Expat Banking News

Latest 10 news items tagged Banking

20 Jun at 6 PM 2017

Hong Kong expat exodus opens doors for Chinese investment bankers

Two decades after the Hong Kong archipelago was given back to China, investment bankers and financiers from the mainland are taking over as Western expats leave. Following an exodus of Western expat bankers, Hong Kong’s elite financial ranks are now being swollen by an influx of professionals from the Chinese mainland. Western banks’ lay-offs of expensive professionals in the sector has created opportunities for equally talented incomers from mainland China eager to create their own brand of financial prowess. The influx is...
16 Mar at 6 PM 2017

Offshore account benefits for UK expats

Deciding how to organise expat banking needs in order to give easy access to cash held outside the new country of residence can be a trying aspect of planning for a new life abroad. Offshore accounts are often the first option on the to-do list necessary for a smooth transfer from the home country to the chosen expat destination, whether the move is for retirement or for a new job overseas. One thing’s for sure, many expats now feel safer in these difficult days knowing the bulk of their savings is in a secure offshore bank rather...
28 Oct at 6 PM 2016

Expat bankers in Hong Kong mourn the old days

The ‘good old days’ of Hong Kong’s expat banking community are now long gone, with conspicuous consumption and extravagant lifestyles being replaced by discretion and lower spending. In the days before the 2008 financial crisis, Hong Kong was the dream relocation for a huge number of expat bankers, all gifted with packages covering everything from luxury housing through kids’ schooling and expense account entertainment. Salaries and generous bonuses were lavished on the city’s upscale nightlife, riotous parties and every...
30 Sep at 6 PM 2016

Shrinking Hong Kong financial sector causes falling rents

Downturns in Hong Kong’s financial sector have resulted in cheaper apartments in many locations popular with expats. Falling rents in a number of favourite expat neighbourhoods are being seen as signs of the continuing downturn in the island’s financial sector as well as an indication that expats are moving on. For decades, residential rents have risen as Hong Kong continued to expand its financial trade, but nowadays the pendulum is swinging in the opposite direction. Ten formerly popular and pricey sectors of the city are now...
30 Sep at 6 PM 2016

New UK law forces British banks to allow expat accounts

Discrimination by British banks against UK expats with no ties to the country wishing to open accounts is now against the law. For some years, British banks have refused to open accounts for UK expats living overseas, and have even closed existing accounts. The reason behind the discrimination seems to be that not having a UK address stops financial companies from monitoring customers’ credit history in order to underwrite borrowing. Whatever the reason, the banks’ unacceptable behaviour has caused major problems for many...
15 Jul at 6 PM 2016

US Treasury threatens UK expat bank account closures for non FATCA compliance

It’s not just USA citizens who’re living a nightmare due to FATCA, as British expats living in the USA are now being threatened with closure of their UK bank accounts if they don’t comply. As FATCA continues to tighten its claws on American expats living across the world, UK expats working in the USA are facing the closure of their British bank accounts as a result of the recently introduced, draconian law. Brits living in the USA are forced to submit a folder-full of forms in order to convince the IRS that they’re paying the...
20 May at 6 PM 2016

Worlds most expensive cities for expats

Expats come in all shapes and sizes, as do their bank accounts, but all are looking for that one special place to create a unique lifestyle. Expats aren’t just retirees, English teachers, backpacking globetrotters or contractors working on oil rigs needing R&R including great weather, cheap beer and sexy girls. Expat life can be as luxurious as the budget allows, although it’ll have to be huge to survive the world’s most expensive cities. It has to be admitted that London is the favoured destination for expats looking for...
20 May at 6 PM 2016

Glory days over for Hong Kong expat banking and finance crowd

The fat housing allowance packages gifted to top expat banking and finance executives in Hong Kong are becoming the thing of the past. Long regarded and much envied as a golden privilege only offered to senior expat banking and finance executives, the massive housing allowances granted as a part of top-flight relocation packages are being slashed to sensible levels or, worse still, eliminated altogether. Luxury living on Hong’s exclusive Peak is being downsized to less prestigious locations and the luxury housing market is suffering...
20 Apr at 6 PM 2016

Intrusive new immigration form causes expat dismay in Thailand

Expats living in Thailand were shocked by the unveiling of a new immigration form requiring details of their social media habits, frequently used shops, restaurants, bars, pubs, details of their cars, bank accounts and other strictly personal information. The new requirement surfaced a few days ago on local forums, and was at first regarded by regular posters as a hoax or misinformation. Subsequently a popular English Language media website published an article confirming the genuine origin of the three-page form and its questions....
11 Jun at 9 AM 2015

Hong Kong: Expat banker jailed over fatal Ferrari crash

An expat banker in Hong Kong was arrested after allegedly killing a security guard when he crashed his Ferrari in a car park. Police said 48-year-old Robert Ebert was arrested on suspicion of dangerous driving causing death. They explained that the driver lost control at the entrance of the car park before colliding with another vehicle and then ramming into the 53-year-old security guard who was stood by the water barriers. They added that after sustaining serious head and shoulders injuries the man was pronounced dead shortly...