Expat Money News

Latest 10 news items tagged Money

11 Aug at 6 PM 2018

Is Dubai the new crime hub for tax fraud

Expat tax fraudsters are flooding to Costa del Dubai The futuristic desert city of Dubai is being used as a refuge by fraudulent tax evaders from the UK. Loved by the ultra-wealthy and famous, Dubai is now being nicknamed ‘ the World’s new Costa del Crime’ in a reference to the Southern Spain region formerly a refuge for UK criminals and fraudsters. Data leaked from the normally watertight government agencies show a high number of wanted and suspected criminals have purchased luxury mansions in several of Dubai’s most upscale...
9 Aug at 6 PM 2018

Expat guide to car purchase in Spain

Once you’ve moved into your new home in Spain and discovered the disadvantages of the local transportation options, it’s time to consider buying a car. Purchasing a vehicle in Spain is procedurally similar to the British model as regards bureaucracy, but with several layers of Spanish law tacked on for good measure. For new arrivals as yet far from fluent in the local language, the process is daunting, with finding a bilingual friend the best idea. If you’re a registered resident, you’re allowed to buy a car as long as...
9 Aug at 6 PM 2018

Dutch residency for US citizens getting harder

US expats are having increasing problems getting Dutch residency. The Netherlands’ popularity with expats is drawing ever-increasing numbers of US citizens to Amsterdam and other Dutch cities, but residency permits seem to be harder to get. Normally, American citizens have a head start as regards residency permits due to the Dutch-American Friendship Treaty which permits entrepreneurs to reside in the country. Requirements are straightforward and set in tablets of stone within the treaty, giving US expats an easy ride as regards...
3 Aug at 6 PM 2018

UK FCA new ruling makes QROPs easier for expats

For those approaching retirement and thinking to transfer their pension to a QROPS, there’s a lot to consider. A recent ruling by the UK’s Financial Conduct Agency might well be of help to would-be expat retirees confused about their financial options as regards QROPs transfers. Until now, any pension with over £30,000 was subject to a transfer value overview provided by an IFA, but many advisers have refused to provide the recommendation due to the possibility of being sued by a client should their money be lost. As a result,...
2 Aug at 6 PM 2018

Dubai to be home to planets largest Chinatown

Will Dubai’s Chinese invasion squeeze out Western expat professionals? China’s in-your-face expansionist moves have so far been mainly confined to smaller Asian countries, but Dubai’s Dragon Mart development and its projected Dragon City will see the largest Chinese trading, retail and residential hub outside the mother country. Cleverly timed to coincide with the Chinese’ premier’s arrival in Dubai on an official visit, the UAE-based developer’s plan of an entire ‘city’ dedicated to Chinese expats and investors will...
2 Aug at 6 PM 2018

Expats and Brit residents fall for binary trading scam

Expats as well as British residents have lost all their savings to a binary options scam. Eclipse Finance Ltd operated from a registered office in London’s East End district and claimed to be marketing an investment scheme based on binary option trading, a form of fixed odds betting on financial market movements. The term ‘binary option’ represents a financial option which pays out either a fixed sum or nothing. Trading online and operating from its London-based virtual office address, Eclipse persuaded potential investors in...
1 Aug at 6 PM 2018

US expat SMEs in UK hammered by Trump tax law change

In spite of appeals to US lawmakers, US expatriate small business owners in the UK are caught up in IRS demands intended for multinationals which shift profits overseas. The Trump tax bill was signed into law last December, with new taxes introduced for corporate behemoths such as Microsoft which regularly move their profits overseas for tax purposes. However, unlike other provisions in the bill, the international changes don’t specify a financial profit point at which the law kicks in, forcing small and single-owner expat business...
1 Aug at 6 PM 2018

Is offshore banking the best expat strategy

In spite of rumours about tax avoidance, offshore banking gives a number of advantages for expat professionals. The vast majority of expat professionals working overseas are paid in their local currency, with many having financial liabilities such as mortgages in the home country. Most are planning to either move elsewhere for work or retirement or even return home at some stage in their professional lives. For those concerned about banking security and ease of transferring money in various currencies, offshore banks are the sensible...
1 Aug at 6 PM 2018

Expat remittances on hold as Saudi corruption crackdown bites

Expat professionals as well as Saudi businesses are now holding back on money transfers overseas. Due to a government crackdown on corruption earlier in the year, any attempt to send more than $30,000 outside the emirate is now being blocked by the government. According to local banks, many expats and their families are now afraid to send money home in case the government is monitoring their activities. The crackdown resulted in some 300 top business owners and wealthy investors being detained for weeks in Riyadh’s luxury...
30 Jul at 6 PM 2018

Is Dubai really cheaper for expats nowadays

For a generation of expat professionals, Dubai has been a 21st century icon and a source of comparative wealth. The futuristic city balancing between water’s edge and desert sands is a glittering playground for the wealthy and famous as well as supposedly presenting an opportunity for expat professionals to join in its endless entertainments and luxurious lifestyle. Shopping till you drop isn’t just a buzz-word here, it’s compulsory. However, beneath the glittering surface, things aren’t quite what they used to be as the...