments your portfolio will contain: your personal circumstances such as where you live now and where you intend to live and receive income from your investments in the future, investment fees, taxes, tax treaties, and tax reporting, and currency conversion costs. Your expat financial advisor will guide you through your options based on all these considerations. Summary We hope we’ve provided an overview of the main considerations when structuring your portfolio as an American living abroad. Armed with this knowledge, schedule a call with your expat financial advisor to discuss how you might build and maintain your portfolio and achieve your goals now that you’re living abroad. 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.

Compound interest is the eighth wonder of the world.” - Albert Einstein Whether you’re an expat or not, the same fundamental advice applies when it comes to saving for retirement: start as soon as possible. This is because whatever your age, the sooner you start, the more time you are allowing for the power of compound interest to grow your retirement savings. Compound interest is one of the most important ideas to understand while saving or investing, especially when it comes to planning for retirement as an expat. It lets your money work for you, and ensures that you don’t miss out on the extra wealth you can amass over time. What are simple and compound interest? Simple interest is the quickest and most straightforward method of calculating interest on loans, savings accounts, and fixed deposit balances. It is calculated by multiplying the interest rate (in percent) by the principal (amount) and the number of days between payments. So simple interest paid over a certain period is a fixed percentage of the original amount that was borrowed in the case of a loan, or invested in the case of savings. ​ Say for example that you deposit $50,000 at a rate of 4% annually. You would have a balance of S$52,000 at the end of the first year, including the $2000 interest on your original $50,000 deposit. Additionally, you would have $52,000 + $2000 = $54,000 in the following year, $56,000 in the next year, and so forth, as the interest paid is always 4% of the original amount deposited if you’re being paid simple interest. Compound interest on the other hand is the interest earned on the principal amount plus the interest already earned. The advantage of compound interest is that, over time, the interest-on-interest effect can produce much greater returns. The more time you have to save for retirement, the more this effect will be magnified. Even if you can’t make regular contributions for a while, it will still keep compounding and you will still benefit from exponential growth. Thus, compounding interest can be a powerful ally when building your retirement savings as you let your money accumulate over time. The more you increase your savings deposits, the more you will see your savings grow more quickly, further taking advantage of compound interest. Using the same example as above, if your initial deposit is $50,000 at a rate of 4% annually, with simple interest after 20 years you would have $90,000, whereas with compound interest you would have $111,129.10, so 23.5% more. The effect is further amplified if you keep making regular deposits throughout. This graph (courtesy of Moneygeek) shows the amount of compound interest compared to the original investment: Benefits of starting saving as early as possible A 2022 report showed that approximately 70% of seniors would advise their younger selves to begin saving sooner. In the world of compound interest, time is money, because compound interest rewards those who begin early. At the start of your career, paying off school loans, saving for a down payment on a home, and other expenses may feel like a financial battle for your resources. For a stress-free retirement though, finding money to start saving too can give you a significant economic advantage. For instance, if you put $1,000 into an account that increases by 5% annually, you will have $1050 at the end of the year. If you invested $1050 in the first year and received a return of 5%, your investment would be worth $1102.50 after two years. If you start early, the returns will be very high by the time you retire. Conversely, if you start later, the returns will be relatively modest. This also implies that you can initially save less, as time amplifies the value of even relatively small amounts. You can also have a more growth oriented rather than risk averse investment portfolio if you start saving early. Even if you have ups and downs, over the long term, high risk investments with a high potential return should give you a more significant financial safety net when you retire, owing to the power of compounding. Compound interest comparative examples The following two illustrations of compound interest show how it works positively for retirement savings. Let's imagine that over 20 years, Karl, 25, and Anna, 45, both set aside money for retirement over a 20 year period. They each set aside $10,000 per year for the first ten years, then $20,000 per year for the following ten. We'll suppose that they made their contributions at year's end and that they both achieve a long-term average 6% yearly return, and they both want to retire at age 65. However, to illustrate the benefit of starting early, we’ll assume that Karl begins saving at age 25 and quits saving at age 44, while Anna begins saving at age 45 and ends saving at age 64. In this scenario, even though they saved the same amounts over the same time period, Karl will have significantly more in his retirement account at age 65 than Anna - Karl ends up with $1,603,000 in total, while Anna has just $499,700. The power of compounding allows Karl's money to increase over 40 years, as opposed to Anna's over just 20 years. Anna would need to put aside more than three times Karl's annual savings amount to have the same size total amount at age 65 due to her later start to saving. Hence, you should give yourself as much time as possible when saving for retirement, as you will have more time to benefit from the power of compounding if you start saving and investing earlier for retirement and other goals. It's too good to pass up, so start as soon as possible, whatever your age. Winding up Earning compound interest can significantly improve your quality of life in retirement, effectively enabling your money to earn money for you. Long-term investments in retirement accounts like 401(k)s benefit from both compound interest and tax benefits. Savings accounts, and stock and bond investments also benefit from compound interest over time. If you’re not sure where to save or invest for retirement, schedule a call with your expat financial advisor. 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 © 2023 Dunhill Financial. All rights reserved.

“Financial planning and discipline is key to one’s financial freedom” - Kishorkumar Bapalli As an expat, your financial life can be complicated. Where you invest (in the US or the country where you’re living) and the both countries’ regulatory and tax implications depending on what you invest in can quickly cloud the waters. This is where an expat specialist financial advisor becomes invaluable. They will be able to guide you through the different scenarios and implications of what you may be thinking of investing in, and furthermore, thanks to their experience, they can advise you on how best to achieve your long term goals given your current and future situation, your investment time horizon, and your risk tolerance. In this article, you’ll learn about: • The importance of seeking specialist financial advice as a US expat • Finding an expat financial advisor • What to ask your prospective expat financial advisor The importance of seeking specialist financial advice as a US expat According to one report, around 8.7 million Americans live in more than 160 countries. As an expat, which country you live in and its regulatory and tax regimes can significantly impact your investment choices, so it’s important to find an advisor who has specialist knowledge and experience working with American expats in the country where you live. Most financial advisors in the US won’t be familiar with financial planning techniques and tax implications relevant for Americans abroad, and using such an advisor can have costly implications. As an example, many US investment products aren’t available to Americans living in the EU due to EU rules. Conversely, many foreign financial products can trigger expensive and burdensome US tax and reporting requirements. Consulting an expat financial specialist however ensures your long-term financial stability, as they evaluate your financial and dual tax status as a US citizen, your risk tolerance and goals, and apply the experience while incorporating their currency management knowledge, too. Managing cross-border investments for a US expat is best undertaken by a global wealth manager who is familiar with the unique requirements of globally mobile clients. An expat finance specialist is aware of the effects of the laws that specifically influence US citizens residing abroad, like the Foreign Account Tax Compliance Act, US citizenship-based taxation, expatriation and other regulations. Similarly, insurance options change when one moves across borders. A US expat may also face issues with their retirement funds and social security accounts. When you move abroad, you may need to strategically rebalance your portfolios, figuring out the best cross-border tax-efficient investment options, retirement accounts, estate planning, currency management, insurance, charitable giving and compliance. Only an expat specialist financial advisor will be able to help you do this in the most convenient, beneficial and tax efficient way possible. Before meeting with a financial advisor, determine which areas of your financial life require assistance. You should be prepared to describe your specific needs and goals when you first meet with an advisor. Thus, it is crucial to have a precise list of requirements in mind. Expat financial advisors offer services in several fields. For example, they offer advice on cross-border investments, ensuring that your portfolio remains risk-appropriate and tax-efficient, and minimizing your currency exposure long-term. Expat financial advisors may also review your insurance policies to find coverage gaps or suggest new policies. Therefore, it makes sense to determine your requirements, risk tolerance and goals first to ensure that your expat financial advisor is a good fit for your needs. Finding an expat financial advisor Expat specialist financial advisors based outside the US won’t be subject to federal regulation (other than relating to investments they make in the US). As such, it is important to ensure that they are regulated in the country where they’re registered. You should start by searching online to find some options, then further research their client reviews and backgrounds, and, if possible, fee schedules. Additionally, talk to other expats who have been using the services of the expat financial advisors that you’re considering using to manage your finances. Having a good relationship with your expat financial advisor is important, so getting first-hand feedback as to their personality, working practices and effectiveness is a must. What to ask your prospective expat financial advisor Once you’ve found a potential expat financial advisor, it is essential to meet with them to discuss your requirements. Here are five important questions to ask them when you meet to ensure they’re the right fit for you. 1. What are their credentials, qualifications and experience Financial advisors are subject to regulation in almost all countries in different areas such as accounting services, investment advice, and financial planning. In addition, depending on the kinds and amounts of assets they manage, they might also be required to register with certain regulatory national bodies. Also check if they possess the right personal qualifications and certifications to be your expat financial advisor. While financial advisor firms may not legally require certifications, it is certainly preferable. It is of course also essential that they have significant experience and expertise working with American citizens in the country where you live. 2. What are their personal and firm values It’s beneficial to ask your expat financial advisor about their personal and firm values and vision. They will have immediate access to your most private information, goals, and plans. Thus, if your values are compatible, it will give you the confidence to put your funds in their hands. For example, you may have ESG (ethical, social and governance) investment preferences that you will want them to be able to cater for. On the other hand, if their values are dissimilar from yours, they may not be a good match for you. 3. What is their investment approach Financial advisors are responsible for recommending and selecting investments for you. You can ask them what approach they take to this, and how they sort through the thousands of available potential assets to create a suitable portfolio that will meet your requirements. Your financial advisor will gauge your risk tolerance before suggesting any investments. Most advisors use model portfolios that they customize to each client's needs and preferences. You should have a fundamental grasp of your advisors' investment philosophy, as it will influence asset selection. Ensure that you are comfortable with the investment strategy that your advisor uses. This question will also reveal whether your financial advisor has a coherent, empirically supported plan that can be shared. 4. What is their communication policy Communication is the key to good relationships, and asking how an advisor would communicate will reassure you that you can check on your investments, that they will be responsible, clear and transparent when you have questions, and let you better comprehend their way of operating. This question can include asking for details like how often you two would meet, the mode of meetings, and how often they will update you on your portfolio performance. 5. What is their fee structure Last but not least, ask about their fee structure. Always inquire about a financial advisor's fee schedule, method of payment, and inclusions before choosing one. Financial advisors receive varying types of compensation, that may include transaction fees, commissions, and portfolio-based percentages. Advisor fees reduce your portfolio gains, so you will want to ensure that you are aware of what they are, and that they are competitive and appropriate for the service and performance you are benefiting from. 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 © 2023 Dunhill Financial. All rights reserved.

By claiming the Foreign Tax Credit, many expats won’t owe any US taxes. Whether this is true for you depends on several factors, notably where you reside and whether you pay or accrue foreign income taxes. In this article we’ll look at how the Foreign Tax Credit works, how to claim it, and whether it’s the best option for you. In this article, you’ll learn about: • What is the Foreign Tax Credit? • What types of foreign taxes can you claim credits for? • How to claim the Foreign Tax Credit? • How to file IRS Form 1116 • What is the Foreign Tax Credit Carryover? • Should you claim the Foreign Tax Credit or the Foreign Earned Income Exclusion? • Roth IRAs and the Foreign Tax Credit • Can you claim the Child Tax Credit and the Foreign Tax Credit? What is the Foreign Tax Credit? The Foreign Tax Credit is an IRS provision that helps expats can claim to reduce their US tax liability. Claiming the FTC gives expats US tax credits based on the equivalent value of foreign income taxes that they’ve paid abroad. This means that if you’ve paid higher rates of income tax abroad in your host country compared to the US tax rates, you generally will not owe any US tax. This applies to most expats who are residents in European countries as well as Canada, or any other country with higher income tax rates than the US. The Foreign Tax Credit isn’t applied automatically; you have to claim it when you file your US federal tax return from abroad each year. There are a number of restrictions, qualifications and other factors to consider though, including whether it’s preferable to claim the Foreign Earned Income Exclusion and/or the Foreign Tax Credit. What types of foreign taxes can you claim the FTC for? There are some limitations in terms of which foreign income taxes you’ve paid that you can claim US tax credits in lieu of, namely: 1. The tax must be imposed on you To claim the Foreign Tax Credit, the foreign taxes must have been imposed on you, which means that you are legally obliged to pay them. This includes income taxes deducted from your wages at source, as well as those you have to pay when you file at the end of the tax year. 2. You must have paid (or accrued) the foreign tax You are required to have actually paid or accrued the foreign income tax at the time you are claiming the FTC, and you must be able to demonstrate this to the IRS. 3. The tax must be the legal and actual foreign tax liability The amount of US tax credits you can claim with the FTC cannot exceed the exact amount of tax you were legally required to pay in the corresponding period. So, if you overpay a foreign tax for example, either unintentionally or because you are required to pay an estimated amount in advance for the next tax year, you couldn’t claim the FTC on the additional amount despite having paid it. 4. The tax must be an income tax Examples of taxes that might seem like an income tax but that aren’t creditable with the Foreign Tax Credit are foreign social security taxes, wealth taxes, fines and penalties, and inheritance taxes. Special care is to be taken and expert advise should be sought in your residence country. For example, if you like in France the CSG (Cotisation sociale generalisée) and the CRDS (Contribution de Remboursement de la Dette Sociale) are considered for US tax purposes to be the equivalent of income taxes, irrespective their being referred to in France as social charges. - Jonathan Hadida, Hadida Tax 5. Paid or Accrued As mentioned earlier, the foreign tax must have been either be paid or accrued in the tax year. The question as to whether you should claim on the paid or accrued basis depends on where you live and your plans in the future. For example, a taxpayer in the UK is more likely to be on the paid basis as opposed to a taxpayer in many other countries due to the UK’s odd (April 6-April 5 tax year). Guidance from a tax professional is recommended to be sought. How to claim the Foreign Tax Credit? To claim the Foreign Tax Credit, you are required to file IRS Form 1116 with Form 1040. Form 1116 is used for claiming the Foreign Tax Credit for individuals, estates, and trusts. There’s a separate form for claiming foreign corporation tax credits, IRS Form 1118. Filing IRS Form 1116 You have to file a separate Form 1116 for each type of income you have, such as general limitation income (e.g. employment income) and passive income (e.g. from rents or dividends). You will also need to file multiple Form 1116s if you have income in more than three different countries. Before adding your income to Form 1116, you have to convert it to US dollars, generally using the average FX rate for the year. Form 1116 is a two page form with four parts. It’s not a simple form, and most expats should seek professional assistance. In Part I, you input your foreign income and the deductions and expenses relating to that income. In Part II, you report the foreign income taxes you’ve paid or accrued, in US dollars. In Part III, you work out the amount of the US tax credits you can claim, looking at such elements as the income already excluded by the foreign earned income exclusion. In Part IV, you report figures from any other Form 1116s you are filing, if applicable. Due to the complex nature of this form, we highly recommend the use of a tax professional. Is the Foreign Tax Credit a refundable credit? No, the Foreign Tax Credit is not a refundable credit, so if you paid more foreign income tax than the US tax that you owe, you cannot claim the difference as a refund. The difference can be carried over to future years or carried back one year, however. What is the Foreign Tax Credit Carryover? If you can claim more US tax credits than the US tax you owe with the FTC, the difference is known as the FTC ‘carryover’ amount, and you either can carry it back to the previous year, or carry it forward for up to 10 years. So for example, if you are single and live in the UK in 2022 and earned the equivalent of $100,000, your UK tax would be approximately $24,800 . If you file Form 1116, you would receive $24,800 of US tax credits. Your US income tax liability would be approximately $15,000 though. This means that you can carry over the difference of approximately $9,800 ) of US tax credits to carry forward. While you may not need to use the Foreign Tax Credit carryovers while you’re still in the UK, you can carry them forward for up to 10 years, or. They may come in handy should you move to a lower taxed jurisdiction or should you receive a tax free payment in your country of residence (e.g. a tax free severance payout in France). Additionally, if you did not have enough foreign tax credits to offset your foreign sourced income in the preceding year, you may be able to carry back the foreign tax credit (one year.) Again, assistance from a tax professional is always recommended. Should expats claim the Foreign Tax Credit or the Foreign Earned Income Exclusion? One of the most common questions that expats should ask is whether they should claim the Foreign Tax Credit or the Foreign Earned Income Exclusion, or both?. While the FEIE can only be applied to earned income, and only up to a maximum threshold, the FTC can be applied to any income that has been taxed abroad and up to a value dependent on the value of the foreign income taxes that you’ve paid. As an example, if all of your income is from employment abroad and your total earned income received is less than the FEIE limit, you might claim the FEIE, especially if you haven’t had to pay foreign income taxes (or if you paid foreign tax at a lower rate than the IRS rates), perhaps because you live in a country with low or no income taxes, or if you’re a digital nomad and you travelled between different countries working remotely without becoming a tax resident anywhere. If you paid foreign income tax at higher rates than the US rates however, or if your income is more than the FEIE limit, and if you have different income types, you are often better off claiming the Foreign Tax Credit. There are circumstances when you might also claim both to apply to different types of your income. The best advice is to have a conversation with your expat tax professional. Ron rented out his apartment in Florida and moved to London, UK in December 2021, to take the opportunity to live in Europe for a while thanks to working remotely. In 2022, his income from employment was $140,000. As his income from employment is more than the Foreign Earned Income Exclusion limit for 2022 and he also has passive income from rent from his apartment in the US, and UK income taxes are higher than US rates, he claims the Foreign Tax Credit, which eradicates his US tax bill and leaves him with excess US tax credits that he can carry forward and use when he returns to live in the States. Roth IRAs and the Foreign Tax Credit Just like in the US, expats can contribute to Roth IRAs from taxable income to receive tax-free distributions when they retire. If you claim the Foreign Earned Income Exclusion though, your taxable income may be reduced to zero, meaning you can’t make Roth IRA contributions. If you claim the Foreign Tax Credit on the other hand, you can generally, make these contributions (subject to other terms of Roth IRA eligibility), so retirement planning may be a factor that affects the decision of which to claim. Can you claim the Child Tax Credit and the Foreign Tax Credit? The Child Tax Credit lets American parents of dependent children who have US social security numbers claim a $2,000 tax credit per child. This applies to expats too (although the additional Child Tax Credit amount and advance payments provided as part of Covid-19 relief measures weren’t made available to most expats). If you have used the Foreign Tax Credit to reduce your US tax bill to zero already, you can still claim the Child Tax Credit and receive a $1,400 tax refund per child each year. If you claim the Foreign Earned Income Exclusion on the other hand, you won’t be able to claim the refundable part of the Child Tax Credit, so this can be another factor that determines which is best to claim. 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 © 2023 Dunhill Financial. All rights reserved.