Expat Australia News

Latest 10 news items tagged Australia

13 Jan at 6 PM 2017

Can UK expats rely on state pension to cover bills

The UK state pension is one the most ungenerous in the developed world, forcing many British retirees to relocate in order to take advantage of lower costs of living elsewhere in Europe or Asia. Taking into account that UK pensions are frozen unless the relocation is to countries whose governments have an agreement with the UK, even those who move to cheaper EU destinations can find it hard to manage due to currency fluctuations. Even so, for many expats, the UK retirement pension forms the majority of their retirement...
10 Jan at 6 PM 2017

Kuwaiti MP hits out at expat right to change employers

Expat professionals working in Kuwait are under attack again regarding their right to change employers and residence permits. Kuwaiti MP Mubarak al Hajraf is being quoted in the Arab Times as attacking his government for not nationalising the jobs market as a tool to assist Kuwaitization of the workforce. Other oil-producing states are, he says, reorganising their labour markets to reduce dependence on foreign workers, whilst Kuwait is encouraging the continuance of the status quo. Al Hjraf is also up in arms over so-called...
3 Jan at 6 PM 2017

Survey shows UAE still tops for career minded expats

Expats determined to further their careers should still head for the UAE, according to the latest survey by HSBC. Regarded as the best expat destination for successful careers in Asia and the Middle East, the UAE is also the fourth best in the world for salaries, relocation benefits packages and overall lifestyle.UAE-based responders to the Expat Explorer survey numbered over 3,000, with the results showing the work environment had improved still more over the results of the 2015 study. The survey included a number of categories...
2 Jan at 6 PM 2017

LMIM ponzi scheme boss gets away with it in Oz civil court

Founder of LM Investment Management Peter Drake has walked free from an Australian federal court after being cleared of wrongdoing. Charges against Drake were brought by Australia’s Securities and Investments Commission after the April 2013 collapse of what has been described as an ‘elaborate Ponzi scheme’ by advisors to the 1,200 investors robbed of a total of $800 million. The investments are reputed to have been touted across the expat world by commission-hungry independent financial advisors, the majority of whom were working...
26 Dec at 6 PM 2016

IMF slams Gulf States plan to tax expat remittances

In an unequivocal Christmas Day message, the International Monetary Fund has warned about Gulf State plans to tax money transfers made by expatriate workers across the region. According to the Arab Times, the IMF report states 90 per cent of private sector employees are workers from overseas, with implementing remittance taxes guaranteed to produce negative effects on the region’s economy. As the proposed five per cent tax represents only 0.3 of the Gulf region’s total income, economic benefits from the tax will be sparse,...
23 Dec at 6 PM 2016

Irish expats send festive love to family and friends

Irish expats all over the world unable to return home for the festive season are sending their love and best wishes to their families and friends by holding traditional Irish celebrations. Wanderlust, traditionally a part of the Irish psyche, has led many nationals of the Emerald Isle to try their luck in far-off climes, especially after the 2008 financial crash which left the country in a poor economic state. Irish expats are now scattered across the planet, with a good few ending up in Canada or Australia with new jobs and hopes for...
22 Dec at 6 PM 2016

Saudi 2016 budget to bring bad news for expats

Saudi Arabia’s annual budget statement is expected to announce new fees for expat professionals working in the kingdom. The Saudi budget is expected to contain a number of tough measures aimed at putting the Kingdom in recovery mode and achieving a financial balance over the next three years. The Saudi economy has taken a hard hit from falling oil prices, resulting in financial instability, project cancellations and delayed payment to major Saudi companies. The budget is expected to detail rationalised spending targets, cuts in...
19 Dec at 6 PM 2016

Illegal expat mortgages from Marbella boiler room judged null and void

Another appalling example of financial fraudsters targeting inexperienced expat investors has finally been decided in the victims’ favour by a Bilbao court, Spain’s version of the ‘Wolf of Wall Street’ was finally crushed last week by a Bilbao judge, who ruled all contracts made between SL Mortgage Funding Ltd and their clients are null and void, thus giving those who lost six million euros in total though an equity release scheme the ability to claim back every penny. The rationale for the judgement was that the company and...
15 Dec at 6 PM 2016

UAE expat investors to benefit from ban on upfront commissions

Expats working in the UAE are expected to benefit from the emirates’ insurance regulator’s decision to ban up-front indemnity commissions taken by financial advisors working within the expat sector. The regulator’s decision was taken in order to align the industry with jurisdictions such as the UK and Hong Kong, whose regulations have been changing over the past several years to facilitate the phasing out of upfront commissions. The moves are understood to be the result of a huge number of reported financial mis-selling and...
14 Dec at 6 PM 2016

Brit expats lose chance of compensation for missold Spanish homes

An Almeria expat campaign group who’ve been fighting for compensation in a mis-selling scandal are furious over a court judgement that millions lost to British investors will not be reimbursed. The plight of British expats who’ve lost their Spanish homes due to illegal dealings between construction firms and local authorities is well known, but the latest shock to defrauded Britons is hard to bear for those involved. Expats paid millions of pounds in total for 94 off-plan villas supposedly being constructed on legally protected...