Expat Switzerland News
Latest 10 news items tagged Switzerland
29 Oct at 6 PM 2014
banks are being hounded by the US Justice Department to reveal all details of USA citizens’ secret accounts. Prosecutions as well as FATCA are being used to force traditionally private Swiss
banks to give up the full details of money in accounts held by expats attempting to avoid paying tax in their home country.
was one of the last countries to sign up for the controversial US Foreign Account Tax Compliance Act. Credit Suisse and USB were the first banks to be hit by billions in fines for not revealing the full...
27 Oct at 6 PM 2014
The recently-published annual HSBC Expat survey has revealed that Asian locations offer the most affordable costs of living due to their cheaper accommodation, utility charges and groceries.
The well-regarded survey, based on expats’ ability to afford essential services and goods as well as on average disposable incomes, saw Switzerland
hit the number one position as regards overall quality of life. However, for mere expat mortals rather than retired bankers, Asian destinations won out on sheer affordability.
Thailand and Vietnam...
20 Oct at 6 PM 2014
Problems with retaining bank accounts and complying with complicated regulations are hitting hard on all US expats, but those who emigrated to Canada many years ago are experiencing the worst effects.
Last February, the Canadian government finally signed on to co-operation with FATCA ruling as regards the disclosure of privately held offshore assets belonging to US expats resident north of the border. The steep penalties imposed on non-compliant foreign banks and the mass of paperwork required has led to many US and foreign banks...
16 Sep at 6 PM 2014
The fee payable to the State Department by US citizens wishing to renounce their citizenship has soared by over 400 per cent since the introduction of the FATCA reporting system.
Originally just $450, the charge for renouncing US citizenship now stands at $2,350. State Department officials claim the new amount represents the actual cost of the procedure and are admitting that demand for the service is at an all-time high.
In some regions, the US Consular waiting list for the required expatriation interview is now six months or...
21 Aug at 6 PM 2014
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...
1 Jul at 6 PM 2014
The ongoing scandal concerning mis-sold mortgages on expat homes in Cyprus has affected thousands of property owners on the island, but now looks as if it’s coming to an end.
Rather than risk a UK High Court judgment against them, the Cypriot Alpha Bank and a consortium of 20 property developers have settled all claims. The good news came just a day before the court hearing was due to begin, leaving the thousands of expats terrified of losing their homes hoping the nightmare is over.
According to lawyers, part of the settlement...
17 Jun at 6 PM 2014
The upcoming launch of the USA’s controversial FATCA reporting requirements looks set to result in the closure of US expat accounts world wide.
For several months, reports have been coming in from various expat destinations about restrictions, difficulties and even account closures affecting US citizens living abroad, either in employment or as retirees. The latest and possibly the most damaging announcement came last week from Mexico’s major Banamex USA bank, informing all its US clients that their accounts are to be permanently...
13 Jun at 6 PM 2014
The two masterminds behind one of the biggest ever boiler room scams have been jailed for ripping off £millions from unwary investors. Jeffrey Revell-Reade and Anthony May were found guilty in a London court of conspiracy to defraud over a thousand investors.
The total sum lost was estimated at around 70 million sterling, and sentences of eight and seven years respectively were handed down by the judge. The pair, based in Spain, ran a team of telephone salesmen targeting British pensioners using high-pressure sales techniques....
10 Jun at 6 PM 2014
A recent survey of the world’s most expensive cities for expat living has seen London once again listed in the top 50. ECA International’s latest survey revealed the UK capital’s rise of a full 40 points to 46th in the global rankings, its highest place since 2008.
The cost of an average shopping basket of goods has risen by 3.5 per cent across Britain, with London prices still higher. According to spokesman for EEC International Steven Kilfedder, the major reason for London's jump in the ratings is the strength of the pound...
2 Jun at 6 PM 2014
The survey, undertaken by an upscale property company with offices in 21 world locations, has identified Majorca as having the strongest price rises over the last year.
Beating out even London’s trendy Chelsea and Westminster districts’ price rises, luxury Majorcan properties are being snapped up by wealthy Brits as well as non-EU citizens looking to benefit from the island’s Golden Visa offers. Purchasers of properties worth over 1.5 million euros qualify for permanent residency.
Whilst real estate prices in Majorca soared...