Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

7 Dec at 6 PM 2016

UK pensioners overseas to face tax increased tax bills

A hidden message in the Chancellor’s Autumn Statement indicated a government plan to align the process of taxation on overseas pension with that of UK pensions. At the present time, pensioners living overseas and taking their income from the so-called Qualifying Registered Overseas Pension Schemes’, (QROPS), are only paying income tax of 90 pc on their earnings from the fund. The recent proposal will increase the tax payable to 100 pc, bringing it into line with the amount charged to UK pensioners. The reason behind the change...
30 Nov at 6 PM 2016

Frozen pensions force repatriation on UK expats overseas

Over the past year, over two thousand retired British expats have been forced to repatriate to the UK due to their state pensions being frozen. Official figures from Britain’s Department for Work and Pensions show several thousand British citizens who’d chosen to live overseas In retirement were forced to return to the UK due to their state pensions being frozen. Many of the returnees had lived abroad long-term and were no longer able to support themselves on the original amounts paid at the time they left the UK. The data was...
29 Nov at 6 PM 2016

Thailand woos elderly, sick and wealthy foreigners with new visa

Thailand’s ruling military government last week approved the issuing of a new 10-year visa aimed at wealthy expats with heathcare needs. The requirements for the new 10-year visa have created controversy amongst Thailand’s large expat community, many of whom are retirees from Europe and the USA at present on the so-called annual ‘retirement visa’ extension. The new visa is to be offered to foreigners over 50 years of age, and requires either monthly earnings of 100,000 baht (£2,261, $2,810) or a deposit in a Thai bank account...
29 Nov at 6 PM 2016

What the UK Autumn Statement means for UAE expats

Last week, the new UK Chancellor of the Exchequer Philip Hammond presented his 2016 Autumn Statement to the British parliament. The contents of the statement’s full 69 pages aren’t all relevant to British expats working in the UAE, but those that are may need to be carefully considered, especially where financial matters are concerned. Brexit was the elephant in the room, with the budget tailored to the unknown and containing no surprises. Points of relevance for Brits working in the UAE included the raising of the personal...
24 Nov at 6 PM 2016

QROPS rules for British expats to tighten next year

New UK Chancellor Philip Hammond’s budget speech yesterday indicated the eligibility rules for the Qualified Recognised Overseas Pension Schemes are about to become tougher. British expats are being warned that Hammond’s budget includes a plan to tighten up on eligibility rules for QROPS, starting April 6 next year. The devil, apparently, is in the details of an add-on clause in Treasury documents presented yesterday to the British parliament by Hammond. Unsurprisingly, policy advice set up in Para 4.21 Page 38 of the...
22 Nov at 6 PM 2016

Divorcing expats QROPS cash ruled safe from UK law

Divorced British expats may be relieved to learn their QROPS pension scheme cash is safe from being split up according to UK law. Retiring overseas as a married couple doesn’t always turn out as planned, with divorce not uncommon amongst expats. Making adjustments not only to life as retirees but also to an unfamiliar culture and environment can put unbearable strains on less than stable relationships, as can the temptation to succumb to younger, more attractive charms. A recent UK family court judgement settled once and for all...
22 Nov at 6 PM 2016

Financial advisers told to mind their language

If there’s one thing which leads to wrong decisions by retiree investors in expat finance and pensions, it’s the language used by their advisors. Many expat retirees are totally inexperienced as regards the terminology of money management and investment, a lack which has led a large number to lose a large chunk of their pension savings simply by believing what they were told as regards annual returns. Since the introduction of the so-called ‘pension freedoms’ last year, the problem has worsened, especially in expat retirement...
21 Nov at 6 PM 2016

Advice for expat Brits on letting their Spanish property

British retirees in Spain are no clearer about their futures five months after the Brexit vote turned their lives upside down, but some may be considering moving back home after renting out their Spanish properties. As the myriad controversies surrounding Brexit continue, stress as regards the right to remain felt by UK retirees at present living in Spain is increasing exponentially. After the recent news that the Spanish property market is reviving in popularity, some may well be considering returning to the UK after letting their...
14 Nov at 6 PM 2016

New phishing scam hits New Zealand during Fraud Awareness Week

In spite of endless warnings about online and offline financial fraud, it’s still a major problem across the world, with expats particularly vulnerable. Financial crime is still the most likely crime to hit ordinary people across all first-world countries, in spite of countless efforts by the media, financial authorities and police worldwide. It seems that as the warnings get louder, the crooks get smarter and more people find they’ve lost their savings. Expats, especially retirees, are at risk due to the fact they often have...
4 Nov at 6 PM 2016

Expat havens for those who hate Trump and Clinton

Whichever way this horrendous US presidential election goes, there’ll be thousands of voters who simply can’t live with the results and decide to depart for politics-free havens overseas. At least 23 USA celebrities have already decided to leave should their favourite get trashed, and are happily scouting luxurious hideouts on private islands and other such hi-so haunts. Everyday Americans, however, may well have less extensive choices, mostly involving affordable overseas locations well south of Trump’s much vaunted Mexican...