Expat Money Transfer News

Latest 10 news items tagged Money Transfer

18 Jul at 6 PM 2017

Kuwaiti female MP takes aim at expats again

Kuwait’s anti-expat parliamentarian hits out again at foreigners working in the emirate. Expats living and working in Kuwait could have been forgiven for hoping MP Safa al Hashem would find another cause to sensationalise after her initial anti-expat rants in the country’s parliament. Unfortunately, foreign professionals and other expat workers are in her sights again, as she’s now demanding a 10-year cap on expats’ stays in the emirate as well as a ban on dependent visas with the exception of parents and a doubling of charges...
9 Jun at 6 PM 2017

Study shows UK expat professionals happy to stay overseas

A recent study has revealed only one in every 10 British expats living overseas has any serious intention of returning to the home country. The survey’s results showed the majority of expatriate Britons had made the decision to leave due to relocation by their company or the desire to start a business overseas. No mention was made of the hundreds of thousands of retirees who left for a better quality of life in a warmer country, very few of whom, it would seem, have any intention of returning to a post-Brexit world. Respondents...
18 May at 6 PM 2017

How Brexit will affect finances for Brits overseas

With so much uncertainty as regards the Brexit effect on freedom to live and work in the EU, a shift of expat focus to the financial consequences of a hard deal can at least help with contingency plans. Basically, the major effect on expat finances is certain to be the fate of sterling once Brexit becomes an uncomfortable reality. If you’re planning to return to the UK, exchange rates will make no difference to your monthly state pension, but if you’re determined to stick it out in Europe by whatever means necessary or are...
17 May at 6 PM 2017

Hong Kong losing its charm for expat professionals

Once the favoured exotic destination for expat professionals, Hong Kong is losing ground to India and Japan due to its shrinking benefit packages. Expat pay packages and benefits in Hong Kong, once a favourite of expat professionals looking to get the best deal, are at their lowest point since 2012. The once generous terms of employment have dropped by 5 per cent and are now eclipsed by job offerings on the Chinese mainland, in Japan and in India. The average package of salary and inclusive benefits for middle managers is now at...
17 Mar at 6 PM 2017

Superheroine Consular Carol urges Brit expats to take better care of their passports

Just as most UK expats had managed to forget the zany side of their home country, the UAE British Embassy's social media pages are using a cartoon superheroine to advise that keeping passports in freezers is not the best idea. The www,gov.uk/overseas webpage is a must-visit for expats bemoaning the good old days when Britishers were known worldwide for their eccentricity. It features a new, female superhero cartoon character, Consular Carol, whose only job in life is to help protect British passports, wherever on the planet they may...
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,...
18 Nov at 6 PM 2016

Kuwait to tax expat remittances and companies

New reforms due to be presented to the Kuwaiti government are reputed to include taxing expat remittances and foreign companies, privatisation and other austerity measures. According to local media, the government is fully aware the new measures will attract protests and strong opposition from businesses, expats and others affected by the changes. The reforms will be presented to the emirate’s new government when it convenes later this month. High on the list will be privatisation of the healthcare and education sectors, with...
28 Oct at 6 PM 2016

Falling pound sees US expats buying into British homes

As sterling’s weakness continues, expats from the USA are increasingly setting up home in the UK. British property prices are falling, and the post-Brexit decline in the value of sterling is making homes in the UK even more affordable for those buying via foreign currency transfers. More than 200,000 Americans are already living and working in the UK, with a growing number looking to buy real estate at bargain prices. Since the end of June, real estate agents in attractive parts of the UK have noted a considerable increase in...
27 Sep at 6 PM 2016

Expat buyers rush for properties in Cyprus

The Cypriot property market’s surprise recovery is being led by foreign buyers and is showing a significant increase in sales over the past months. Although interest from Cypriot buyers is still at an all-time low due to difficulties in getting loans, foreign buyers have stepped in and are behind a huge improvement in the island’s real estate market. Local estate agents believe the present time is the best for those investing in property, as prices are still comparatively stable and there’s a good choice of homes available....
3 May at 6 PM 2016

Expats in Kuwait to pay tax on international transfers

A recent announcement by the Kuwaiti government suggests that expats may be forced to pay tax on their international money transfers. Kuwaiti MP Faisal Mohamed al-Kandari has suggested that a tax be imposed on expatriate money transfers. The emirate is home to around three million expat workers, with a total of KD 19 billion having been sent out of the country over the past five years.According to al-Kandari, the amount transferred is the equivalent of the country’s 2015 national budget, and imposing a tax on the transfers would be a...