Offshore Banking, Savings and Investment News
News and information for expatriate and international investors and savers.
HMRC wants to change the law to be able to brand an expat with inadvertent unpaid taxes a criminal with no grounds for mediation or settlement.
HMRC is behaving like a wounded animal, it’s lashing out in confused and violent anger, attacking any soft target because of the pain it’s suffered at the hands of professional tax evaders.
Rather than focusing on sorting out the real problems with the global giants which utilise poorly worded tax rules to move tax liability to non-tax-charging nations, HMRC is consulting on new rules to brand unsuspecting expats criminals – even in their absence from the UK tax system, and even in the absence of any criminal intent!
Yes, as confusing and even as nonsensical as that may sound, it’s the truth. HMRC has an open consultation running until the end of October to try and pass measures that will enable it to levy criminal charges at the doors of those who may inadvertently have missed a declaration to the UK taxman of taxable income.
Expats in Turkey have been left confused by the government’s changing policies relating to compulsory health insurance.
In June the Turkish government decided to change the rules relating to the requirement of all expats to have compulsory health insurance if they wanted to gain residency to live in Turkey. Now, if you’re over 65 you no longer have to have medical insurance in place – however, was taking this step a sensible one?
British expats like to play by the rules if they possibly can – it’s the British way! But a country like Turkey can try the patience of a saint…let alone a British expat who wants to remain on the right side of the law when attempting to gain or retain residency to live in Turkey. The confusing rules about who must have health insurance and where they are allowed to buy it from have been creating a lot of difficult for many expats.
Those who are considering moving to Turkey have apparently been put off the nation because of the expensive addition of the medical insurance requirement to the whole relocation business. And some living in Turkey already who have taken out expensive medical insurance now believe they needn’t have done so. So, for the record, we will explain the truth about compulsory medical insurance for any expat/would-be expat who wants to go and live in Turkey.
Could you be about to lose £4,000 income a year? Here’s how can you fight back and protect your position.
The British Chancellor first introduced the question of whether British expats should be exempt from benefitting from the UK’s personal income tax allowance in his March 2014 Budget. Since then the idea has been relatively well-documented in the media, therefore many expats are already aware of the threat to their UK sourced income.
However, now is the time for all expats to take direct and decisive action against this threat by taking part in the government’s current consultation on the matter. Expats and other interested persons have until October the 9th to get involved by sending their responses to consultation questions to the Specialist Personal Tax Consultation team at HM Treasury.
In this article we will lay out the threat to your income, and everything you can do about it. From getting involved in the consultation process, to restructuring your income producing assets, from selling UK property to moving your pension abroad for example. The majority of those in the expat financial services and international taxation industries with whom we’ve spoken are in no doubt that expats will be affected by this proposal – and that the loss of the UK personal income tax allowance or expats is inevitable…which means you need to protect your position now.
If you’re looking for adventure abroad and you’re a woman aged 50+ granny-aupair could be your way forward!
In theory no single woman should ever let any restriction prevent her from realising her dreams of travel or a new life abroad. But in reality there are many hurdles that really do stop women from travelling freely or safely.
For one particular group of women the hurdles actually increase beyond the most obvious ones. If you’re over 50 you have the additional issues of health insurance becoming increasingly expensive, and work and residency visas becoming harder to get for example.
Thankfully one woman who faced this reality personally has taken it upon herself to create a solution for all mature single women who want to live or work abroad. Her name is Michaela Hansen and her website is called Granny Aupair, and it aims to connect women with families abroad who want and need the support of a mature individual who has a passion for caring for children. So if you want to go abroad perhaps this could be your way forward?
Forget setting interest rate calendar reminders - here's how to get a better rate and barely lift a finger!
Yesterday I touched on how low interest rates can erode your savings. Everyone who has any money on deposit in savings is already acutely aware of this problem – because historically, interest rates have never been quite so bad for quite so long!
Because all banks need a certain amount of money on deposit however, and because all banks are always chasing new customers, there will always be headline rates of interest available at certain times for new accounts. To benefit you have to be a headline rate chaser, who has a calendar with reminders of when you need to start looking for accounts with new rates to move your money to.
This is a tedious and poor returning task. The good news is that there are better ways to go about this. But you have to trust others to help you. Let me explain…
the 8 risks expats face when trying to look after their money abroad...and how to protect against them
As an expat you’re exposed to many more potential risks when it comes to the management of your money. For example, you might have money in a bank account in a country with no investor protection scheme. You might unwittingly have chosen to bank with an unstable institution. Or maybe you live in a country where it is impossible to take money out if ever you want to relocate or go back home.
Other risks you may be facing include anything from inflation to taxation. However, as long as you understand all the risks in place you can work around them. Knowledge is the key to keeping your money safe abroad.
In this article I’m going to explain to you the 8 main risks that are destroying expats’ savings across the world – and I will show you ways you can protect your own money, so that you and your family, and even your future generations are protected.
Are you non-resident in the UK but in need of a UK limited company and a bank account? If so we can help – with a pre-approval guarantee.
Some things in life are so complex that just trying to get your head around them may have you wishing you hadn’t bothered to get up that morning! For expats anything relating to the international management of money can be a nightmare. If you have tax liabilities in more than one nation for example, as so many expats have, just filing accounts can be more like a migraine than a headache…
And if you need to manage business interests in more than one country, and all of the financial implications of that, I don’t know about you but that would have me heading back under my duvet! The good news is we have discovered – and tried and tested – a complete UK limited company formation and management service for expats.
It takes the complete nightmare out of the following scenario: you’re an expat, non-resident in the UK, and you need to have a UK company solution in place for whatever reason. You need to establish and run a company, get a bank account and maintain an office address for the tonnes of inevitable correspondence from HMRC for example…and you’re coming up against hurdles all the time. Well, not anymore!
Would you like to move abroad? What’s stopping you? Money or confidence?
The most up to date statistics and figures we can get our hands on show us that there has been a sharp decline in the numbers of Britons moving abroad recently. The numbers we have are from 2012 and they show us that there has been a reduction in the number of Brits expatriating…to the tune of about 26,000 compared to the previous year if you look at working age Brits alone.
The fact is that in 2012 286,000 people left the UK for a new life abroad – which was actually the lowest number of emigrants since 2001. Of these, 126,000 were British citizens – a figure well below the decade long average of 152,000. So what’s stopping Britons from expatriating?
Have we fallen out of love with the dream of a new and better life abroad? Can we no longer afford the dream? Or is it a case of the desire and willingness being there but the affordability and employment options letting would-be expats down? Let’s look at the evidence…
Skipton International is offering an expat buy-to-let mortgage for British expats abroad who want to buy investment property in the UK
A good few months ago now we wrote a couple of articles about how excited we were at having found a brokerage and some banks interested in helping expats to get mortgages. However, we were a little too over-enthusiastic in our writings! The brokerage turned out to not want to pay fair dues for accepting newly referred business according to the terms of an understanding – and the banks all set up impossibly high bars for expats to leap over!
This left some readers with hopes dashed – for which we’re truly sorry. And it meant most expats were still struggling to find anyone to fund their purchases in the UK. This was a bleak reality for many who wanted to get on the UK housing ladder for whatever reason. Some wanted to buy-to-let, others wanted to buy for a future return date…all knew that the UK housing market could potentially offer them solid returns over the long-term.
Unfortunately there was no one reputable or reliable to offer financing…but all that may have changed now as there is some good news to report finally! A lender has entered the market with a new series of products for British expats, living abroad, who want to buy property to let out in either England or Wales.
Looking at the savings accounts available from one of the leading international banks for expats, Lloyds Bank International.
In the last couple of months I’ve realised I’ve been writing the same email to many readers who’ve all been enquiring about the international savings accounts available from the leading banking providers. As a result I’ve decided to structure an article to help anyone looking for the latest details about these types of accounts. I’ll be linking to the different account types, so no matter what your savings objectives or account requirements, you should be able to find what you need.
Lloyds Bank International is one of the leading banking providers that has remained committed to supporting expats. Lots of the others have reined in their international offerings, cut back on their expat mortgage products for example, and even left some expats high and dry by removing banking services altogether. The global banking/financial crisis forced their hands I guess…but at least one name has remained in place to support expats abroad.
The Lloyds Bank International savings accounts available compliment their expat current accounts, and give those of us living abroad decent choice when it comes to how we can manage our money now that we’re overseas. If you’re looking for a bank to support you as an expat, perhaps you need look no further. Here’s what’s available…