Offshore Banking, Offshore Investment & Savings
Taxing Times for Europe
Published on 08 May 2008Category: Expatriate Tax Saving
The European Union may have come up with a number of annoyingly pernickety directives to counteract tax avoidance, and in so doing limit personal choice when it comes to where to invest overseas and offshore, but it’s not just the likes of the average expatriate who has been targeted by the EU – oh no, there are taxing times in Europe for the likes of Spain and Portugal too!
The European Commission, which oversees the smooth running of all things fair and just across the 27 EU member states, has taken direct and decisive action against Portugal already over its property taxes, and now it’s targeting Spain, Romania, Bulgaria and Portugal over the taxation of dividends…
8 Benefits of Qualifying Registered Overseas Pension Schemes
Published on 29 April 2008Category: Offshore Investment and Saving
Around 400,000 Britons move abroad every year and now they can take their pensions with them in a far friendlier format. With the relatively recent introduction of new rules governing the treatment of pensions for those who expatriate, there has been something of a revolution in the offshore pension industry.
If you’re thinking of moving abroad, you’ve already expatriated or you’re a higher rate taxpayer wondering if you’d be better off financially to leave the UK and save and invest offshore for example, here are the top 8 benefits of QROPS – or Qualifying Registered Overseas Pension Schemes.
Expatriate Tax Information for Brits Living in Portugal
Published on 28 April 2008Category: Expatriate Tax Saving
Every single year the UK loses a number of its citizens to the Portuguese sunshine and inimitably attractive way of life in Portugal. The majority of these people head off in search of adventure in Portugal giving little in the way of a second thought to their financial affairs before they go…but once they are living in Portugal thoughts of tax, pension income, savings and investments often comes to mind.
If you’re in a position where you have just made the move or are about to expatriate, here’s the essential tax information for Brits living in Portugal that you are likely to need.
Expatriate Tax in Cyprus
Published on 26 April 2008Category: Expatriate Tax Saving
Despite the fact that Cyprus is now in the EU and also in the eurozone as well, it is one of the most advantageously taxed countries in the whole of Europe for many an expatriate. For example, for those who qualify, pension income can be taxed at a rate as low as 5% and higher rate tax is only 30% compared to 40% in the UK.
Expatriate tax in Cyprus will be covered in this article – however, this article does not constitute advice and because the information supplied herein is subject to change and based on an average scenario, you are strongly advised to seek personal advice about your own tax situation in Cyprus if you are an expat.
Essential Offshore Banking Advice for Expats Today
Published on 22 April 2008Category: Offshore Banking
With the global financial situation seemingly impacting each and every one of us, we thought we should impart some essential offshore banking advice for expats and would-be expats today.
For example, is the offshore world a shelter from the current fiscal turbulence and credit crunch, should you open an offshore bank account to avoid currency problems such as the falling dollar or the strengthening euro, and what advice should you take before you leave the UK and go and live abroad? All these questions and more are answered below…
Hong Kong Emerging as Exciting Offshore Business Centre
Published on 15 April 2008Category: Offshore Tax Havens
The Special Administrative Region (SAR) of Hong Kong officially enjoys the highest level of economic freedom in the world according to a recent survey conducted by the Heritage Foundation in association with the Wall Street Journal; and as a result, Hong Kong is emerging as an exciting offshore business centre.
The latest figures relating to the amount of foreign direct investment received and the number of new local companies registered in Hong Kong in 2007 really highlight just how successful the government of the special administrative region of China has been in creating an attractive fiscal environment. And according to offshore industry sources, despite the predicted 2008 global financial slowdown, Hong Kong is still positioned to expand as an offshore tax haven.
Expatriate Tax Saving and UK Pensions
Published on 07 April 2008Category: Expatriate Tax Saving
For those about to retire abroad or those currently deciding whether a new life overseas could benefit them, there is a key question that always crops up. The question relates to the taxation treatment of British pension income.
However, when it comes to expatriate tax saving and UK pensions there isn’t actually all that much you need to know or do – there are just some fundamental upfront decisions to make relating to the payment of your pension once you have moved abroad. In this article we’ll explain all about your British pension and your UK or overseas taxation liability once you expatriate and retire abroad.
Basic Offshore Financial Tips for Expats
Published on 02 April 2008Category: Offshore Investment and Saving
If you’ve just moved abroad or are planning a relocation overseas, one of the things on your mind is likely to relate to your financial situation. Can you save tax now that you don’t live in the UK, are there advantages to you going offshore, what about having an offshore bank account?
There’s a lot of information pretty much thrown at expats about how they must utilise their financial advantage now that they are non-UK resident, but what about some basic offshore financial tips for expats to be going on with? Because it can take time to get settled and get in the right frame of mind for a full financial overhaul, but there are certain things you can do immediately to sort your finances out tax efficiently and simply.
QROPS Pension Release Scheme Explained
Published on 28 March 2008Category: Offshore Investment and Saving
If you’ve never heard of the acronym QROPS before, it stands for Qualifying Recognised Overseas Pensions Scheme, and this is a specific type of pension available and potentially highly beneficial to expatriates and anyone contemplating living or retiring abroad. If that sounds like you or someone you know, read on and the QROPS pension release scheme will be explained.
QROPS are a relatively new invention as far as British expats are concerned. It was only in April 2006 that it was announced that British expatriates could move their pension benefits to QROPS with the UK tax authorities’ approval; since then there has been a slow but steady take up as increasing numbers of people realise the massive and broad benefits available to them by using a Qualifying Recognised Overseas Pensions Scheme…
Lichtenstein an Unattractive and Uncooperative Offshore Tax Haven
Published on 05 March 2008Category: Offshore Tax Havens
The tiny Principality of Lichtenstein located deep in the heart of Western Europe is considered an uncooperative offshore tax haven by the Organisation for Economic Co-operation and Development - and now that reports abound about Lichtenstein bank data allegedly being sold to the UK and German tax authorities, could it just be that the jurisdiction has suddenly become unattractive too?
Until recently Lichtenstein was considered one of the most private and secure offshore tax havens in the world with significant penalties certainly incurred by anyone who dared break the location’s secrecy laws. Now it seems that external pressure from the OECD as well as an internal violation of the fundamental laws protecting the security of the Principality’s ‘customers’ could be putting more pressure on Lichtenstein than it can bear.