Expat Money News

Latest 10 news items tagged Money

28 May at 10 AM 2016

Expats stick with offshore banks in spite of poor rewards

A recent survey found that British expats are still making use of offshore banks rather than transferring their cash to foriegn onshore banks in overseas locations. In spite of scares such as the Icelandic bank failures and a lack of decent rates of interest on deposits, British expats living overseas seem to be sticking with their offshore banks. A survey undertaken on behalf of AES International has revealed that banking offshore is still the most popular way to go, even although the number of providers is falling fast and interest...
26 May at 6 PM 2016

International companies send increasing numbers of employees overseas

New research has revealed the growing trend amongst international companies of sending employees on overseas assignments. The study, initiated by ECA International, covered the past 20 years’ history of overseas assignments, showing that at present there are more expats working abroad than at any time in the past. Over 50 per cent of the companies taking part in the study reported increased year-on-year numbers of relocations to overseas branches. Interestingly, the statistics of increases in overseas postings didn’t change...
19 May at 6 PM 2016

Expats in Saudi to be forced to have private health insurance

Given that health care is one of the most expensive necessities for moving overseas, Saudi Arabia’s setting up of a private health plan for all expats would seem to be a good idea. According to online reports, the Saudi government’s new, compulsory private health plan will be backed by insurers and linked to more than 2,500 hospitals in the kingdom. The majority of Western expats in high-level professional positions either have heath insurance or can afford private care, but the huge number of expats from India, Bangladesh and...
18 May at 6 PM 2016

Expat workers in the Netherlands hit by phone scammers

A reappearance of a telephone scam is now targeting working expats in the Netherlands. Expats working in the Netherlands have fallen foul of a re-jig of a telephone scam involving their work and residency visas. Fraudulent callers pretending to be officials from the Dutch immigration service are demanding money on the basis that expat work and residency visas will be revoked if payment is not made. Frighteningly, the fraudulent callers seem to have obtained their potential victims’ personal and private information, including...
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...
11 May at 6 PM 2016

Spanish property market facing challenges in 2016

Although demand for Spanish property has increased recently due to improved mortgage rates and low real estate prices, the Spanish real estate market is under threat in 2016 from Brexit, currency turmoil and new Andalusian holiday let laws. A recent survey reports strong expat demand for Spanish property originating mostly from the UK, Germany and Scandinavia, along with market activity from other northerly countries. However, as Brexit approaches, there’s increased nervousness about the outcome, with fears of the UK leaving the...
10 May at 6 PM 2016

Brit expats in Mallorca fundraise for poverty stricken Peruvian kids

From a small but determined beginning seven years ago to 2016’s successful school and orphanage, Brit expats’ efforts have changed the lives of hundreds of impoverished Peruvian children. Seven years ago, a group of mostly British expats living in Palmanova on Mallorca became aware of the devastating poverty of rural Peruvian communities. They decided to hold fundraising events, but couldn’t have imagined how far and fast their efforts would spread and the near-miracles which would result. Since the group’s early days,...
9 May at 6 PM 2016

Expats in China get English language online shopping platform

After years of struggling with massive Chinese language online shopping sites such as Alibaba, expats now have their own English language online website connected with the huge retailer and its endless choices of goods. Finding the way around the huge, Mandarin language Alibaba sites and their 8000 million products has been a nightmare for expats working in China. Without a Chinese friend to help negotiate the giant sites, the chances of being able to purchase anything were rated as slim to none. Help, however, is at last in hand,...
6 May at 6 PM 2016

UK pension switch expats fall foul of NZ taxman

Following a review of tax payable on pension transfers by New Zealand's Inland Revenue, expats who’ve switched their pensions out of the UK are getting unexpected tax demands. According to the Kiwi tax authorities, the tax itself is not new but has been either overlooked or miscalculated by financial advisers and expats themselves. Basically, as long as pension transfers are made within four years of arrival in New Zealand, tax does not apply, but those transferring their pensions out of time must pay penalties calculated on a...
5 May at 6 PM 2016

White Rolls Royce plays part in Dubai expat luxury car purchase scam

The Dubai car purchase scammer and his VIP Rolls Royce have found yet another victim. Known as a serial car thief, the fraudster’s convincing modus operandi has caught yet another expat looking to sell his luxury car. An unsuspecting foreign executive who offered his 2013 BMW-6 series sedan on a classified ads website is the latest to fall for the clever crook. The fraudster called the car owner pretending to be a bona fide buyer, and arranged to view the BMW immediately. He gave his wife’s immediate need for a car whilst he...