Expatriate Living
Expatriate Living by Shelter Offshore in Living Abroad
Published on 13 August 2008
As an expatriate with a tax-free income you have a huge opportunity to use the additional cash to establish a substantial investment and savings portfolio before you return to UK or retire elsewhere. However if you don’t get your taxes in order you could well be risking loosing a significant proportion of that wealth.
Selecting the savings accounts and investment vehicles that offer the highest rates is only part of the wealth building strategy that you need to follow as an expatriate. Number one priority that should be dealt with preferably even before you leave for sunnier climbs, your tax situation.
Here we cover what should be some of your main action points to protect yourself from paying taxes that you don’t need to pay and to ensure that you really do use your time working overseas on a tax-free income to your maximum advantage. Remember that HM Revenue & Customs will determine you tax status and resultant liability on an individual basis so you need to make the appropriate preparation to ensure your liability is minimal.
Firstly you need to ensure that you are outside of UK for one full tax year, not just 12 months as some people think, it must include being away from 6th April to 5th April the following year. If you are planning to leave UK soon make sure to complete form P85.
Ensure you qualify for non-resident tax status
If you are in employment abroad you will most likely qualify for non-resident status from day one at you new job overseas this means you will cease to be liable for UK income tax on both savings and income arising from employment outside of UK. You will also not be liable to UK capital gains tax on any capital gains made on assets both brought and sold while you are non-resident.
As a non-resident, you should make it one of your first priorities to open an offshore savings account within a strictly regulated offshore jurisdiction such as the Isle of Man . You can visit websites such as the Offshore Investment Designer to find out what options are best for your particular investment and savings goals.
Published on 12 August 2008
The BBC has published some bad news for many expatriates who left UK’s shores to escape the ritual drunken thuggery and loutish behaviour which has become a dominant cultural feature of UK ‘s cities by night. It seems that cheap flights have enabled UK to export it’s appalling behaviour wholesale to the rest of the world.
The BBC article British arrests soar 32% in Spain shows that the number of Britons arrested in Spain rose by almost a third last year following the publication of a Foreign Office report. Of course there will be some who will say that it’s the result of heavy handed Spanish policing which could be considered if the same dramatic rises in drunken yobbish British behaviour had not also increased significantly in many other countries.
Amazingly all of the following countries have been hit by a rise in violent drunken behaviour from Brits on holiday, Australia, US, Thailand, Cyprus, UAE, France, Greece, Turkey, Indonesia, India and the Netherlands. Quite embarrassing and frustrating for the British who have made these countries their home, not only have we failed to escape from the behaviour we now find ourselves having to apologise to our hosts and friends for the manner in which a small proportion of our fellow citizens behave on their annual pilgrimage to the sun.
Published on 28 July 2008
There has been much talk in the press about the reasons people have for moving abroad, and one of the main reasons seems to relate to cost of living. As the cost of living in the UK rises, inflation increases and fuel costs go through the roof, an increasing number of Brits are actively thinking about escaping UK in search of a more affordable life overseas, and this particularly applies to retirees living on a fixed income.
In this article we will look at where NOT to live abroad if you want a more affordable cost of living! Whilst previous posts on Shelter Offshore have looked at affordable havens such as Turkey and Belize, there are just as many unaffordable destinations, and thanks to a detailed survey by Mercer we now have the definitive list of unattractively expensive places to live!
Published on 22 July 2008
Because it’s not just us as individuals suffering from rising inflation, increased costs of living, high fuel prices and the overall credit crunch, governments in certain European nations have been looking to cut their spending on healthcare particularly for foreign pre-retirees. This has worried expats living in the likes of France and now Spain.
Meanwhile, the powers that be at the EU have been thinking up a way to allow any European to have healthcare anywhere in Europe and then get a refund for their treatment either from their local state system or from their health insurer. In this free healthcare in Europe update we look at the situation in Valencia, Spain for pre-retiree expats and we look at the likelihood of cross border access to medical treatment.
Published on 08 July 2008
With the French last year attempting to prevent early retirees from receiving free medical care in France and some Spanish provinces now considering a similar plan, the healthcare rights for those moving abroad but staying within Europe just got more complicated.
As a rule of thumb we would always recommend any would-be expats look into the option of getting health insurance no matter where in the world they’re moving to, but now, if new EU proposals become ratified, by 2010 it could be the case that we are all entitled to free healthcare throughout the European Union.
Published on 05 July 2008
It’s now a well-documented fact that 200,000 Britons fled UK shores in 2006, but did you know that there are 5 million Britons living abroad and that the conservative estimate is that another million will leave in the next five years? However, we have evidence to suggest that this figure may be far higher unless there are radical shifts in the economic, social and political landscapes in Great Britain.
Traditionally there has been a fair mix of people choosing to move abroad, from retirees to young professionals, from those with very little who have nothing to lose to those with a great deal and an awful lot to gamble…but increasingly there is a shift towards professional and entrepreneurial people of all ages and all backgrounds looking for a better lifestyle abroad. This all adds up to one thing – a brain drain.
Published on 01 July 2008
The advice being given to greater numbers of Britons considering moving abroad to escape the credit crunch and the state of stagflation in the UK is rent out your property in the UK and rent a home abroad – i.e., move abroad and rent, don’t sell up!
This will give Brits the chance to avoid falling and crashing housing markets at home and overseas, it will give them the chance to ‘try before they buy’ into the overseas lifestyle and it will still allow those who are passionately dispirited about life in the UK a chance to escape.
Published on 17 June 2008
Never has there been a more popular time to consider retiring abroad – the state of the British economy is faltering, the state of the British climate is as bad as it ever was, increasing numbers of retirees and pre-retirees are facing retirement earnings deficits, and therefore the grass has never seemed greener than right now.
But where is the ideal nation in the world to retire to? There’s such a wealth of choice when it comes to countries with great weather, good standards of living and relatively affordable costs of living where Britons are welcome, so how does one choose? In this article we’ll be looking at the pros and cons of retiring abroad to 6 top countries that we also showcase in our Living In and Property In sections…
Published on 27 May 2008
Many of those recently surveyed by the likes of banks and newspapers in the UK about why they might consider moving abroad cite the state of the UK as one of the major reasons behind any decisions to expatriate. It seems that Brits are becoming increasingly dissatisfied with the state of the UK economy, housing market, cost of living and government.
If you’re of a similar mind and are actively planning your escape overseas you shouldn’t lose your right to have a say in the way the UK is governed, because after all, Britain is a democracy so as Brits we can at least vote a government in or out of power. In this article we examine the facts about living abroad and your right to vote.
Published on 14 May 2008
Florida is the second most popular State in the US for retirees and as a result so much in Florida is geared to meet the demands of the baby boomers. If you’re looking for a perfect place to retire to where you can speak English, enjoy fantastic weather and associate with likeminded and similarly aged people, perhaps you should be thinking about retiring to live abroad in Florida.
The State has so much going for it, it’s affordably accessible from the UK too – but there are downsides to consider such as the cost of healthcare and the visa requirements placed on those hoping to live in America. In this article we’ll examine the realities of retiring to live abroad in Florida.
Further Expatriate Living Articles
Articles, ideas, news and facts for anyone seeking a new life abroad
The complete guide to buying property abroad, with advice and expertise from top global property investors
Debunking any myths about banking or investing offshore, clear explanations about legal tax optimisastion through the use of offshore jurisdictions