Expat Australia News

Latest 10 news items tagged Australia

14 Apr at 6 PM 2014

Figures show massive scale of LM fund sales by expat FAs

A year after the LM Investment Management Fund (LMIM) called in the administrators, figures have revealed the huge scale of sales of its Managed Performance Fund. Now referred to in the financial press as the latest in a long line of Ponzi schemes, the fund was touted by FAs in many expat destinations for its alleged returns. However, a high proportion of the sales right up to 18 March last year were made by unlicensed FAs with an eye to its generous commissions. According to the data available, over 80 advisors across a number of...
10 Apr at 6 PM 2014

Wealthy Brits overseas rushing to buy into booming UK housing market

International buyers, including wealthy UK expats living in the UAE, France and Switzerland are rushing to take advantage of Britain’s booming real estate market and weak sterling exchange rates. A survey by a British bank has revealed that the boom in house prices in London and the Home Counties combined with a weak pound has attracted attention from an increasing number of overseas buyers as well as high-earning expats. Over a third of those surveyed were planning to purchase UK buy-to-let properties during the next two years....
9 Apr at 6 PM 2014

New Zealand emigration spurred by feelings of inequality

The high rate of migration amongst New Zealand citizens is now being put down to a feeling of inequality due to financial insecurity. The need to start again in another country may well be driven by a lack of opportunity at home, but is also the result of a feeling of inequality and exclusion caused by comparative poverty. The OECD recently issued an alarming warning to governments, urging them to take immediate action to control social divisions and inequality. Emigration from New Zealand, often to Australia, has historically...
3 Apr at 6 PM 2014

Expats to lose out on new top up pension scheme

Over half a million UK state pensioners living in 150 world countries will get a worse deal than their UK-based counterparts if they buy into the government’s top-up pension plan. Those retiring before 6 April 2014 will be unable to take advantage of the higher state pension of £155 per week payable from April 2006. Instead, they will be able to buy up to an extra £25 per week by giving the government £890 for each £1 weekly increase. However, the 46 per cent of all expat pensioners living in countries where the state pension...
2 Apr at 6 PM 2014

UK Budget may cause problems for expat savers and QROPS industry

The rewriting of many pension rules unveiled in the UK’s recent budget could result in troubled times for QROPS providers as well as expat savers. Experts are stating that the Budget pension reforms may well threaten the future of the profitable QROPS industry, with reduced tax restrictions likely to dilute the appeal of the product. QROPS have been seen as especially useful for expats wishing to transfer their pensions to their new countries of residence. Interestingly, a little-noted new restriction announced by the chancellor...
1 Apr at 6 PM 2014

Britons make up one in every 20 Australians

According to the latest Australian census, the country hasn’t lost its popularity as an expat destination for disenchanted UK citizens, as 5 per cent of Oz’s total population are Britons by birth. A total of 1.1 million Brits are now living in Australia, according to the survey ,and outnumber New Zealanders, the second largest group, by more than double. The census also pinpoints immigration trends as regards location and marital status. Melbourne and Sydney are the most popular destinations for migrants, home to almost half the...
28 Mar at 6 PM 2014

Expats love Australia but worry about discrimination

A recently-released social study has revealed that migrants recently arrived in Australia love their new lives but are experiencing racial discrimination. The survey, carried out by Monarsh University in Melbourne, found that, although the vast majority of expats are happy to be in Australia, racism does exist in some communities. Discrimination was most felt amongst New Zealanders, with 26 per cent of those surveyed stating they had been victims of racially-motivated comments. In general, migrants from Asian countries were the most...
27 Mar at 6 PM 2014

Annuity market collapses as savers run for the hills

Less than a week after George Osborne reinvented the UK’s pensions industry, more than 150,000 clients resigned to being locked into an annuity have pulled out of their deals. UK and international pension firms are watching in dismay as their cash cows disappear over the horizon, seeking fresh fields and pastures new which allow them the freedom to do what they want with their own savings. FTSE 100 financial firms including Prudential, Aviva and Standard Life are shivering at the sound of ripped-up contracts. CEOs from the...
25 Mar at 6 PM 2014

Expat tax breaks threatened by UK 2014 Budget announcement

Many of the five million UK citizens living and working overseas may not have heard last week’s Budget allowance that non-residents’ personal tax allowances are to be reviewed. At present, expats working overseas and pensioners with investments and state and private pensions are allowed an annual income of £10,000 before being taxed on sums above that amount. According to Chancellor George Osbourne in his budget speech, the allowances are to be examined and could be cancelled for non-resident expats living overseas who no longer...
24 Mar at 6 PM 2014

UK 2014 budget gives HRMC more pension liberation powers

As an adjunct to Chancellor George Osborne’s budget announcement, HMRC has set out now rules as regards pensions which will be included in this year’s Finance Bill. The main focus of the rules is to lower the risk of pension fraud by allowing HRMC to refuse registration of a pension scheme if it considers the administrator is not a ‘fit and proper person’ or the fund itself is not set up to offer pension benefits. HMRC’s investigative powers will also be widened, allowing it to ask for extra information on schemes requesting...