Expat Life Insurance News

Latest 10 news items tagged Life Insurance

9 Nov at 6 PM 2017

British expats in Spain lose €20 million after IFA firm collapses

The British boss of a failed pension advisory company has fled to Australia after losing his British expat clients some €20 million by the use of an all too familiar scam format. The 300 Brits who’d invested with Alicante-based Continental Wealth Management are mostly expats living in the popular Spanish resort of Alicante, and are now struggling to retrieve their lost money after the IFA firm closed its doors in September and its CEO Darren Kirby left for Australia with his ill-gotten gains. Those affected, spread across Spain...
6 Oct at 6 PM 2017

What to do when a UK expats dies abroad

With retiring outside the home country becoming ever more popular, it’s common sense to be aware of protocols needing to be followed when a UK citizen dies abroad. Death isn’t considered a suitable topic of conversation for many, including elderly expats, but according to the old saying it’s as inevitable and unavoidable as income tax. At least for the sake of their friends and families, older expats should at least leave a list of must-dos in the event of their demise. After all, there are only two options to be decided,...
1 Aug at 6 PM 2017

UAE central bank clamps down on mis selling of expat investments

The UAE’s Central Bank is being praised for its recent clampdown on the mis-selling of unsuitable investments to the emirates’ expat community. The Central Bank began its attack on unscrupulous sales of dodgy investment plans to its expat population by instructing finance companies and banks under its jurisdiction to amicably settle mis-selling complaints within a period not exceeding 90 days. The notice was issued in response to the ever-increasing number of complaints about investment and savings products being offered to...
25 Apr at 6 PM 2017

How to avoid common expat financial mistakes

Wherever in the world you’re planning to go and whatever your financial status, there are common money-related mistakes made by almost all expats when they move overseas. Obvious financial must-haves and must-do’s aren’t included here, as most expats are aware of the need to save as well as spend, plan for retirement and allow for unlooked for medical emergencies by having private insurance. Unfortunately, ignoring the less obvious errors of judgement can easily lead to money problems for even the most careful expatriate....
28 Feb at 6 PM 2017

New law enforces inheritance tax on UK expat properties

A new UK law due to be introduced on 6 April means the families of deceased UK expats will be forced to pay 40 per cent of total property and asset values in inheritance tax. The rule will apply to non-UK domiciled investors who’ve purchased UK property via an offshore corporate structure and will overturn previous laws on the issue. Prior to the new law’s introduction, property holdings acquired in this manner by non-domiciled UK citizens were exempt from inheritance tax when the expat owner dies. The offshore corporate structure...
6 Feb at 6 PM 2017

New FCA alert focuses on domestic and international investment irregularities

The British Financial Conduct Authority is planning to crack down on both domestic and international investments and pension transfers, in a move which may benefit expats in the UAE as well as in the rest of the world. Information on the long overdue move by the FCA comes in the form of an alert based on the growing number of expat investors being persuaded into unsuitable products or downright scams. Over the last decade, the worldwide Brit expat community, many of whom are retirees unused to investing, has been at risk from...
13 Sep at 6 PM 2016

Brit expats in Spain sue Rothschild over mis-sold equity release schemes

According to a recent article in the Sunday Times, a group of four expats living in Spain have filed a lawsuit alleging mistreatment in the matter of an illegal equity release scheme. The lawsuit due to be heard in Britain’s High Court is being seens as a test case for more than 800 British retirees in Spain, Portugal and France who were drawn into remortgaging their homes in order to re-invest the capital in offshore funds. Representatives of the unregistered financial advice company Henry Woods, blacklisted from operating in Spain...
15 Jul at 6 PM 2016

UK insurers pull out of expat health and life insurance

A recently-released survey of UK insurance companies has revealed that only 16 per cent now offer expat life insurance and only 8 per cent offer critical illness cover. The annual Expatriate Insurance Survey’s results make it plain that high-street insurers such as Friends Life, Aviva and Legal and General now have no interest in servicing expat life and health insurance needs. According to authors of the survey, Unusual Risks, there are a number of British expats’ groups with UK property, tax interests or outstanding mortgages...
17 May at 6 PM 2016

UK expat contractors with own companies face tax shock

New Inland Revenue regulations governing personal service companies may cause increased tax burdens for expat single owner businesses. The new tax laws, brought in on 6 April this year, will affect oil workers on contracts as well as other single-owner businesses.The focus of the changes is on the individual whose right it is to ‘supervise, control and direct’ (SDC) the contractor on-site, even if the right is not used. Should a third party have an SDC right, a raft of new tax measures will apply. Firstly, contractors working...
12 May at 6 PM 2016

EU plans for European personal pension under fire from insurance giants

A trade body serving the insurance and pensions industry has attacked the EU’s plan to introduce a Europe-wide personal pension. The EU’s new personal pension proposal would benefit not only EU citizens but also expats living, working or retiring in EU member states. On offer to consumers would be the same benefits at the same cost, irrespective of their country of residence. Presented as the Pan-European Personal Pension (PEPP) it’s offered by the European Insurance and Occupational Pensions Authority and would mean pension...