Expat Money News

Latest 10 news items tagged Money

18 Jan at 6 PM 2017

Are expats in Kuwait being used as scapegoats

Since the New Kuwaiti parliament was sworn in some two months ago, its entire focus is being seen as scapegoating expats in the emirate rather than debating other concerns. Expat professionals working in Kuwait are uneasy about the seeming concentration on expat levels as against the numbers of Kuwaiti nationals. The expat author of an article in the Kuwait Times believes the government’s perceived xenophobia is over-exaggerated, adding that a majority of local media outlets are publishing comments alleging the expat population is...
17 Jan at 6 PM 2017

Nationwide International closure narrows expats offshore bank choice

Nationwide International, the offshore branch of the well-known high street chain, will close some time in the summer. The closure of the offshore bank is certain to hit thousands of expats, as the brand is popular with retirees living overseas as well as expat workers. Shutting down of customer accounts is already in progress, giving account holders little time to find alternative offshore banking facilities. According to a spokesperson for the bank, a number of factors were taken into account, which left closure as the best...
12 Jan at 6 PM 2017

UAE expats rush to relocate currency as pound falls again

Following yet another fall in the value of sterling on Wednesday, British expats working in the UAE rushed to transfer funds back to the UK. Sterling fell a further 0.7 per cent against the US dollar, the local currency to which the dollar is pegged, starting a rush by UK expats to send even more money back home and causing remittance transactions to rise above the norm by 25 per cent. Expats from neighbouring European states also took the advantage to increase their savings simply by relocating them to their home countries. The...
6 Jan at 6 PM 2017

Vietnam scores in expat survey for salaries and lifestyle

A recent survey shows Vietnam has overtaken Japan, Taiwan, Korea and Thailand as a popular destination for expat professionals. The most recent Expat Explorer survey’s Vietnam result may come as a surprise to many would-be expats who’ve not even considered it as a destination, but the Southeast Asian country is now ranked at 28th in the career sector. One major reason is that 80 per cent of expats on employment contracts also benefit from allowances. In the Asia group of expat destinations, Vietnam came second for its...
5 Jan at 6 PM 2017

Expats providing UK temporary care defend their rights and motivations

Following reports in the UK media that unqualified British expats are taking on highly paid temp jobs in UK care homes, long-term expats in the programme are denying there’s any scandal. Expats who’ve been involved in the scheme are fighting back against what they claim is unfair misrepresentation a regards their previous experience as well as a reported lack of pre-job training. Others are vigorously maintaining their rights as UK citizens to work in the home country on a temporary basis. One Malaga-based expat who’s taken...
4 Jan at 6 PM 2017

New Year finance resolutions for expats in UAE

Everyone’s favourite New Year resolution is to get richer than in the previous year, but it’s essential to set in place rules and regulations to make it come true. According to Gulf New’s Money page, personal debt via borrowing is at a high level in the UAE’s expat community. Consumer loan totals are soaring, making personal finance goals trickier than before. Expert advice from the page first concentrates on the discipline of regularly saving money as a start to building wealth, with Western expats well ahead of all others in...
2 Jan at 6 PM 2017

Brit expats in Europe rush for UK temp jobs as carers

Thousands of UK expats on hard times due to the sterling crash are flying home to take two-week job as carers in British care homes. According to an investigation by the Telegraph, cash-strapped Brits are being taken on part-time and left in charge of elderly people suffering from dementia, learning difficulties and other illnesses common in old age. The report noted many recruits have no relevant qualifications and are being left to manage the best they can with just a few days’ training, a reference booklet and a telephone. The...
28 Dec at 6 PM 2016

Costa floods contaminate expat water supplies

The recent once-in-a-lifetime floods in Spain’s Costa del Sol have left the expat community in danger due to sewage contamination of the water supply. Heavy rain battered the popular Alicante area for four straight days, with flooded rivers inundating residential districts and destroying many homes. As communities struggled to recover, the local water authorities discovered sewage contamination in the water supplies and banned the service. Around 22,000 residents in Alfaz, near Alicante, were told not to drink, cook with or wash...
26 Dec at 6 PM 2016

IMF slams Gulf States plan to tax expat remittances

In an unequivocal Christmas Day message, the International Monetary Fund has warned about Gulf State plans to tax money transfers made by expatriate workers across the region. According to the Arab Times, the IMF report states 90 per cent of private sector employees are workers from overseas, with implementing remittance taxes guaranteed to produce negative effects on the region’s economy. As the proposed five per cent tax represents only 0.3 of the Gulf region’s total income, economic benefits from the tax will be sparse,...
23 Dec at 6 PM 2016

Solutions for American expats barred from using US brokers

US expat investors are now mostly banned from using US-based investment brokers due to the effects of FATCA on withholding requirements and additional reporting, but there are now solutions which allow trading in low-cost index funds. Rather than assuming extra burdensome paperwork due to FATCA, the majority of US-based brokers are not now accepting new expat investors, with some even freezing the accounts of existing offshore clients. Expats in Singapore and Thailand are the latest to fall foul of the ban, leaving companies in the...