Expat Working Abroad News

Latest 10 news items tagged Working Abroad

16 Aug at 6 PM 2019

IRS gets tough with US expats over unpaid tax by threatening passport revocation

Defaulting US expat taxpayers are at risk of having their passports cancelled. Expat American citizens who’ve fallen behind on their taxes have been aware for a while of the risk of having their passports revoked, but many have adopted the head-in-the-sand defence of not believing the threat would ever become reality. Unfortunately, according to the IRS, it’s about to be fully enforced. The USA’s State department along with the IRS are now escalating the enforcement of what’s known as the FAST (Fixing America’s Surface...
9 Jul at 6 PM 2019

Survey shows US expat discontent over citizen based taxation

The hugely unpopular US tax regime imposed on American expats living and working overseas needs to change, but survey respondents are unsure as regards how changes would affect them. Some nine million USA citizens by birth are living and working overseas, but retain their citizenship as an automatic right, thus leaving themselves open to citizenship-based taxation. Results of a recent survey indicate the vast majority are more than unhappy about the effect on their lives and finances of what they see as unfair taxation policies. The...
9 Jul at 6 PM 2019

Oz taxman to chase expat graduates working overseas for student loan repayments

Aussie expats have been warned by the taxman they’ll be chased for student loan payments. An announcement by Australia’s Taxation Office has warned Oz graduates now living and working abroad not to forget about their student loan debts. The taxman is planning to begin contacting new graduates taking on jobs overseas as well as those who’ve already left the home country. ATO’s assistant commissioner Karen Foat told the media it’s easy to forget about setting up loan payments during the excitement of starting a new life...
11 Jun at 6 PM 2019

New SA expat tax law sparks expat professional exodus

South Africa’s new tax laws are forcing expats to cut financial ties with the home country. Reports that financial emigration has risen by 30 per cent in the past two years have confirmed the effect on high earning South African expats of the new tax rules about to be brought in. From March next year, South African expats working overseas will pay up to 45 per cent tax on annual earnings of over one million rand. The first announcements of the upcoming change started the financial exodus as South African expat professionals rushed...
23 May at 6 PM 2019

Specialist buy to let lenders cracking down on tax avoidance

In a new move, lenders specialising in buy-to-let mortgages are now refusing loans to landlords suspected of tax avoidance. A leading property investment lender now fears beneficial interest mortgages may be in breach of HM Revenue and Customs’ rules on tax avoidance and are cracking down on landlords as a result. These specialist mortgages involve the transferring of a rental property’s legal ownership to a limited company whilst retaining full control of proceeds from sale and profits on rentals. Professionals in the sector are...
15 May at 6 PM 2019

Reasons why VPNs are must-haves for expats

One important aspect of becoming an expat is to ensure your online security is in place. Moving overseas can be a chore, as there are so many aspects to consider in order to live a stress-free life in the new country of residence. Ensuring online security is often not considered an immediate priority but, for homesick new arrivals, a break in your service for whatever reason can prevent contact with friends and family back home. Logging on unprotected can also result in viruses, the hacking of bank details and passwords or...
10 May at 6 PM 2019

Expat owners of UK property warned over inheritance taxes

As property prices in the UK continue to soar, expat Brit who own homes or buy-to-let investments back home are being warned about liability for inheritance taxes. During the last financial year, rising house prices have meant thousands more taxpayers have been dragged in the inheritance tax net, even although a good number had no idea they’d become liable. As a result, the British taxman was richer by a record haul of some £5.2 billion, and this amount is set to go on rising as property becomes ever more expensive. Last month,...
20 Apr at 6 PM 2019

Brit expat earnings overseas attract HMRC attention

British expats with offshore investments and bank accounts need to ensure HMRC is aware of them. All financial advisors who’ve referred clients to offshore advice, offshore services or an overseas financial institution are required to inform HM Revenue and Customs before the end of this month. Also, all IFAs who’ve pointed expat clients towards offshore services or advice since the year 2015 must warn them the UK taxman now has new powers to investigate information concerning overseas investments and cash. According to the...
15 Apr at 6 PM 2019

Planning your financial needs after expatriation

Managing money as an expat can be totally different than the same task back in the home country. More than ever before, emigration is now the goal of professionals looking to catapult their careers into the top echelon with financial benefits to match. In addition, digital nomads are indulging their dream of travelling the world, using their online expertise to pay the bills as they go. Even retirees are now choosing far-flung destinations with cheaper costs of living and far better weather than at home. All three expat categories...
11 Apr at 6 PM 2019

British expat pensioners in Europe need relief from sterling devaluation

One of the worst aspects of Brexit for British expats living in the EU is the devaluation of sterling. Expatriate Brits living on the measly UK state pension in European Union member states haven’t just had to deal with the fear and uncertainty of losing their chosen lifestyles due to Brexit, they’ve also had to scrimp even more due to the referendum’s effect on sterling’s value against the euro. Europe’s forcing Theresa May to accept a longer delay may cause a relief rally for the pound, but how long this will continue is...