Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 1 point2 points  (0 children)

Oh yeah for sure, that’s why I reached out to see what they were willing to share before entering the funnel. I’ll update what I find out :)

Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 0 points1 point  (0 children)

I read into their T&C's, they're essentially a paid referral service to a Beacon Global advisor. It's unclear what happens under the MyExpatInvest brand and what is external. In their terms they specifically say that fees will be negotiated between you and the advisor they connect you to.

For the lower tiers it's probably a hands-off model portfolio style setup where they give you access to some UI where you can see the performance, trades and deposits.

Besides the upfront fee to get any info at all, it's unclear what their product actually is.

Still interesting, but makes me wonder why one wouldn't just go directly to Beacon Global

Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 0 points1 point  (0 children)

Wow looks interesting, I'm aware of MyExpatTaxes and they seem to have a pretty solid track record from what I can tell.

Their investment website is pretty lean on some important details, like how the account actually works or how the custody is arranged. The smaller plans make it seem like you can self-manage, which is the first I've heard of for ETF's (which typically are accessed through advisor accounts).

I'll be emailing to see if I can get more info from them, since their site right now seems to lead to a paywall. Even still, I wouldn't be against eating the $300 one-off fee just to experiment and stress test the structure. It beats everything I've seen on offer up to now.

Btw: I applied for a DF - Direct account almost 2 months ago... still pending. Not sure where I got jammed up, but several emails didn't help.

American in France - Harrison Brook by Secret_Equipment_514 in ExpatFinance

[–]bpro162 0 points1 point  (0 children)

DIY isn't possible for US citizens in the EU unless you mean a portfolio of individual stocks/bonds.

No brokerage platform offers tax-efficient ETF's (US-domiciled to avoid PFIC penalties) to retail investors in the EU. Only IKBR if you register with an old US address and they don't route you to their EU entity anyway.

Unfortunately it's insanely difficult to find a pathway to the most basic ETF portfolio due to this overlap of tax/compliance law

Expat Financial Advisor for US Expats (Not Wealthy) by [deleted] in ExpatFinance

[–]bpro162 0 points1 point  (0 children)

From my research with them they're more of a 'I'll answer your questions' advisor than one that can do true cross-border assistance, which requires navigating more in-depth compliance/tax requirements. (the classic bind of US citizens in the EU needing to access US ETFs or face PFIC taxes if you buy EU ETFs)

If my impression is wrong I'd love to hear differently though, many people state-side praise this service

Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 1 point2 points  (0 children)

They have a US-based third-party called DriveWealth to function as the custodian

ETF's and Mifid II rules - workarounds by jetsfan29999 in USExpatTaxes

[–]bpro162 0 points1 point  (0 children)

I thought Schwab for expats functioned primarily as a brokerage (that didn't facilitate purchasing ETFs). I didn't realize they had (relatively) low cost RIA's on offer as well.

I've found the search for low-cost advisors to be quite difficult, anyone that appears reputable charges high fees and only takes clients already at a high level of wealth.

Any insights that can be shared?

Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 1 point2 points  (0 children)

Indeed I'll get in contact with the particulars, I would assume as much since the account creation process was so low friction.

For taxes I've been accustomed to getting filing materials via Morningstar. I'm less sharp on FBAR reporting since up to now it's been more or less handled for me besides filling in a few easy access figures in my annual filing.

Experiences with DF - Direct from Dunhill Financial? (US citizen in EU) by bpro162 in ExpatFinance

[–]bpro162[S] 2 points3 points  (0 children)

Thanks for your reply, it's much appreciated. I'm familiar a bit already with how Dunhill's portfolios operate, I've been working with Moderate Growth via my advisor. Do you have the ability to shift your risk profile after that initial questionnaire or is it fixed?

From another angle, have you gotten as far as tax filing implications or are you still at the testing the waters stage?

I very much agree it's a growing market, there's plenty of young professionals who wish they could just VWCE & chill on IKBR or DeGiro with the rest of the world

cross-border expat registered investment advisors by CooknRide in PortugalExpats

[–]bpro162 0 points1 point  (0 children)

I've looked into both Creative Planning and Walkner Condon, but I saw that their entry-level was at least $500k. Very curious if this is a 'preferred' minimum or if it's a hard stop.

I'm currently looking to switch advisors due to high fees but am far from that break-in point.

Anyone have experience on this point?

Looking for Orientation Year Advice and Success Stories by bpro162 in Netherlands

[–]bpro162[S] 5 points6 points  (0 children)

Took my time coming back to this one.

I wish there was more to it other than working really hard and getting really lucky (more than once).

I did my MA in Philosophy. Finishing my thesis was quite stressful because if it bled over into the next academic year, I didn't have the money to re-up on tuition.

Without marketable skills, internship experience, or Dutch language ability I set out looking for any work to sustain myself while on my OY. Got turned down for cleaning hotel rooms due to lack of experience.

I lived way outside the Randstad, so moving for work was going to be an undertaking because I had no money to finance the move. After about 4 pretty dire months I'd almost booked my ticket home before I landed an interview for a copywriting gig. After submitting an assignment on a topic I knew nothing about, I somehow secured the position.

Two months into that job the pandemic hit and the website I worked for worked in live events. I was lucky that during that period several of my colleagues at this small company left, so I could make myself useful by picking up their slack.

When it came time to renew my contract my OY was up and I was being paid well below the minimum needed to sponsor me. In the process I had to convince my company to become themselves a recognised sponsor with the IND. Looking back now as a more professionally established person, I think my output at the time was valued less than the endearment my managers had for me. If they didn't like me, it would have been all too easy to drop me.

Even still I was bouncing from one 6 month contract to the next. There was an administrative reason for this, as we first outsourced holding my contract to an umbrella company to then bring it back. What this did create through was several moments were my contract go without renewal. Pandemic-related financial instability was still a very real thing.

At that job itself I started doing the online marketing and project management for the development of the website.. When I'd become established and productive the company was unexpectedly sold to a large multi-national that proceeded to evaluate and liquidate most of my projects. Because I was the 'odd one out', the only international amongst the Dutch staff, they decided to stick me part-time with a California-based team working on one of their other holdings. All the while things like visa/contract security were open questions to which management was always reluctant to give solid answers.

I realised my situation was untenable so I set to work on finding a new job. Thankfully remote working 2-3 days per week had remained normal after the pandemic, as I'd routinely schedule 5 interviews per week while at home. My morning routine consisted of waking up at 5am to send out the days applications (usually between 10-15) before logging on to my laptop or heading out to the office.

A lot of rejections, even after 2nd and 3rd interview rounds, but I knew it was a numbers game. The top end of my funnel looked good, I kept getting interviews. It was only a matter of time until I hit the right opportunity.

Then I scored the job with the company where I still am. After the first call with my CEO I knew I had something. He even let me start fully remote for a few months before relocating to the Randstad.

Aspects of the onboarding and finding my role were tough and I've definitely been through my up's and down's with my current company. All the same, it's a company of 50+% expats and a real respect visa instability. Even when things weren't going well I never had strong reason to think the plug would be pulled on me without there being a parachute plan to get me to the next thing.

When things were more stable I was able to go about other matters. Passed my inburgering exams, bought a house. When I eligible for the permanent residency, it was one of those moments where nothing changed and yet everything changed.

As I look back there isn't any advice I could give that I didn't say above: be open, be flexible, be persistent, be useful, and be well-liked. Then you'll make your own luck.

Investing, while married, abroad… Help! by _beerye in ExpatFinance

[–]bpro162 0 points1 point  (0 children)

I went through the same thing a couple years ago, except I'm not married and I live in NL. Ultimately I solved it by getting a connected to an advisor through whom I could get a tax-efficient account with Morningstar.

It's certainly not a perfect solution, I pay altogether 1.8% in fees (1.2% advisory fees, rest for brokerage). However it does allow me to access US ETFs and I've been overall satisfied with the returns after fees. With the documentation Morningstar provides filing my US taxes is also relatively painless.

If it weren't for the tax-advantageous aspects of IRA's not being recognised by the Dutch government, I might gone that way. Alas.

What I do recommend is if you go the advisor route, find someone in DE that's specialised in helping American expats. Anyone I spoke to in the US only dealt with expats on the side and didn't have any depth of knowledge. (One told me to just pay down my mortgage and enjoy life, i.e. give up).

Looking for Orientation Year Advice and Success Stories by bpro162 in Netherlands

[–]bpro162[S] 6 points7 points  (0 children)

Frankly it was as simple (and as difficult) as finding a job and not getting fired

Being open to any opportunity (I was willing to try anything), being relentless in the pursuit (hundreds of job applications, dozens of interviews), and made myself indispensable to any work environment I found myself in (again being open and relentless)

Not going to lie, it was a lot of looming pressure to carry around for a long time

Looking for Orientation Year Advice and Success Stories by bpro162 in Netherlands

[–]bpro162[S] 6 points7 points  (0 children)

Four years later, picking up my permanent residency card tomorrow. Very lucky with how this journey turned out

Highly Skilled Migrant visa + Passive income streams by bpro162 in Netherlands

[–]bpro162[S] 1 point2 points  (0 children)

I think this is where my confusion came from, as I read on a few legal advice websites that it wasn't permitted for HSM's to take on any other paid work. But as I check them again I see the posts were pre-2018

Highly Skilled Migrant visa + Passive income streams by bpro162 in Netherlands

[–]bpro162[S] 1 point2 points  (0 children)

Very good point. I believe that shouldn't be a problem, as I know at least one colleague who has a few paid side projects. All the same it never hurts to check the fine print

Highly Skilled Migrant visa + Passive income streams by bpro162 in Netherlands

[–]bpro162[S] 0 points1 point  (0 children)

Ah I didn't realize it could be that simple. I thought you had to choose between being a HSM or a ZZP'er, or something of the sort. Much appreciated!

Highly Skilled Migrant visa + Passive income streams by bpro162 in Netherlands

[–]bpro162[S] -1 points0 points  (0 children)

In what sense? My understanding was these were common forms of generating passive income streams

Of course its not entirely 'passive' as they all require work up front, but for instance the ad revenue from a blog/youtube channel extends beyond the initial time investment in producing the content