Expat Hong Kong News

Latest 10 news items tagged Hong Kong

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...
6 Aug at 6 PM 2014

Annual report shows increase in expats and tourists needing passport assistance

The number of Britons living or visiting overseas who needed passport help during 2013 rose by around eight per cent, not taking into account the huge number of people affected by the massive passport processing backlog. The passport backlog itself caused the worst crisis for the British passport office in decades, with hundreds of thousands of unfulfilled applications stacked in boxes awaiting processing. Waiting times of up to and over four months caused ruined holidays, missed family occasions and disrupted business trips....
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...
13 Jun at 6 PM 2014

Expats warned to protect their savings as boiler room scammers are jailed

The two masterminds behind one of the biggest ever boiler room scams have been jailed for ripping off £millions from unwary investors. Jeffrey Revell-Reade and Anthony May were found guilty in a London court of conspiracy to defraud over a thousand investors. The total sum lost was estimated at around 70 million sterling, and sentences of eight and seven years respectively were handed down by the judge. The pair, based in Spain, ran a team of telephone salesmen targeting British pensioners using high-pressure sales techniques....
3 Jun at 6 PM 2014

New British passport renewal scheme causing expat chaos

Delays of up to three months are being experienced by British expats attempting to renew their passport under the recently adopted new scheme. Her Majesty’s Passport Office is warning that renewal and issuance of replacement passports will take far longer than under the old scheme. Formerly, passport renewals and replacements were handled by seven international processing centres, with waiting times of up to three weeks. The new rules state that all British passport renewals and replacements must be handled by the UK-based HM...
23 May at 6 PM 2014

Gulf State firms refusing to sweeten top talent expat packages

In spite if a push to recruit top expat talent to the Gulf States, UAE companies are offering salaries and benefits up to 10 per cent lower than in 2013. The global war to attract fully qualified and experienced migrants to new jobs and new lives across the world is in full swing, giving top talent plenty of choice. However, recruiters in the UAE are reporting difficulty in selling their region to executive-level professionals as companies in other countries are offering better deals. The average expat package is made up of a good...
19 May at 6 PM 2014

Survey shows modern technology aids expat quality of life

A recent survey has shown that a majority of British expats working and living overseas take full advantage of modern technology to improve their work/life balance. NatWest Bank’s Quality of Life survey included UK expats in a number of countries such as the USA, Hong Kong, Canada, the Antipodes, China, South Africa and the UAE. Of those surveyed, 94 per cent confirmed that their workplace efficiency had been improved by recent technological advances. Increased mobility in their working lives as a result of improved IT was...
18 Apr at 6 PM 2014

New international health insurance gives expats freedom to roam

Hard on the heels of the possible withdrawal of overseas heath benefits for expats and travellers, a health insurance company has launched a cross-border medical insurance plan. A major medical insurance company is re-jigging its plans in order to give customers the freedom to cross borders without having to rearrange their health insurance or pay expensive globetrotter charges. Aviva is offering two plans, one of which excludes the Caribbean and the USA, whilst the other allows full world travel. According to the insurer, the new...
12 Feb at 6 PM 2014

Expats in Hong Kong forced to move to suburban areas as rents soar

Expatriate workers in Hong Kong are being forced out of the central area by rapidly rising rents. Estate agents in the city are reporting strong demand for rental apartments in less expensive outlying areas of the city from expatriate workers whose leases have expired. Landlords are taking advantage of the city’s soaring rents, and employers are cutting back on expat housing allowances. Researchers into the rising rental market for central properties have noted that, when leases expire, a 20 to 30 per cent increase in the rent is...
10 Jan at 6 PM 2014

Offshore tax havens Jersey, Guernsey and Isle of Man sign up for FATCA

The halcyon days of the UK’s three offshore islands as tax havens finally came to an end recently as all three simultaneously signed up for FATCA. As a result, all three will now be passing the financial details of all transactions, investment and bank accounts owned by US citizens to the American Internal Revenue Service (IRS). The UK signed up earlier in 2013, and has been pushing its overseas territories and crown dependencies to enter into a similar deal with the UK tax authority. Financial companies on the islands have had...