Mobility – October 2019 - 76

give clients access to experienced customer service
representatives, bankers, and wealth advisors
when and where they want and need it," MacieiraKaufmann says.
MAKE SURE EXPATS ARE GIVEN GOOD
ADVICE REGARDING RETIREMENT.
The longer an employee remains an expat, and
especially if there's a lot of hopscotching around
the world, retirement planning can be even more
complicated than if he or she had stayed in one
place. For instance, an expat could be making
contributions to a state pension in, say, Finland,
but then moving to Bulgaria and putting money
into that state pension-and then there's another
assignment and more contributions.
Every country is different, though, in how it handles giving out state pensions to people who have
retired elsewhere. A retiree might find that he or she
will receive his or her own contributions to the pensions, but not the matching revenue that was put into
the pension fund. As an expat, you'd want to know
this sort of thing before you start contributing money
to a state pension, rather than years after.
"While this is an ongoing challenge, many countries have treaties or are working to develop solutions," Macieira-Kaufmann says. But, she adds, that's
precisely why corporations need to be teaming up
with financial institutions that can offer guidance.
"Giving expats access to multiple tools and
accounts in a relatively stable currency through
which to build long-term savings and wealth for their
retirement is critical, as is the proper tax advice on
cross-border retirement or pension account activities
and requirements," she says.
THE FINANCIAL EXPERTS YOU CONNECT
WITH YOUR ASSIGNEE SHOULD INCLUDE
TAX PROFESSIONALS.
David Oltman, CRP, is the chief compliance officer
at Ineo LLC, a company that offers global mobility
management software, outsourced mobility financial
management, and specialized mobility tax services.
He is based out of Wilton, Connecticut.
Oltman offers an example of how even "simple"
tax cases can become complex. "Let's say you hire a
21-year-old kid in Florida. You may not need to give
him any support if he's from Florida, but what if he
just relocated from New York City?"

76 Mobility | October 2019

Whatever country
you have expats
moving to, you want
to make sure they
have access to some
relevant financial
education.
In that case, Oltman says, the new hire may have
to pay New York state and city taxes. And what if the
21-year-old lived in New York City but worked in
New Jersey? And what if that person spent part of the
year studying abroad? There are more taxes to report.
So even the supposedly easy cases may not be so
easy, Oltman says. Meanwhile, things can get really
complicated if you're, say, a Norwegian expat living
in Switzerland and being paid by a company headquartered in Pakistan, and instead of receiving rupees
or kroner, you're being paid in euros.
"Employers need to understand compliance,"
Oltman says. "Expatriates will have tax filing requirements that they may never have experienced."
There are plenty of potential tripwires that can
cost a mobile employee, according to Oltman. For
instance-and while this is hard to imagine, Oltman
says he has seen it happen plenty of times-if an
employee transfers to another country for, say, an
eight-month assignment, and payroll isn't aware
of that because the direct deposits are going into
the checking account as usual, that employee could
end up owing more than he or she expected when it
comes time to report income to the government.
And even if the employee's tax hit isn't all that
bad, there may be penalties imposed for not reporting the income.
Or if an employee spends several months in
another country and sells stock options in that country, Oltman says, the tax ramifications may be worse
than if he or she had waited until moving back home.
LINK MOBILE EMPLOYEES WITH
PROFESSIONALS WHO WILL HELP
THEM BUILD WEALTH.
Building wealth is the dream, and it's a win-win
for everyone. The more a relocation professional



Mobility – October 2019

Table of Contents for the Digital Edition of Mobility – October 2019

Mobility – October 2019 - Cover1
Mobility – October 2019 - Cover2
Mobility – October 2019 - 1
Mobility – October 2019 - 2
Mobility – October 2019 - 3
Mobility – October 2019 - 4
Mobility – October 2019 - 5
Mobility – October 2019 - 6
Mobility – October 2019 - 7
Mobility – October 2019 - 8
Mobility – October 2019 - 9
Mobility – October 2019 - 10
Mobility – October 2019 - 11
Mobility – October 2019 - 12
Mobility – October 2019 - 13
Mobility – October 2019 - 14
Mobility – October 2019 - 15
Mobility – October 2019 - 16
Mobility – October 2019 - 17
Mobility – October 2019 - 18
Mobility – October 2019 - 19
Mobility – October 2019 - 20
Mobility – October 2019 - 21
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Mobility – October 2019 - 25
Mobility – October 2019 - 26
Mobility – October 2019 - 27
Mobility – October 2019 - 28
Mobility – October 2019 - 29
Mobility – October 2019 - 30
Mobility – October 2019 - 31
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Mobility – October 2019 - 33
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Mobility – October 2019 - 35
Mobility – October 2019 - 36
Mobility – October 2019 - 37
Mobility – October 2019 - 38
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Mobility – October 2019 - 40
Mobility – October 2019 - 41
Mobility – October 2019 - 42
Mobility – October 2019 - 43
Mobility – October 2019 - 44
Mobility – October 2019 - 45
Mobility – October 2019 - 46
Mobility – October 2019 - 47
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Mobility – October 2019 - 49
Mobility – October 2019 - 50
Mobility – October 2019 - 51
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Mobility – October 2019 - 53
Mobility – October 2019 - 54
Mobility – October 2019 - 55
Mobility – October 2019 - 56
Mobility – October 2019 - 57
Mobility – October 2019 - 58
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Mobility – October 2019 - 60
Mobility – October 2019 - 61
Mobility – October 2019 - 62
Mobility – October 2019 - 63
Mobility – October 2019 - 64
Mobility – October 2019 - 65
Mobility – October 2019 - 66
Mobility – October 2019 - 67
Mobility – October 2019 - 68
Mobility – October 2019 - 69
Mobility – October 2019 - 70
Mobility – October 2019 - 71
Mobility – October 2019 - 72
Mobility – October 2019 - 73
Mobility – October 2019 - 74
Mobility – October 2019 - 75
Mobility – October 2019 - 76
Mobility – October 2019 - 77
Mobility – October 2019 - 78
Mobility – October 2019 - 79
Mobility – October 2019 - 80
Mobility – October 2019 - 81
Mobility – October 2019 - 82
Mobility – October 2019 - 83
Mobility – October 2019 - 84
Mobility – October 2019 - 85
Mobility – October 2019 - 86
Mobility – October 2019 - 87
Mobility – October 2019 - 88
Mobility – October 2019 - 89
Mobility – October 2019 - 90
Mobility – October 2019 - 91
Mobility – October 2019 - 92
Mobility – October 2019 - 93
Mobility – October 2019 - 94
Mobility – October 2019 - 95
Mobility – October 2019 - 96
Mobility – October 2019 - 97
Mobility – October 2019 - 98
Mobility – October 2019 - 99
Mobility – October 2019 - 100
Mobility – October 2019 - 101
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Mobility – October 2019 - 107
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Mobility – October 2019 - Cover3
Mobility – October 2019 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com