Expat Hong Kong News

Latest 10 news items tagged Hong Kong

11 Nov at 6 PM 2014

Expat investors worldwide lose £400 million in Oz Ponzi scheme

The latest financial scandal to rock the expat world has resulted in massive losses due to the activities of commission-hungry rogue salesmen and greedy product providers. Individual losses range between many hundreds of thousands to pension pots of £100,000 or less, with the staggering total making the collapse of the unregulated LMIM fund one of the most damaging since the 2008 crash. Warnings about the instability of the investment had been circulating online since 2009, when long delays in honouring redemption requests first set...
11 Nov at 6 PM 2014

Hong Kong expat banker lifestyles slammed after grisly murders

Expats working in Hong Kong’s famous banking and financial sector are taking flak for their hedonistic lifestyles following the gruesome murder of two Indonesian girls by one of their number. The victims, found in an upmarket condo just a short walk from the ex-colony’s red light district, were reputedly killed by Rurik Jutting, a British expat who formerly worked as a securities trader for Merrill Lynch. The accused man was a regular on the strip’s girlie bars, with drugs and sex toys found in the apartment adding to the...
7 Nov at 6 PM 2014

Deadline December for toxic death bond misselling complaints

Expat investors who were mis-sold unregistered EEA Life Settlements Fund bonds have until December to launch complaints. The Guernsey-based collective investment scheme, composed of traded US life policies, was wrongly marketed as low risk for some years to Europe and Asia-based expats by commission-hungry salesmen. Following the UK Financial Services’ 2011 ban on the sale and marketing to retail investors of such products, a rush of redemptions resulted in the fund’s suspension. By then, 4,700 investors, many of whom were...
3 Nov at 6 PM 2014

Advisors fear HMRC plans suspension of India QROPS jurisdiction

Financial advisors providing QROPS pension transfers to expat investors are fearful that the UK’s HMRC is planning to suspend India’s position as a QROPS jurisdiction. Alarms were raised in the sector after the authority rushed out a revised list of QROPS just days after the regular list was issued. On the new list, five previously authorised India-based QROPS were shown as suspended. Since the beginning of 2013, 19 India QROPS have been marked as suspended, leaving just seven of the original 26 pensions still able to accept UK...
30 Oct at 6 PM 2014

Hong Kong expats support protestors by running umbrella shaped marathon

Although Hong Kong’s expat community is divided over the ongoing student protests in the heart of the city, two of its number today took part in an umbrella-shaped 102 km marathon in support of democracy. The pair, both experienced ultramarathon runners, were expecting to take around 15 hours to cover their planned course, shaped on a map of Hong Kong as an umbrella in honour of the protestors. John Ellison and Andrew Dawson told reporters prior to the start that the route had been deliberately designed to be long and hard as it...
28 Oct at 6 PM 2014

US expat woes increase thanks to FATCA

A recent survey undertaken with a sample of US expats living in popular destinations revealed that almost three-quarters of respondents had considered voluntarily renouncing their citizenship to avoid the onerous FATCA requirements. The complications of endless form-filling, the threat of being barred from opening local bank accounts and the invasion of personal financial privacy have already resulted in an unprecedented number of US expat citizens giving up their passports. According to the survey, 73 per cent of respondents admitted...
21 Oct at 6 PM 2014

UK Foreign Office warns expats over increasing terrorist threats

As conflicts erupt in European as well as the Middle East and Asia, the UK Foreign Office has stepped up its travel warnings to both tourists and expats. France is the number one target for the latest British authority warnings to UK residents as well as visitors to the popular tourism and expat hub. A triple warning has been issued, with the expected terrorist backlash against France’s military intervention in the war between the Kurds and ISIS at the top of the list. According to the French government, security measures have...
15 Oct at 10 AM 2014

Are protests affecting the Hong Kong expat community

Expats in Hong Kong are now living through an unprecedented level of protests against China’s Communist rulers, but how is the seemingly unresolvable drama affecting the expat community? Started, as are many similar events worldwide, by local students and now spread to hundreds of thousands of Hong Kong citizens who value their island’s democratic basis, the protests are certainly making everyday life difficult for the city’s large expat community. Few Westerners are seen in the morass of people, but many are forming their own...
14 Oct at 6 PM 2014

Australia still beats the competition for best UK expat destination

As Northern Europe’s chilling winter months draw nearer and the results of seasonal surveys of the perfect expat destination hit forums and advice websites, potential migrants could be forgiven for an excess of confusion over which destination is best. The NatWest Quality of Life Survey, one of the better indications of migration preferences, produced a surprise this year with its conclusion that the West as a preferred expat destination is being overtaken by Eastern delights. Even so, Australia still tops the chart as UK expats’...
5 Sep at 6 PM 2014

Expat and UK resident investors slate life companies over LMIM losses

As lawyers in the UK and Australia prepare court cases on behalf of victims of the largest financial scandal to hit Australia in decades, many are accusing life companies of a lack of due diligence. The failure of LMIM and its Managed Performance Fund (MPF) has devastated savers and investors in expat locations such as Hong Kong, the UAE, Thailand and the rest of Southeast Asia as well as many in the UK, Europe and Australia. Total losses are running at around AU$369 million, and investors have been warned to expect no more than five...