Frequently Asked Questions
Unless you’ve already got all the money you’ll ever need, everybody needs to save. If you’re not saving regularly, you need to start!
Pick an amount that you can afford without worrying about it each month – you can always increase the amount you save in future months. Getting into good savings habits will make you more wealthy – ‘Future You’ will be very grateful if ‘Current You’ starts saving more!
Most nationalities are accepted – although we currently cannot take applications from citizens of the USA or North Korea, and a few others. For the full list of nationalities accepted, please click here.
Most countries of residence are accepted – although we currently cannot take applications from residents of the USA or North Korea, and a few others. For the full list of countries of residence accepted, please click here.
Three things – your identity (i.e. a scan/photo of your passport or other official photo ID), your address (i.e. a scan/photo of a bank statement, utility bill, rental contract etc – which must be dated within the last three months – and in some cases we can accept a letter from an employer or business/website), and your payment card (a selfie with your face and the full credit or debit card visible (just the front of the card, not the back).
It will take you less than 10 minutes to fill in the form, and if completed correctly with all the required documentation uploaded, your pension will be active on the same day.
Yes – just upload ID and address proof for both applicants.
Your account is accessible 24/7 online via www.investors-trust.com
Two ways – firstly, the savings and investment account is provided by Investors Trust, a global insurance company licensed and regulated in the Cayman Islands (UK overseas territory), Puerto Rico (USA overseas territory), and Malaysia. Secondly, all investment fund options have been carefully vetted and only the highest-rated funds from leading global fund managers are available for investment via the account. Please remember that the value of investments can go up and down, so if you don’t know what you’re doing, we strongly suggest keeping your money in a low-risk, ultra-low-cost S&P 500 tracker from iShares, rated five-stars (out of 5) by Morningstar, a strategy consistently recommended by Warren Buffett, the world’s most successful investor (ever).
Yes – in three jurisdictions. It’s also rated A- by the credit ratings agency AM Best.
Yes, any time you like. Virtual cards and single-use cards are also accepted. If you have a card which offers points, miles, or cashback, adding to your savings is a great way of building these up. No card fees are charged on contributions made by credit/debit cards, and the payment will always be taken in your chosen account currency (USD/EUR/GBP).
An index of the 500 largest companies listed on the stock exchanges of the USA, often taken as the 500 largest companies in the world. Investing into the index means you’re becoming a part-owner of each of those 500 companies which comprise the index. This means that you’re entitled to a share of their profits (paid via dividends), and a share of the company’s overall value, as expressed through it’s share price. Investing into an index is significantly cheaper than buying individual shares of all these companies.
In total, there are 141 USD-denominated funds, 111 EUR-denominated funds, and 71 GBP-denominated funds, which cover the full range of asset and economic sectors worldwide and are run by the world’s leading asset and fund managers, such as BlackRock, Fidelity, Morgan Stanley, Schroders, PIMCO, and many more. The full list of investment funds available, along with performance details, prices, analysis and comparison tools, are available via your online login.
You can invest in up to 20 different investment funds per policy at any one time.
You can make changes to your investment portfolio at any time via your online login.
Yes, and you can also use it to save up for anything else, such as buying a property, paying for children to go to university, or just general savings. If you’re specifically thinking about your retirement planning, check out www.PensionsForNomads.com which has a regular savings option which is less flexible, but comes with guaranteed returns. Utilising both products, one specifically for retirement planning, and another for general savings, is a very effective strategy for your general financial planning.
Yes you can, and the monies withdrawn can be quickly sent to any bank account worldwide as long as it’s in your name.
Yes – the minimum increase is 50 USD/EUR/GBP per month, and you can decrease it at any time after the ‘initial period’ is completed to any amount over the policy minimum (100 USD/EUR/GBP per month).
Of course they will change! And when they do, your financial planning may need to change with them. The flexibility of this product gives you the ability to increase, decrease, pause, restart, and stop saving if you need to, as well as add one-off amounts and make withdrawals when needed. In a worst-case scenario, you can stop saving each month without losing the money you’ve already invested.
This depends entirely on the performance of the investment funds you select. If you stick with the default S&P500 Index, historically it has risen around 10% per year on average – just bear in mind that this is an average, sometimes it goes up, sometimes it goes down, and past performance isn’t a guarantee of future performance. The performance of other investment funds varies significantly depending on the fund strategy – some are designed to be higher risk in order to achieve a higher return, and will therefore likely be more volatile, and others are designed to be more low risk, and will therefore have a lower return and have less volatility. You can easily analyse and compare the different funds on offer via your online login.
All investment gains you make are not taxed in the jurisdiction where your pension is held (Cayman Islands, Puerto Rico, or Malaysia), and no tax is deducted at source. When you withdraw and/or your plan matures in future, whether that is a regular payment or a one-off payment, tax treatment will depend on the current rules of whatever country you’re living in at the time. In many cases it would be completely tax free, in other cases it may count as income, and in other cases your investment returns (what you get paid out, minus what you paid in) may count as a capital gain. There is no tax liability in either the Cayman Islands, Puerto Rico, or Malaysia (unless you are a resident of one of these countries and hold your account in the same location). Speak to a tax specialist in your country of residence when you are considering making any major withdrawals to determine the most efficient way of legally reducing any tax liability, if any.
Yes! Data shows that the vast majority of nomads are not saving regularly at all, and that many of those who do are not saving enough. A few clicks or posts can earn you really good referral fees (which you could use to boost your own savings). Please click on the ‘Affiliate’ link in our footer to learn how you can get paid for helping us to spread the word about SavingsForNomads.com!
Yes of course – please email us at hola@SavingsForNomads.com and we’ll be happy to assist you, including setting up a time for a phone or skype call if you prefer.