Expat Money News
Latest 10 news items tagged Money
17 May at 6 PM 2013
As French lawmakers fight over the introduction of new tax laws affecting expats who have overseas investments or pensions, potentially affected expats in the country are facing financial confusion.
The issue concerns the double tax ruling between France and Britain, with taxing UK expats on their pension and investment earnings in the UK possibly illegal unless the expat has failed to already pay tax on money
earned offshore. French lawmakers are analysing the double tax treaties between France, the UK and other countries but have so...
16 May at 6 PM 2013
Britain’s scam-buster agency is publicly warning expats living abroad to watch out for a money
-transfer scam by organised crime gangs.
Action Fraud, an arm of the National Fraud Authority and the National Fraud Intelligence Bureau, warns that many expats are being approached via phone calls, emails or letter to participate in an innocent-seeming, straightforward money
-making scheme. Advertisements in expat newspapers and online are also being used to trap the unwary.
The process is deceptively simple, with the expat receiving...
15 May at 6 PM 2013
Expatriate workers living in the United Arab Emirates send home just under a quarter of all overseas remittances made in the six nations of the Gulf Cooperation Council (GCC).
The amounts sent out of the country by its Asian and other overseas expat workers made the United Emirates a huge source of foreign currency for the labour-exporting countries. According to the Deputy Premier and minister of presidential affairs, Sheikh Mansour bin Zayed al Nahyan, the GCC with its one- third of the world’s oil wealth is home to over 15 million...
10 May at 6 PM 2013
A new blow to British expats living in Spain came with the news that Lloyds Bank is preparing to sell its 28 Spanish branches to Banco Salvadel, Spain’s fourth largest bank.
Concern is rife in the Spanish expat community, as the branches mostly served around 50,000 expat mortgage clients. Formerly under the Halifax banner or as Lloyds branches, the 28 banks will be sold for a £250 million loss due to the drastic fall in the Spanish property market.
Expats whose mortgages are held by Lloyds are worried that a bureaucratic...
6 May at 6 PM 2013
The fight to agree a workable solution which unfreezes UK expat pensions is hotting up, with the International Consortium of British Pensioners demanding an industry and government debate.
The ICBP now represents half a million pensioners living in countries where pensions are frozen, and is demanding that the debate takes place before the introduction of the Single Tiered State Pension Bill later this year. Campaigns to have the ‘frozen pension’ Clause 20 removed from the bill are scaling up, and a round-table event is scheduled...
22 Apr at 6 PM 2013
Amidst the present-day flurry and controversy over the US immigration reform bill, renewed interest by expat investors in a route offered by America’s Green Card is emerging.
The little-known EB5 immigration scheme offers a way in for entrepreneurial investors with half a million dollars to spare, and involves investing in or starting up a business in designated deprived or rural areas of the country. The business must employ at least 10 workers or create 10 jobs in a region where unemployment is at a level below the national...
18 Apr at 6 PM 2013
Switzerland’s most famous product wasn’t the cuckoo clock or the sound of unmusical yodelling, it was its traditional reputation for secrecy and financial stability.
A well-managed currency, sound banking system and its long tradition of secrecy and exquisite service to its wealthy international clients put the country at the top of the financial tree for those wishing to keep their finances private and remunerative. Nowadays, however, the advantages of a Swiss bank account have diminished to the point of no...
16 Apr at 6 PM 2013
Following the EU’s Cyprus savings grab, expat residents in other troubled Eurozone countries may be subject to a wealth tax on their properties in support of possible bailouts.
Senior advisors to the German chancellor Angela Merkel are strongly suggesting that wealthier households in weaker Eurozone member states should be forced to contribute to the cost of future bailouts. The council of advisers, known as the Five Wise Men, is known for testing out new policies due to be officially adopted at a later date.
The proposals raise...
15 Apr at 6 PM 2013
Immigrants from Ireland arriving in Australia are resorting to seeking help from Irish migrant associations as they’re unprepared for the challenge of finding work and a place to live.
The Friends of Sinn Fein and the Claddagh Association, both based in Perth, Western Australia, are reporting a considerable increase in the number of young Irish appealing for assistance soon after their arrival in the country. Most of the requests concern money
According to the Claddagh Association’s Tom Quinn, the migrants are being...
7 Apr at 6 PM 2013
Australian financial advisory firm LM Investment Management’s spectacular crash has left thousands of expat savers without their nest eggs and FAs without their commission.
Following the 2008 financial meltdown, various Ponzi schemes, the dramatic fall in offshore savings rates, the Cyprus savings grab, non-performing insurance-wrapped funds, and the receivership of Queensland's LM Investment Management, expat savers have little choice as to who to trust with their money
. The latest crash wasn’t exactly unexpected, with negative...