Navigating the world of foreign investment can be complex and daunting. That is particularly true if you’ve planned on getting into the house and beginning a fresh life, as there’s a boatload of planning and organization that switches into relocating overseas. If you’re looking to spend money on property in St Lucia, I strongly suggest that you seek the services of an expat financial advisor.
Qualifications & Experience
Firstly, you should ask to see any possible advisor’s qualifications and experience. This includes finding a certificate of the qualifications (and ensuring they are really valid), plus requesting references. I really do not advocate trusting the web reviews you will find on the website, as these could easily be fabricated. Instead, require references from previous clients and then contact them directly.
Contact the Financial Conduct Authority
If the advisor claims to own UK experience, you should talk with the Financial Conduct Authority (FCA). The FCA can check their records for the facts of the advisor and list their previous employers. You need to then contact any previous employers to get their view on the advisor’s services.
Check Their Professional Body
Independent advisors should be registered with a specialist body, that will ensure they have met the minimum entry qualifications plus follow a code of conduct. Research the professional body, check into the membership levels and have to visit a record of the advisor’s experience and qualifications.
Fees & Contracts
Finally, I encourage you to definitely require their fees and contracts. Whilst some advisors will have an interest rate for his or her advice, some may charge a share of the total amount to be committed to the house in St Lucia. If they’re charging the latter, be skeptical and have for a break down of the charges; often, hidden yet hefty charges will be included. Any report that they produce for you needs to be on headed paper with information on their professional body or organization.
These steps will help you avoid sharks, and instead find a genuine and reputable financial advisor. Unfortunately, I’ve encountered expats who’ve not taken enough time to analyze their advisor and therefore finished up paying huge commissions. Not only this, nevertheless, you can also be subjected to high-risk investments that could negatively affect your daily life on the island.
Foreign investment can be incredibly complex, especially if you intend on relocating as well. If you’re looking to spend money on property in St Lucia, give me a call today and I provides further help with discovering the right advisor to your requirements.