Expat Money News

Latest 10 news items tagged Money

25 Aug at 6 PM 2014

Pension liberation scam victim commits suicide after losing £42000

An anonymous victim, aged 40, committed suicide recently after being defrauded of all his pension pot by cold-calling crooks who told him his pension could be unlocked early. The tragedy was announced as part of an anti-[ension fraud campaign being run by HM Revenue and Customs, the Pensions Regulator and the police. According to the victim’s heartbroken mother, the deal offered was £17,000 after the fraudsters’ fees were paid, but her son never received any money and killed himself when he realised he’d been duped. The...
21 Aug at 6 PM 2014

UK expats encouraged to complain about treatment by UK banks

British citizens living overseas are being urged to complain to the Competition and Markets Authority (CMA) about unfair treatment by onshore UK banks. The controversy over the treatment of UK expats by onshore banks is ratcheting up after calls to report offenders to the UK authorities. A majority of expats working or retiring overseas have kept their former UK bank accounts to facilitate transfers of pensions and other payments to bank accounts in their countries of residence. Although UK state pensions are able to be paid into...
21 Aug at 6 PM 2014

Expats who lost homes during Marbella blaze still awaiting compensation

Expat victims of the devastating fire which razed part of Marbella and Mijas in 2012 are still waiting for compensation from the Spanish authorities. Although the region is finally returning to its full glory after three years, victims who lost their homes and possessions during the massive blaze are still waiting for the promised €14,500 emergency compensation intended to allow them to get on with their lives. The vast majority have not yet received any payments and are living in limbo. One UK expat, a resident in the area for 13...
18 Aug at 6 PM 2014

Santander hitting out at expat accounts again

Following the recent news that British high street bank Santander is busily cancelling its expat customers’ debit cards, its action in blocking one expat’s easy access offshore account seems even more prejudicial. It seems that expats, particularly in Spain, are being targeted by the bank in a stealthy attempt to have them take their business elsewhere. In spite of the fact that expat options as regards offshore banks are limited, the high street bank is making its intentions clearer by the day. Many expats now living in EU...
15 Aug at 6 PM 2014

Are British banks ridding themselves of their UK expat customers

Between five and six million UK citizens living overseas may be at risk of losing their UK-based bank accounts. Of the millions of UK-born expats living overseas, at least 800,000 are believed to be domiciled in European Union states as business owners, retirees or employees of foreign or UK-based companies. Creeping moves by British high street banks suggest that British citizens living in the EU or farther afield may no longer be welcome as customers. The recent cancellation by Santander of expats’ debit cards held on their UK...
14 Aug at 6 PM 2014

How to save money as a Dubai expat

Even with Dubai’s high expat salaries and the country’s tax-free status, earning far more than back in the home country doesn’t necessarily equate with saving more. The younger the expat arrivals in Dubai are, the less they consider that the higher salaries they’re receiving have anything to do with saving a proportion for the proverbial rainy day. In fact, a few years’ stint in the wealthy city of Dubia can set the average expat professional up with a property deposit in the home country without having to trouble the Bank...
12 Aug at 6 PM 2014

Spanish Fifty Shades of Grey hotel beaten by red tape

A Spanish entrepreneur’s money-making idea of a hotel dedicated to replicating the bestseller Fifty Shades of Grey has been shot down by the local mayor just before its opening night. The brainchild of a Valencia businessman, the hotel was set to open a week ago in a small village just outside town in an area with a good number of expat residents. Due to include rooms with an S&M theme and even a dungeon, the risqué project, named Roissy Castle, was converted from an existing hotel, the L’Om del Llosar. The anonymous...
11 Aug at 6 PM 2014

Expat residents in Cyprus investigated for UK benefit fraud

Following the revelation that a large number of expats all over the world are cheating on UK welfare payments, investigations are now involving over 100 Brits in Cyprus It seems that UK expats living in the Mediterranean’s favourite lifestyle hubs are taking advantage of welfare benefits to which they are not entitled. According to the Department of Work and Pensions, benefit fraud is costing the UK some £82 million every year. The latest expat destination to be investigated is Cyprus, with 126 Britons now being asked...
1 Aug at 6 PM 2014

Retired expats in Asia warned to monitor currency fluctuations

Expat pensioners living in Asian destinations are enjoying far better exchange rates than they were a year ago, but is the trend set to continue? Britain’s strengthening recovery, rumours that the Bank of England is close to raising the base rate after its six years in the doldrums, and the European Central Bank’s growth policy have uplifted pension payments in Asia. However, expat pensioners are more at risk should a downtown occur than any other expatriate sector. The 2008 financial crash and its resulting global recession...
31 Jul at 6 PM 2014

New report warns of Dubai property bubble risk

Dubai’s latest residential review noted that rents rose by 20 per cent over the last 12 months and warned of another property bubble. The revelations in the latest Dubai property review are causing concern over yet another property bubble in the region. Apartment rents soared year-on-year by 21 per cent, dragging the average overall rent increase to 20 per cent. Those renting villas fared better with just a 10 per cent increase, but the impact of rent rises on Dubai’s cost of living is worrying for expats working in the city as...