Expat Banking News
Latest 10 news items tagged Banking
5 Aug at 6 PM 2019
Fewer opportunities for Hong Kong’s laid-off expat bankers are destroying the dream.
Once a prime location for expat bankers, Hong Kong is now immersed in seemingly endless violent protests as well as an employment desert for expat bankers recently laid off by their employers. Reasons for the banking sector’s shrinking labour market include increasing demand for Mandarin speakers and cost-cutting by international banks located on the island. Deutsche Bank’s recent announcement of a swathe of cuts made the situation even worse...
31 Oct at 6 PM 2017
As the regional economic boycott enters its sixth month, Qatar’s central bank is loosening up on expat banking
According to the regulator, lenders must now allow expat workers whose visas have expired a full 90 days before their accounts are closed. Formerly, accounts were shut down immediately on visa expiry. The news was posted on the regulator’s website last Sunday, and is in line with an existing law which allows a stay of up to three months for expats whose residency permits have ended.
The declared aim of the new...
2 Oct at 6 PM 2017
UK expats living overseas will be happy to hear British banks’ discrimination against those wishing to retain or open accounts with high street banks is now against UK law.
Over the past few years, British banks have been operating an almost total ban on non-resident, non-domiciled, UK expats wishing to open bank accounts in their home country. Worse still, the majority of high-street banks have been busily closing existing expat accounts, often with very little notice, thus causing huge problems for British citizens living...
20 Jul at 6 PM 2017
Now under its new President, Paris is planning to attract EU expat bankers and financial experts from post-Brexit London.
Newly elected President Macron’s previous dislike of the banking fraternity seems to have evaporated under the necessity to up Paris’s game as regards attracting the brightest and best the City of London has to offer. A former banker himself, Macron is now offering tax breaks for financial professionals from overseas, the easing of EU regulations, more international schools and rules making it easier to hire...
20 Jun at 6 PM 2017
Two decades after the Hong Kong archipelago was given back to China, investment bankers and financiers from the mainland are taking over as Western expats leave.
Following an exodus of Western expat bankers, Hong Kong’s elite financial ranks are now being swollen by an influx of professionals from the Chinese mainland. Western banks’ lay-offs of expensive professionals in the sector has created opportunities for equally talented incomers from mainland China eager to create their own brand of financial prowess. The influx is...
16 Mar at 6 PM 2017
Deciding how to organise expat banking
needs in order to give easy access to cash held outside the new country of residence can be a trying aspect of planning for a new life abroad.
Offshore accounts are often the first option on the to-do list necessary for a smooth transfer from the home country to the chosen expat destination, whether the move is for retirement or for a new job overseas. One thing’s for sure, many expats now feel safer in these difficult days knowing the bulk of their savings is in a secure offshore bank rather...
28 Oct at 6 PM 2016
The ‘good old days’ of Hong Kong’s expat banking
community are now long gone, with conspicuous consumption and extravagant lifestyles being replaced by discretion and lower spending.
In the days before the 2008 financial crisis, Hong Kong was the dream relocation for a huge number of expat bankers, all gifted with packages covering everything from luxury housing through kids’ schooling and expense account entertainment. Salaries and generous bonuses were lavished on the city’s upscale nightlife, riotous parties and every...
30 Sep at 6 PM 2016
Downturns in Hong Kong’s financial sector have resulted in cheaper apartments in many locations popular with expats.
Falling rents in a number of favourite expat neighbourhoods are being seen as signs of the continuing downturn in the island’s financial sector as well as an indication that expats are moving on. For decades, residential rents have risen as Hong Kong continued to expand its financial trade, but nowadays the pendulum is swinging in the opposite direction.
Ten formerly popular and pricey sectors of the city are now...
30 Sep at 6 PM 2016
Discrimination by British banks against UK expats with no ties to the country wishing to open accounts is now against the law.
For some years, British banks have refused to open accounts for UK expats living overseas, and have even closed existing accounts. The reason behind the discrimination seems to be that not having a UK address stops financial companies from monitoring customers’ credit history in order to underwrite borrowing.
Whatever the reason, the banks’ unacceptable behaviour has caused major problems for many...
15 Jul at 6 PM 2016
It’s not just USA citizens who’re living a nightmare due to FATCA, as British expats living in the USA are now being threatened with closure of their UK bank accounts if they don’t comply.
As FATCA continues to tighten its claws on American expats living across the world, UK expats working in the USA are facing the closure of their British bank accounts as a result of the recently introduced, draconian law. Brits living in the USA are forced to submit a folder-full of forms in order to convince the IRS that they’re paying the...