Expat Money News
Latest 10 news items tagged Money
29 Jul at 6 PM 2014
It’s no secret that Western expats working in the UK are paid plenty enough to be able to invest for their futures, with many still favouring bricks and mortal via global property markets.
Property as an asset class is regarded as a traditional and historically safe place to stash savings, offering good returns and little overall risk if the investment is carefully chosen. Whilst UAE government predictions of property price increases due to the upcoming EXPO 2020 may be shaky, investment in regenerated areas of Europe’s large...
28 Jul at 6 PM 2014
The 15 July official QROPS list published by the UK’s HMRC has suspended a total of 118 Qualified Recognised Overseas Pension Schemes (QROPS).
The mass cull is the third largest since the scheme itself was introduced in April 2006, and includes 99 Australian QROPS, one from Mauritius, 15 from India and two from Canada. The tax authority declines to explain the reasons for its decisions, but suspensions can be the result of pensions no longer qualifying for inclusion, tax abuse, single member schemes losing members or reviews of a...
28 Jul at 6 PM 2014
The French healthcare system, highly regarded for decades, has recently received a further boost to its reputation.
The Annual Global Retirement Index survey undertaken for International Living Magazine has rated France’s healthcare the best in the world for expat retirees. Out of 100 possible points, the Gallic system rated 97, and was even described as inexpensive.
Beating out Uruguay in second place and Malaysia in third, France’s benefits were rated as excellent. The state pays the bulk of charges for medical services as...
8 Jul at 6 PM 2014
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
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
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.
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.
24 Jun at 6 PM 2014
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
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
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
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...