Expat Working Abroad News

Latest 10 news items tagged Working Abroad

22 Sep at 6 PM 2014

Saudi banks to monitor expat account incomes in proportion to salaries

In a move designed to trace foreign workers with unofficial as well as officially permitted jobs, Saudi banks will now begin monitoring expat bank accounts for unexplained income. The move is aimed at expat workers in the kingdom who are receiving salaries for a permitted job and are also operating businesses on the side. It’s also expected that a crackdown on unofficial businesses will help stem the flow of overseas remittances leaving the country. According to Saudi’s Media and Banking Awareness Committee’s secretary...
15 Sep at 6 PM 2014

Scots expats missing out on momentous independence vote

Scots living or working overseas can only watch from the sidelines as the crucial independence referendum threatens to change their home country for ever. Hundreds of thousands of expat Scots are forbidden from making their feelings known about potentially their home country's most momentous decision in several centuries. According to many, watching and holding strong views but unable to make them heard is agony. Confusion, frustration and even homesickness predominate in Scots living in England, Europe or even farther afield, all...
4 Sep at 6 PM 2014

UK pension revolution sees annuity sales fall by 50 per cent

The biggest change in UK pension legislation in almost a century, slated to result in significant losses for product providers and FAs, is already triggering a massive fall in annuity purchases. The new rules won’t come into effect until April next year, but a huge slowdown in annuity sales is already being reported. Previously, retirees forced by law to convert their pension pots to annuities were unwittingly locked into unsatisfactory deals, bringing accusations of rip-offs and mis-selling. The product and its compulsory...
3 Sep at 6 PM 2014

UK Tory party pledges end to expat 15 year disenfranchisement

In their manifesto for the 2015 general election, the Conservative Party has announced it will scrap the unpopular rule preventing expats who’ve lived overseas for over 15 years from voting in UK general elections. Britain is one of few EU member states which enforce disenfranchisement for expat citizens, with the rule causing anger and resentment amongst many UK expat communities. Retired citizens living overseas believe that their contribution to their home country over their working lives entitles them to have a lifelong say in...
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...