Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

22 Aug at 6 PM 2014

Has UK government declared open season on expats

Hard on the heels of the projected loss of tax allowances, the banking clampdown on expat accounts and credit cards and other punitive measures comes the threat of expat tax errors being criminalised. As if frozen pensions, cancelled winter fuel allowances, disenfranchisement and the dysfunctional passport replacement changes weren’t enough, it seems that the government is continuing to dream up more ways of wrecking overseas pensioners’ lives. The latest news that an error or oversight in declarations of overseas income will...
21 Aug at 6 PM 2014

Best 10 low tax jurisdictions for wealthy expats

The rash of changes in international tax laws have caused difficulties for wealthy would-be expats, but the globe still holds a number of low-tax jurisdictions happy to accept large pension pots and savings. A recent investigation revealed the top ten most tax-friendly countries based on actual tax rates, lifestyles, political and economic security and tempting expat packages for the wealthy or comfortably off. Many are idyllic tropical paradises, and several have tax rates as low as zero. The Bahamas is an ever-popular refuge with...
21 Aug at 6 PM 2014

UK expats encouraged to complain about treatment by UK banks

British citizens living overseas are being urged to complain to the Competition and Markets Authority (CMA) about unfair treatment by onshore UK banks. The controversy over the treatment of UK expats by onshore banks is ratcheting up after calls to report offenders to the UK authorities. A majority of expats working or retiring overseas have kept their former UK bank accounts to facilitate transfers of pensions and other payments to bank accounts in their countries of residence. Although UK state pensions are able to be paid into...
19 Aug at 6 PM 2014

Losing investment cash to fraudsters is the 2014 hot topic for retirees

UK retirees living overseas are facing threats to their life savings from both the HMRC and the number of fraudulent FAs lurking in expat havens. Expat forums based in many favourite retirement destinations in Europe and Asia have indicated that the two top topics concerning the loss of pension pots are the triggering of heavy tax penalties by transferring cash between pensions and the likelihood of falling foul of fraudsters. Both fears involve mis-selling and bad advice by UK salesmen operating illegally overseas. For example,...
15 Aug at 6 PM 2014

UK government plans capital gains charges on expats UK properties

More bad news for British expat investors came with reports that Chancellor George Osborne plans to charge capital gains tax on the sale of expat-owned UK properties. The new tax is supposedly aimed at wealthy foreigners investing in UK properties, but will hit hard on expat buy-to-let investors and those who keep a home in the UK. Over the last several years, UK property values have boomed, and overseas investors have not been liable to capital gains tax on sales. The official announcement of the tax change is expected to be made...
15 Aug at 6 PM 2014

Are British banks ridding themselves of their UK expat customers

Between five and six million UK citizens living overseas may be at risk of losing their UK-based bank accounts. Of the millions of UK-born expats living overseas, at least 800,000 are believed to be domiciled in European Union states as business owners, retirees or employees of foreign or UK-based companies. Creeping moves by British high street banks suggest that British citizens living in the EU or farther afield may no longer be welcome as customers. The recent cancellation by Santander of expats’ debit cards held on their UK...
14 Aug at 6 PM 2014

Are UK expats giving up on La Dolce Vita

Since the heady days of the 1930s, Rome and Italy have been favourites for expats searching for history, beauty and fantastic food and wine. Living the dream in an Italian coastal resort or the wine regions of Tuscany has been the ambition of many Brits as they approach retirement age. Many have made the dream come true, but is it fading due to the effects of the 2008 financial crisis? Italy is now in its third recession since 2008, with its GDP falling, unemployment still on the rise and net trade sliding further into negative...
12 Aug at 6 PM 2014

UK government to strip personal tax allowance from expats overseas

Non-resident UK expats are to be hit by a £400 million tax raid if government plans to abolish their personal tax allowances pass a consultation. The proposal, hinted at during the Chancellor’s March 2014 Budget speech, has now been released for formal consultation and, if passed, will be brought in next year. At present, EU nationals and UK expats living or working overseas can offset income earned in Britain against the basic £10,000 personal tax allowance. Expats with buy-to-rent properties or those who are letting their UK...
11 Aug at 6 PM 2014

Expat residents in Cyprus investigated for UK benefit fraud

Following the revelation that a large number of expats all over the world are cheating on UK welfare payments, investigations are now involving over 100 Brits in Cyprus It seems that UK expats living in the Mediterranean’s favourite lifestyle hubs are taking advantage of welfare benefits to which they are not entitled. According to the Department of Work and Pensions, benefit fraud is costing the UK some £82 million every year. The latest expat destination to be investigated is Cyprus, with 126 Britons now being asked...
8 Aug at 6 PM 2014

Do retirement dreams fade after second thoughts kick in

Survey after survey indicates that an increasing number of Brits can’t wait to retire overseas, but second thoughts later in life can wreck the dream. One recent study revealed that around six million British citizens are eager to move to other countries for a variety of reasons. However, many are younger people who find that, the older they get, the less they can face up to the challenges involved. In the real world, retirement overseas has its pitfalls, most of which can be avoided by careful planning and a large dose of...