Expat Money News

Latest 10 news items tagged Money

8 Jul at 6 PM 2014

UK Expat savers offshore accounts caught by Son of FATCA

Expat savers considered by HMRC to be tax-resident in the UK will now be forced to share their personal and financial details with the UK tax authority. Following the UK’s signing up to FATCA, the UK Chanceller announced a similar arrangement between HMRC and the Crown Dependencies of Guernsey, Jersey and the Isle of Man. The three jurisdictions are most popular with UK expats due to their provision of offshore accounts. The agreement, knows as Son of FATCA and based on the US model, is aimed at curving tax evasion and improving...
3 Jul at 6 PM 2014

US expats may be shut out of investing by FATCA demands

Three days after the US’s much-criticised Foreign Account Tax Compliance Act came into global force, Fidelity Investments announced that it will bar expat US citizens from trading in or buying its mutual funds. A number of overseas banks have already begun notifying their USA expat clients that their accounts will have to be closed, and are no longer taking on new accounts from American citizens. Experts fear that the announcement by Fidelity will be the first of many such, effectively barring US citizens living overseas from a...
25 Jun at 6 PM 2014

Expat cross border money transfers made easier

Every year, around 150,000 UK citizens move overseas to live and work, with most still keeping financial and familial links with the home country. Transferring money is a necessary evil for a majority of expats, whether it’s pension payments, mortgages on property at home or abroad or interest payments on UK or offshore investments. Between the relatively high costs of transfer and the threat of negative currency fluctuations, it’s one of the least favourite of all the practicalities of living overseas. Banks, alternative...
24 Jun at 6 PM 2014

Wealth centres shifting away from traditional cities to developing countries

A new report has revealed that the traditional multi-millionaire haunts of London, Paris, New York and Geneva are losing their super-rich residents to exotic countries previously favoured by adventurous expats. The survey, undertaken for Knight Frank’s Global Wealth Report, canvassed 23,000 ultra-high net worth multi-millionaires, and came up with some surprising changes. India, Africa, the Middle East and Indonesia are steaming up the lists as the new, trendy places to settle when there’s no lack of capital to fund your...
23 Jun at 6 PM 2014

Expat tips for cutting Qatar’s high cost of living

As inflation in Qatar soars to an all-time high, expats on fixed packages are increasingly unable to save or enjoy their free time in this exotic location. Wealth statistics in the emirate reveal the highest per capita GDP on the planet, but its soaring inflation rate is making rent increases, school fees and the coast of everyday necessities a burden for expats. Savings for the return to the home country are a thing of the past for many, and the enviable lifestyle they were promised is a fading dream. However, even in this luxury...
20 Jun at 6 PM 2014

Expat investors warned against dangers of property club funds

At first glance, property clubs seem the perfect real estate investment for expat investors unable to purchase buy-to-let properties outright. Typically offered in expat destinations, property funds pool small investors’ cash into substantial amounts used to buy, renovate and manage buy-to-let property portfolios, offering shares in student accommodation and buy-to-let developments as well as timeshare resorts. Marketing strategies tout ‘guaranteed returns’ and forget to mention that the investments are unregulated, giving no...
18 Jun at 6 PM 2014

Action group for Costa del Sol expats ripped off by FAs

Expat investors living in Spain’s popular Costa del Sol started their own action group in 2008 after losing millions to unregistered, unregulated financial advisors targeting the mostly retirement communities. Six years later, the main aim of the group remains the same: the outing of unlicensed, unpricipled FAs mis-selling unsuitable products to the unwary and backed up by the offshore product providers themselves. The group’s online magazine, entitled ‘The Sharks Exposed’, details the total lack of protection for expat...
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....
9 Jun at 6 PM 2014

Choosing the best expat hospital by its rating is a risk

One of the most important decisions expats need to make when choosing an overseas destination for retirement or a new job is the availability of quality medical care. Many private hospitals overseas are now attracting customers using rating systems , considered as the equivalent of the ‘star’ system for hotels. However, relying on ratings when deciding where to settle may be the wrong way to get a high standard of medical care. Private hospitals overseas are purchasing ratings from a high number of organisations offering...
2 Jun at 6 PM 2014

Corporate CEOs raking in money as overseas health insurance rates soar

Expat overseas health insurance, once considered an essential, is becoming less affordable by the month whilst product providers’ profits are heading into the stratosphere. Overseas retirees on pensions are the worst affected, with thousands now unable to afford the increased premiums. Meanwhile, the salaries and bonuses of health insurances’ CEOs are reaching undreamed-of heights. Recent research has revealed that several CEOs of USA-based companies are earning some $90,000 every day of the year, and others are seeing salary...