Expat South Africa News
Latest 10 news items tagged South Africa
14 Oct at 6 PM 2014
The recent move by British banks to close down long-standing current accounts owned by UK expats is causing major problems in overseas retirement destinations.
A number of British banks, including Santander and Lloyds, have recently closed down the current bank accounts of expats living overseas, giving them little time to rearrange their finances and causing problems with pension payments, overseas withdrawals and purchases in the host country. The majority of destinations popular with UK expat retirees and those working on contract...
19 Sep at 6 PM 2014
Expats with properties in Spain and holiday home owners are to benefit by an EU court ruling allowing them the same range of tax relief options as Spanish citizens.
Discrimination against non-residents as regards tax liabilities has long been an issue amongst UK expat property owners who spend time in both countries. By the use of tax relief options, residents’ taxes can be cut to around zero, but the same options have not been granted to part-time expat residents owning holiday homes.
The European Court of Justice stated that...
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...
5 Sep at 6 PM 2014
As lawyers in the UK and Australia prepare court cases on behalf of victims of the largest financial scandal to hit Australia in decades, many are accusing life companies of a lack of due diligence.
The failure of LMIM and its Managed Performance Fund (MPF) has devastated savers and investors in expat locations such as Hong Kong, the UAE, Thailand and the rest of Southeast Asia as well as many in the UK, Europe and Australia. Total losses are running at around AU$369 million, and investors have been warned to expect no more than five...
2 Sep at 6 PM 2014
Offshore bank accounts give convenient access to regular or emergency cash, but how many depositors know how much of their savings are protected?
Migration planning for would-be expats often includes opening an offshore bank account for access to pension payments transferred from onshore accounts. The option may become even more popular due to recent UK high street bank crackdowns on accounts held by UK citizens living permanently overseas.
However, given the ongoing instability in the financial world, just how safe is your money...
15 Aug at 6 PM 2014
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...
12 Aug at 6 PM 2014
A Spanish entrepreneur’s money-making idea of a hotel dedicated to replicating the bestseller Fifty Shades of Grey has been shot down by the local mayor just before its opening night.
The brainchild of a Valencia businessman, the hotel was set to open a week ago in a small village just outside town in an area with a good number of expat residents. Due to include rooms with an S&M theme and even a dungeon, the risqué project, named Roissy Castle, was converted from an existing hotel, the L’Om del Llosar.
6 Aug at 6 PM 2014
The number of Britons living or visiting overseas who needed passport help during 2013 rose by around eight per cent, not taking into account the huge number of people affected by the massive passport processing backlog.
The passport backlog itself caused the worst crisis for the British passport office in decades, with hundreds of thousands of unfulfilled applications stacked in boxes awaiting processing. Waiting times of up to and over four months caused ruined holidays, missed family occasions and disrupted business trips....
15 Jul at 6 PM 2014
Skipton International, the offshore Channel Islands base of the well-known high street building society, is now offering expat mortgages on UK buy-to-let properties.
Including UK buy-to-let options in expat pension planning has traditionally been tricky for those requiring mortgages, but the recent rise in UK property prices has encouraged a few offshore banks to offer the service. Skipton is the latest to jump on board with its plan for UK citizens living and working overseas.
The scheme is available to native UK citizens only,...
17 Jun at 6 PM 2014
Bereaved home country families of expats dying overseas are being forced to pay for funerals or repatriation of their loved one due to health insurers’ confusing jargon.
The bodies of around 90 per cent of British citizens who die abroad are repatriated for funerals, with the total costs running up to £17,000. Even when travel or health insurance has been taken out, bereaved families are finding that unclear wording, exclusions and confusing small print in the policies is barring them from claiming.
Many insurance companies have...