Offshore Banking, Savings and Investment News
News and information for expatriate and international investors and savers.
Avoid 55% tax on your pension by making yourself aware of all the options open to expats including QROPS.
On April the 6th the lifetime allowance threshold (LTA) for pensions is going to fall by a quarter of a million pounds. You might think ‘so what’ but if you’re an expat with even just a modest pension you need to be very aware that this change could directly affect you – and see your pension face up to a 55% tax charge by HMRC in the future
You see, the LTA keeps falling. The government keeps reducing the cap beyond which you will be taxed up to 55% on your pension holdings. And even if you accrue a modest pension, move abroad and leave it alone in the UK to grow, it could reach the threshold allowance relatively quickly. Especially if the government keeps reducing the threshold! This means that without even realising it, you could be risking the exposure of your hard worked for pension to a 55% tax charge.
Expats should be more concerned about this problem than their onshore counterparts, because expats can take positive and decisive action that prevents their pension from being affected. But you need to take action quickly if you’re close to the new £1.25m threshold which will come into effect on April the 6th 2014. If you’re an expat and you have a pension in the UK you owe it to your retirement to look at your options…
Discover the 5 main reasons Brits move abroad and become expats. It’s not all about the weather!
Are you thinking of making 2014 the year you become an expat? Have you got plans to kiss the UK goodbye? If so you’re not alone. Despite a fall in the number of Britons emigrating in the last few years because of general economic conditions, the appetite to relocate remains acute among British residents. Recent surveys by the likes of Internations and AXA PPP show that the desire to relocate is strong.
Such surveys also highlight the real reasons why Brits move abroad. You might think it’s all about the weather, but that’s not necessarily the case for the majority! What’s more, in recent years the reasons for Britons wanting to move abroad have subtly altered.
In this report we’re going to highlight the 5 main reasons why Brits move abroad. Take a look and see if you agree? Are you wanting to change your life and become an expat for the same reasons as the majority? Are your reasons realistic and realisable?
Do you have a cross border commute? Would you like to appear on TV?
Do you have an extraordinary commute? Perhaps you work on one side of the world and live on the other? Maybe you’re British and you commute abroad to work…or you work in the UK and choose to reside with your family elsewhere?
If you have an extreme commute between your work life and your home life, a TV production company would like to hear from you. They are looking for case studies to potentially take part in a brand new British documentary looking at the rising trend in the extreme commute.
We’ve focused on euro commuters in the past, and we’re well aware that some of our readers choose to live the life of their dreams on the continent with their family, whilst retaining employment or business opportunities in the UK. So, if this sounds like you or someone you know, the question is would you like to be on TV?
Expats non-resident in the UK who own British property will become liable for capital gains tax from next year.
Many Britons who’ve moved overseas in recent years have opted to retain property in the UK. After all, until just a few short months ago the British property market was stagnant at best, and finding a buyer willing to pay an asking price was difficult.
What’s more, many British expats choose to keep property in the UK because it’s a housing market they understand, it’s a market that attracts strong rental demand, and by owning a home you can potentially return to Britain at any point should the need arise.
Retaining owned property in the UK is something we’ve always promoted – alongside opting to rent in your new nation of residence for at least the first 6 months following relocation too. It just keeps options open on all sides for expats. However, new capital gains tax (CGT) rules due to come into effect next year may change the way expats need to think about property in the UK.
All you need to know about living and working in Qatar as an expat.
Qatar is seldom out of the news these days, which may be why it’s garnering so much interest from would-be expats. Whether its positive headlines about the Middle Eastern state’s incredible emergence and development in just a few short decades, or disturbingly shocking headlines about migrant worker deaths, Qatar has a lot of stories to tell.
Ask expats who already live and work in Qatar about what life’s like and you’ll likely end up with an equally mixed bag of reactions. The living’s good and easy if you look at base line salaries – but it can be frustrating and restrictive when you consider residency rules and cultural differences…
So, if you’re wondering whether living and working in Qatar could be right for you, and you’re interested in reading a summary of Qatar’s best and worst bits, read on. We also have further Qatar resources, referenced at the bottom of the report.
Some British expats currently eligible for free health care abroad are about to lose this right – are you affected?
Many British expats who are under state retirement age, yet currently retired or unemployed within the EU, are able to access free health care within their new nation of residence, thanks to the NHS – albeit for a limited and restricted time.
Those British expats living yet not working in the likes of Spain and France have long benefitted from this backdoor access to NHS funded healthcare for up to 2 and a half years, however dramatic changes are about to remove this privilege, and the debate is raging about whether it’s fair or not.
On the one hand everyone knows that the NHS is crumbling under a weight of underfunding and abuse of services, but on the other hand there’s the argument that many of those utilising this backdoor access to free healthcare have paid their National Insurance Contribution dues, and therefore deserve to retain access. So let’s look at the story and the problem.
Living abroad is a challenge that only the toughest take up, but new research rubbishes that idea.
New research has revealed that Britain is only just behind China and India when it comes to the numbers of its citizens who expatriate to live abroad every single year. And in terms of the EU, Britain is by far the biggest exporter of people…so why do so many Brits choose to live abroad and become expats?
Well, after a night like last night when once again the UK was battered senseless by horrendous storms, and after a day like today when London is crippled by Tube strikes, is it any wonder that any of us dream about starting a new life in a new country?
However, turning a dream into reality requires a massive amount of effort and commitment, not to mention time and money; so what drivers consistently push Brits abroad? Let’s take a closer look.
7 top tips to ensure your move abroad is successful and that your expat life is all you dream of.
A report in the Telegraph last month highlighted the fact that January is typically the main month of the year for Britons to decide upon emigration. Of course, the actual process to put plans in place can take a lot longer than a month, but the decision is so often made by the end of January.
Would-be British expats apparently want to start the new year with a fresh start, they want to escape the terrible British weather which is generally at its worst at the start of the year, and they want more to look forward to than another year of doing the same old thing in the UK! That’s what the findings of the Telegraph report show.
However, if you want to ensure your move abroad is a success, you need to make sure that your decision to move is well thought through, planned carefully and not just the result of a knee jerk decision during the most depressing part of the year. If you’ve made your new year’s resolution to relocate, here’s how to make your move abroad a success with our 7 top tips…
New Zealand is introducing 2 new types of retirement visa but they are financially restrictive
Coming from a country with arguably a failing and lax immigration policy (Britain), and having lived in various countries with extremely strict visa restrictions, I think there has to be a medium ground when it comes to attracting migrants who offer something to the nation in question, but without barring potential applicants just because they don’t meet a financial or age requirement for example.
One country that’s seemingly forever moving the goal posts when it comes to who can and can’t move in is New Zealand. The latest addition to their visa pool is a retirement category for persons over the age of 65 who want to relocate, either temporarily or permanently, and retire to New Zealand. However, don’t get too excited, the visas are far too restrictive in my opinion.
There are 2 new classes of visa, and they do offer a lifeline to anyone over retirement age who would previously have found it extremely difficult to retire to New Zealand. But you have to have extremely healthy bank balances to apply under either category…
How to avoid the many financial pitfalls that expats face when living abroad.
We’ve said it time and again, but still people don’t heed the warning! The number one reason why most failed expats have headed home is because of financial disaster. If you want to avoid being one of the sad statistics, you need to know about the 7 warnings signs that could signal you’re on a path for financial disaster.
The good news is that expats are often in a much better position than their peers back home to leverage their overall position and get ahead in the great financial race. However, you need to know the pitfalls, work to avoid the problems, and ultimately take direct action to become a financially successful expat.
Here are the 7 warning signs to watch out for, and how to mitigate risk to achieve monetary success – whatever that means for you as an individual.