Expat Pension Transfer News

Latest 10 news items tagged Pension Transfer

22 Oct at 6 PM 2014

Survey results shock reveals pension fraudsters targeting retirement savers

The results of a recent survey prove that increasing numbers of pension liberation crooks are operating onshore and offshore, defrauding retirees confused about the new pension rules. The research, undertaken by financial firm Fidelity, revealed that 66 per cent of retirement savers are still uncertain about their rights under the new legislation. In spite of massive publicity since the April budget announcement, understanding of the ‘over 55’ rule is still causing problems and leaving savers at risk from scammers and massive tax...
21 Oct at 6 PM 2014

Expats turn their backs on international medical insurance due to soaring costs

A recent survey revealed that 25 per cent of UK expats no longer believe that costly international medical insurance is a necessity. Factoring in the ever-increasing expense of international health insurance is a headache for all but the wealthiest of expats, wherever in the world they’ve decided to make their new homes. Overseas private hospitals, especially in Asian countries, are businesses first and healthcare providers second. The 75 per cent of participants who bought health insurance seemed satisfied with the service...
20 Oct at 6 PM 2014

Con man operating Marbella coloured diamond scam jailed for four years

A gang of fraudsters who targeted UK pensioners living along Spain’s Costa del Sol in a coloured diamond scams are now all behind bars. The gang of six, masterminded by Liverpudlian Adam Simmonds, operated a boiler room–style scam in the retirement hotspot of Marbella, hitting on unwary pensioners with offers of ‘rare’ coloured gemstones at hugely inflated prices. The pracitcally valueless diamonds were touted as an investment through the gang’s company, No 1 Gemstones. Thousands of retiree Brits were cold-called with the...
16 Oct at 6 PM 2014

UK taxman changes to QROPS rules may benefit expat retirement savers

Whilst the ever-changing new UK rules regarding British pensions are confusing almost every saver and investor both on and offshore, HMRC’s recent QROPS announcement seems to bring good news for expat retirement savers. Basically, the controversial Budget reforms are now to be applied to QROPS holders as well as to those with work-related or private pensions. However, according to the tax office, the finer details still need to be worked out and may result in modifications to the rules applicable to UK-based pension...
15 Oct at 6 PM 2014

New QROPS opportunities for Brit expats in USA

Over the past two years, the use by US residents with UK pensions of Qualifying Recognised Overseas Pensions Schemes (QROPS) has been complicated by the IRS’s objections to the scheme. For several years after the introduction of QROPS in 2006, UK pension funds were unable to be transferred to similar US schemes, even although HRMC had recognised the USA as a pension transfer jurisdiction. In addition to the unwillingness of US federal law to recognise the scheme, Capitol Hill continued to judge the UK pensions market as overly...
15 Oct at 6 PM 2014

Irish con man in Spain outed by sharp eyed expat pensioner

An Irish conman who preyed on wealthy widows and pensioners has been outed on the Costa del Sol by a sharp-eyed 71-year old who’d met up with him via an online dating site. 60-year old Sean Whelan’s seductive online and offline charms had already cost a Florida woman her life savings of around £70,000 after they’d met on another dating site in 2007. The slick fraudster flew to Florida, proposed marriage, then offered to invest her savings in a Mauritius bank but fled back to Dublin with the cash. Presumable down to his last...
15 Oct at 11 AM 2014

Foreign countries ramp up incentives to attract expat retirees

Senior citizens in first world countries such as the UK and USA are being offered a variety of retirement incentives such as tax breaks and easy visa options by an increasing number of states worldwide. The value of would-be expat pensioners to second and third world economies seems at last to be obvious to a good number of far-flung yet attractive destinations’ governments. American expats started the trend with an exodus across the country’s southern border to Mexico, with Ecuador now a favourite for its cheaper expat mortgages,...
15 Oct at 10 AM 2014

UK FCA sets up website to help investors identify financial scams

As part of yet another warning against financial scammers, the UK’s Financial Conduct Authority has set up their Scamsmart website in order to help unwary investors identify cold-calling fraudsters . The website was developed using monies recovered from the criminal element operating within the financial advice sector, and concentrates mainly on cold-calling by fraudulent FAs. Online redirections send investors to the authority’s scam alert list of dodgy operators of cloned companies and unregistered advisors with a murky history....
14 Oct at 6 PM 2014

Portugal the ideal destination for expat retirees

The search for the perfect overseas retirement haven is crucial to many retirees’ plans for the future, and involves finding a dream home in a sunny, friendly environment such as Portugal’s romantic Algarve region. Known for several decades by literally thousands of UK expats as a great place to live, a recent survey has identified the Algarve as an all-time favourite. Its medieval cities, coastal fishing villages and small towns, local markets, delicious food and wine and warm weather are all topped off by friendly, established...
14 Oct at 6 PM 2014

Soaring cost of living in Singapore impacting expat salary increases

In spite of the high salaries paid to expats living and working in the popular city-state of Singapore, rampant inflation is smashing down on even the most generous pay rises. The results of a survey by Standard Life indicate that the vast majority of expats believe their salaries are unable to catch up with the city’s soaring cost of living increases. Although most of those surveyed said they were earning far more and saving more than in their home countries, 50 per cent complained that they needed further salary increases to keep...