Expat Australia News

Latest 10 news items tagged Australia

19 Aug at 6 PM 2014

Losing investment cash to fraudsters is the 2014 hot topic for retirees

UK retirees living overseas are facing threats to their life savings from both the HMRC and the number of fraudulent FAs lurking in expat havens. Expat forums based in many favourite retirement destinations in Europe and Asia have indicated that the two top topics concerning the loss of pension pots are the triggering of heavy tax penalties by transferring cash between pensions and the likelihood of falling foul of fraudsters. Both fears involve mis-selling and bad advice by UK salesmen operating illegally overseas. For example,...
18 Aug at 6 PM 2014

Santander hitting out at expat accounts again

Following the recent news that British high street bank Santander is busily cancelling its expat customers’ debit cards, its action in blocking one expat’s easy access offshore account seems even more prejudicial. It seems that expats, particularly in Spain, are being targeted by the bank in a stealthy attempt to have them take their business elsewhere. In spite of the fact that expat options as regards offshore banks are limited, the high street bank is making its intentions clearer by the day. Many expats now living in EU...
15 Aug at 6 PM 2014

Are British banks ridding themselves of their UK expat customers

Between five and six million UK citizens living overseas may be at risk of losing their UK-based bank accounts. Of the millions of UK-born expats living overseas, at least 800,000 are believed to be domiciled in European Union states as business owners, retirees or employees of foreign or UK-based companies. Creeping moves by British high street banks suggest that British citizens living in the EU or farther afield may no longer be welcome as customers. The recent cancellation by Santander of expats’ debit cards held on their UK...
11 Aug at 6 PM 2014

Graduate Irish doctors tempted to stay by tax breaks

In a desperate move to stop the majority of Irish medical professionals leaving for better-paid jobs overseas, the government is being urged to cut an impressive tax deal with newly-graduated doctors. A detailed proposal from two Irish government departments, Finance and Health, is being closely scrutinised for inclusion in the country’s 2015 budget. The move follows the continuing migration of a huge number of doctors, nurses and other health professionals to the UK, Canada, Australia and New Zealand. The five million euro per...
11 Aug at 6 PM 2014

Expat residents in Cyprus investigated for UK benefit fraud

Following the revelation that a large number of expats all over the world are cheating on UK welfare payments, investigations are now involving over 100 Brits in Cyprus It seems that UK expats living in the Mediterranean’s favourite lifestyle hubs are taking advantage of welfare benefits to which they are not entitled. According to the Department of Work and Pensions, benefit fraud is costing the UK some £82 million every year. The latest expat destination to be investigated is Cyprus, with 126 Britons now being asked...
8 Aug at 6 PM 2014

Do retirement dreams fade after second thoughts kick in

Survey after survey indicates that an increasing number of Brits can’t wait to retire overseas, but second thoughts later in life can wreck the dream. One recent study revealed that around six million British citizens are eager to move to other countries for a variety of reasons. However, many are younger people who find that, the older they get, the less they can face up to the challenges involved. In the real world, retirement overseas has its pitfalls, most of which can be avoided by careful planning and a large dose of...
6 Aug at 6 PM 2014

Research shows Saudi expat private sector workers earn less than locals

A new study has revealed that expats employed within Saudi Arabia’s private sector are paid around 50 per cent less than their Saudi equivalents. The survey, undertaken by the Saudi Labour Ministry, revealed a huge gap between comparative salaries for similar positions held by Saudi employees and their expat equivalents. A report on the study, confirmed by the Saudi Arabian Monetary Agency, suggests the practice covers all available jobs in the kingdom. For example, expat administrators and secretaries average SR1,640 against...
29 Jul at 6 PM 2014

UK government inquiry told EU wide misselling redress needed

As complaints against the mis-selling of financial products soars across European states, a UK Parliamentary enquiry has been advised that an EU-wide mechanism for consumer redress is badly needed. Although EU law on consumer protection has been updated since the 2008 crash, redress for consumers with mis-sold financial products has remained the responsibility of separate member states. At the present time, the UK Financial Ombudsman is handling a massive number of claims relating to both banks and FA firms accused of ignoring due...
28 Jul at 6 PM 2014

HMRC issues third highest QROPS mass suspension since April 2006

The 15 July official QROPS list published by the UK’s HMRC has suspended a total of 118 Qualified Recognised Overseas Pension Schemes (QROPS). The mass cull is the third largest since the scheme itself was introduced in April 2006, and includes 99 Australian QROPS, one from Mauritius, 15 from India and two from Canada. The tax authority declines to explain the reasons for its decisions, but suspensions can be the result of pensions no longer qualifying for inclusion, tax abuse, single member schemes losing members or reviews of a...
15 Jul at 6 PM 2014

Skipton offer expat buy to let mortgages on selected UK properties

Skipton International, the offshore Channel Islands base of the well-known high street building society, is now offering expat mortgages on UK buy-to-let properties. Including UK buy-to-let options in expat pension planning has traditionally been tricky for those requiring mortgages, but the recent rise in UK property prices has encouraged a few offshore banks to offer the service. Skipton is the latest to jump on board with its plan for UK citizens living and working overseas. The scheme is available to native UK citizens only,...