Expat Working Abroad News

Latest 10 news items tagged Working Abroad

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...
23 Jul at 6 PM 2014

UK government sneaks in controversial state pension changes

Controversial changes to the UK state pension due to affect millions have been slipped in just before Parliament’s summer break. The changes apply to pensioners who decide to delay claiming their UK state pensions and will come into force for those hitting pension age on or after 6 April 2016. At present, a bonus of 10.4 per cent per unclaimed year is paid to those choosing to defer their entitlement. Many UK citizens, especially those still in employment after the age of 65, have chosen to defer, with some waiting up to 10...
17 Jul at 6 PM 2014

Thailand visa crackdown causes fear and confusion

Long-stay travellers, tourists wishing to extend their stay and expats in Thailand are faced with a crackdown on the interpretation of tourist visas. Formerly, many longer-stay tourists and expats in the kingdom were allowed to make regular border runs to Laos, Myanmar or Cambodia to top up their visitor visas. Short-stay tourists wishing to visit attractions such as Cambodia’s Angkor Wat also used border crossings for a two or three day visit, returning to Thailand to continue their holidays. The crackdown, announced by the...
15 Jul at 6 PM 2014

Skipton offer expat buy to let mortgages on selected UK properties

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,...
1 Jul at 6 PM 2014

US expats face dark days as FATCA is finally introduced

The US Foreign Account Tax Compliance Act, known and derided worldwide as FATCA, has finally arrived. The introduction of the controversial global tax law is the worst news for all seven million US expats living overseas as well as countless American-owned overseas businesses. All non-US financial institutions must now breach their US clients’ confidentiality by disclosing full details of their assets and holdings to the US tax authorities. Should any overseas financial institution refuse on privacy or any other grounds, the...
19 Jun at 6 PM 2014

Expat investors fooled by FA manipulated fund yield calculations

The impact on returns of the many methods of charging for advice and fund management is being minimalised by commission-grabbing FAs via clever presentation of percentages. Whilst investors in the UK are now offered financial advisor fixed fee structures or charges based on time spent, the vast majority of expat investors and savers are paying for the service on a percentage basis of the funds under management. In addition, FA commissions, set-up fees, annual establishment charges and fees for each and every transaction total a...
2 Jun at 6 PM 2014

Corporate CEOs raking in money as overseas health insurance rates soar

Expat overseas health insurance, once considered an essential, is becoming less affordable by the month whilst product providers’ profits are heading into the stratosphere. Overseas retirees on pensions are the worst affected, with thousands now unable to afford the increased premiums. Meanwhile, the salaries and bonuses of health insurances’ CEOs are reaching undreamed-of heights. Recent research has revealed that several CEOs of USA-based companies are earning some $90,000 every day of the year, and others are seeing salary...
12 May at 6 PM 2014

A dozen reasons why choosing a QROPS investment is best for expat retirees

Surveys show that many expats working abroad, as well as those intending to retire overseas, are not considering all options as regards investing their pension pot. Now that annuities have been exposed as a poor deal and there’s no restriction on taking out your savings, moving your pension offshore via a QROPS is an important part of today’s retirement strategy. Standard UK pensions are restrictive as regards choice of investments, with QROPS offering far more funds, commodities and markets in more varied currencies than exist in...
9 May at 6 PM 2014

Soaring UK house prices creating tax problems for domiciled expats

Expats living abroad but maintaining their homes in the UK may be happy about soaring property prices, but the resulting inheritance tax implications are an unlooked-for liability. Several decades ago, only the mega-rich needed to be concerned about protecting their families from the 40 per cent inheritance tax due on their death.Since the massive hike in UK real estate values, especially in London and the Home Counties, many average homeowners will have been unwittingly drawn into the net. For expats keeping up their connections...
25 Mar at 6 PM 2014

Expat tax breaks threatened by UK 2014 Budget announcement

Many of the five million UK citizens living and working overseas may not have heard last week’s Budget allowance that non-residents’ personal tax allowances are to be reviewed. At present, expats working overseas and pensioners with investments and state and private pensions are allowed an annual income of £10,000 before being taxed on sums above that amount. According to Chancellor George Osbourne in his budget speech, the allowances are to be examined and could be cancelled for non-resident expats living overseas who no longer...