Expat Money News
Latest 10 news items tagged Money
7 Mar at 6 PM 2014
The arrival of Bitcoins as a unique, online currency seemed to be a boon for expats struggling with exchange rates, with many also using the currency as an investment and watching its value soar.
As with many other good things which come to bad ends, it now looks as though the Bitcoin boom is well and truly over, due to the discovery of yet another hacked loss of £362,000-worth of the virtual coins. The Flexicoin Bitcoin exchange has closed down following the discovery of 896 ‘coins’ missing from an electronic vault.
6 Mar at 6 PM 2014
With emigration for work purposes becoming even more common, it’s important for expats to ensure their company provides adequate healthcare packages.
Most international companies include quality healthcare insurance as an incentive to lure the best of the rest to offshore positions across the world. Would-be expat workers need to make certain the insurance package offered covers healthcare for themselves and their families relevant to their new location.
Company-based private health cover should take care of long-term treatments...
5 Mar at 6 PM 2014
Given the shenanigans at present rife in the expat financial advice sector, many offshore savers are worried about the lack of protection should their investments fail.
Better news may be on the way for those whose investments are placed in the Isle of Man with its present lower level of depositor protection. According to the island’s director of financial services John Spielman, the current £50,000 level is now under review.
Given that bioth the UK and EU levels are set at £85,000, investors may well think that the IOM level...
3 Mar at 6 PM 2014
Following an investigation on a UK expat saver’s behalf by This is Money
a financial intermediary has admitted advice to the saver in Alicante was wrong and has re-established his lost pension pot.
The unnamed expat had been persuaded in 2010 by a representative of financial intermediary deVere to invest 80 per cent of his pension pot in a single fund, the Strategic Growth Fund (SGF). His county council final salary scheme had netted him £150,000 and he had requested a medium risk investment following his transferring of...
26 Feb at 6 PM 2014
Figures disclosed to a UK newspaper earlier this week have proven that a high number of pension savers have been mis-sold annuities by their insurance companies.
Although government regulators are aware of the rip-offs, it’s estimated that it will take several years to reform the system. Ten international insurers offer higher pension payout rates to clients in poor health or with negative lifestyle habits such as smoking or excessive drinking.
The reason for the payout differential is that such savers are unlikely to live as...
21 Feb at 6 PM 2014
Expat investors tired of searching for fixed rate investments at above their host countries’ current inflation rates are turning to retail bonds for comfort.
Bonds as such are not just the province of the extremely wealthy, as investments can start at the low thousands or ever low hundreds of pounds. Retail bonds are relatively new kids on the investment block, and have gained plenty of fans over the last several years.
Put simply, retail bonds are fixed-term loans to an established company at the offered interest rate, with...
20 Feb at 6 PM 2014
The UK’s consumer watchdogs and various financial regulators are attempting to outlaw pension liberation to the extent that they are describing a legal right as fraud.
Retirement savers are allowed to access their pension funds as a pension liberation exercise before their 55th birthdays should they wish to retire earlier, although they will then be liable for tax penalties and other charges. Recently, the Pensions Regulator won a court case brought against certain pension liberating schemes resulting in their being outlawed as...
19 Feb at 6 PM 2014
Questions are being asked about the future of QROPS offered by Guernsey after two new QROPS were opened in Gibraltar.
Concept Group, one of the sector’s largest providers of Qualifying Recognised Overseas Pension schemes, has opened two new pensions on Gibraltar aimed at getting back into the lucrative QROPS marketplace. Concept was effectively shut out of the market in 2012 after HM Revenue and Customs (HMRC) excluded 300 of its Guernsey-based offerings.
The new QROPS are being marketed via Concept’s Aurora offshore pensions...
18 Feb at 6 PM 2014
A controversial bill being proposed by EU lawmakers will make declaring confidential financial information held by trusts compulsory.
The aim of the proposed legislation is to stop corporate money
-laundering, but will catch expats and EU member state residents in its net. To the EU, trusts have much less wide implications than is usually understood in the UK, with even the joint ownership of a home as in Land Registry documents coming under the proposed new law.
Families will be forced to hand over accounts for the so-called...
17 Feb at 6 PM 2014
Over the last few years, disaster has struck in many countries, with Japan’s earthquake and tsunami, the war in Syria and the Libyan conflict prime examples of scenarios which can severely affect expat residents.
Natural disasters and political meltdowns can disrupt every aspect of expat life including financial security and access to funds, so it’s best to be prepared. Banking transactions such as condo rentals and suchlike need to be taken care of, no matter what’s going on or why, and internet and phone services may well be...