Expat Money Transfer News
Latest 10 news items tagged Money Transfer
26 Dec at 6 PM 2016
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
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
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
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
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...
24 Oct at 6 PM 2014
One of the most trying aspects of living overseas is currency transfer
between your home country or offshore bank account and your account in your host country.
Whether you’re retiring overseas, working for a company which pays salaries from the UK, freelancing, or just touring around the places you’ve always wanted to see before you make a decision about permanent residence, the stress and expense of currency transactions is often a negative experience. However, new technologies and several innovative start-ups are about to...
9 Sep at 6 PM 2014
The liquidators of a sector of the Isle of Man-based Louis Group have revealed that millions of pounds sterling are missing from the accounts of the disgraced financial firm.
In yet another disastrous indication that the casino culture is alive and well in expat financial jurisdictions, the collapse of the company has resulted in losses to investors of at least £60 million. Just £10 million is left to be shared amongst the 700 people duped, many of whom are UK expats.
Most investors put in between 10 and 30 thousand pounds...
7 Jul at 6 PM 2014
Western long-term retirees and expats legally married to Thais are fearing repercussions to their visa statuses following the recent military takeover.
The recent panicky departure of over 200,000 Cambodian workers back across the border has increased expat fears that immigration crackdowns may be expanded to include those on marriage and retirement visas. One English language newspaper recently published a plea on its postbag page from a concerned expat with a Thai wife and family.
The writer asked why contributions to the Thai...
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.
Transferring money 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.
30 Sep at 6 PM 2013
A proposal at present under consideration by the Dubai government is expected to hit expats working in the emirate and sending money home.
Chamber of Commerce and Industry president Hamad Buamim has confirmed that the proposal is under serious consideration, although the government has yet to receive feedback from the emirate’s financial institutions and banks. If brought into law, all expat workers who send money
back to their home country can expect each remittance to be taxed.
Details as to the amount of tax levied and those...