News Story

The high cost of living in the Antipodes is denting its popularity as an expat and student gap year destination.

Expats are urged by HM Revenue & Customs (HMRC) to be on their guard against falling victim to ‘phishing' emails sent out by fraudsters in the run-up to the self-assessment deadline of 31 January. Expatriates are a particularly vulnerable group targeted by such scams as they are much more likely to respond to a seemingly “official emailed instruction.”

The popularity of QROPS (Qualifying Recognised Overseas Pension Schemes) over the last four years has seen the market grow to over £1.5bn, yet expats are still being blinded by tax sweeteners, rather than taking full stock of the right scheme for their particular retirement aspirations.

The ultimate cost of a European wide financial transactions tax would be borne by consumers building up savings through deposits and pension plans, warns the European Fund and Asset Management Association (EFAMA).

Britons owning properties overseas are urged to inform HMRC if no disclosure has been made already. Tax specialist Peter Howarth is warning foreign property owners of a new investigation team established by HMRC to track down people who own land and property abroad by ‘data mining’ publicly available records.

A newly formed wealth management group plans to  use cutting edge technology and a contemporary approach to its financial advice service.

Despite economic unrest across the world leaving expats with little confidence in their local economies, the latest survey from HSBC shows that expat wealth has withstood global economic troubles, even in countries which have experienced significant turbulence over the past year.

The green, green grass of home that Tom Jones sung about no longer seems so fresh and green for British expats. New evidence reveals that an estimated 825,000 expats have cancelled plans to return to Britain in the last year. Home economy blues, neighbourhood safety concerns and a reduction in the quality of life, are the three main reasons given.

Recent rate rises on expat savings accounts is seeing annual interest rates of over 4 per cent now on offer on 5 year fixed term deals. And rates are beginning to rise on shorter term deposits.

Seventy per cent of all expat entrepreneurs put their success down to the fact that they’ve started up a business abroad. These compelling findings drawn from NatWest International Personal Banking (IPB) Quality of Life Index, place Singapore, Hong Kong and the US as expat entrepreneurs’ favourite top three countries for nurturing enterprise.

A life 'down under' is top of the list for Brits considering starting a new life abroad according to the latest research from Post Office International Payments. The survey found that over a quarter (27%) of people have considered a move overseas, with a further fifth saying they remain open to the idea.

The latest research from currency specialists Moneycorp has revealed that 80% of UK expats believe their children have a better quality of life since they moved abroad. It seems ‘la dolce vita’ is coming true for many Brits living overseas as 85% of those surveyed say they intend to stay living abroad for the foreseeable future.

NatWest International has launched issue 8 of its Navigator International Account offering customers the chance of some positive returns in both rising and falling markets along with capital protection.

Yorkshire Building Society has announced it will wind-down its offshore subsidiary, Yorkshire Guernsey. The building society was established in St Peter Port in 1990. It has around 6,000 customers with balances of approximately £800m and employs 14 people.

Current extreme market volatility should be seen as an opportunity rather than an excuse to become more defensive, according to Anthony Bolton.As manager of the Fidelity International China Special Situations Investment Trust, he points out that at times of sharp volatility all markets tend to be affected equally.

As the sovereign debt crisis continues to impact on currency movements, an ExpatMoneyChannel currency survey reveals that the majority of expats still misunderstand currency movements and the impact on their finances, but not for the lack of trying!

A review of offshore savings rates sees us wave goodbye to a few well known brands. Bradford & Bingley International is working towards its rebrand to Alliance & Leicester in August 2011.

The UK has announced consultation on the long-awaited system for testing statutory residency which confirms an expat's non-residence status. The Government confirms that the aim of the test is to make it fool-proof in that no expat will be able to qualify for non-resident status unless they have genuinely reduced the amount of time they spend in the UK.

The Isle of Man Treasury has rejected the loan trust proposal by the KFSIOM Depositors Action Group (KSFIOMDAG). The group recently called for a joint UK-Isle of Man Government Loan Trust to be created to enable depositors to receive the full balance of their funds before 2017, when final payments are expected to be made through the liquidator.

Depositors who lost money with Isle of Man-based Kaupthing Singer & Friedlander finally have confirmation that the parental guarantee issued by the bank is valid and binding. KSFIOM Depositors Action Group (KSFIOMDAG) has been informed by its Icelandic lawyers that their appeal in relation to the parental guarantee has been won.

The EU has launched a site to encourage expats to share their stories of working and living in the different countries in Europe giving you a chance to influence the policy-makers of EU law. The intention is that feedback from individuals will improve economic collaboration, standardised rules and reduce the practical barriers to work in other EU countries.

Rumour and counter-rumour as to whether British expats will be restricted by HMRC to a 10 day working limit back in the year per annum will be upsetting many a career path not to mention many well-laid tax mitigation plans.

Ireland's depressed property market may not have been the reason why the Queen of England and the President of the United States graced the Emerald Isle with their presence in consecutive weeks, but expat property investors might find it so. Property prices have continued to plummet and with so few home-grown buyers it's the foreigners who are snapping up the bargains.

Customers of Bradford & Bingley International will be transferred to Alliance & Leicester International on 5th August 2011 following the decision by the parent group, Santander, to drop the Bradford & Bingley name.

Gold continues to be the most favoured asset class in Hong Kong, Singapore and United Arab Emirates (UAE), according to the latest Friends Provident International (FPI) Investor Attitudes report.

The first wave of applications from expats opting for Portugal’s non-habitual residency regime has now been granted according to Luis Leon, Associate Partner at Deloitte in Lisbon, who says the new regime means expats receiving pension income will not be taxed in Portugal and, contingent on the provisions of any applicab

The announcement by New Zealand QROPS company, The Southern Star Retirement Fund that it will close as from 30 June 2011 due to ‘regulatory uncertainty’ has once again highlighted the importance for expats to take expert advice, particularly on the jurisdiction where the QROPS is based. ExpatMoneyChannel<

Mortgage provider Lloyds TSB International is seeing an increase in confidence returning to the international property market, with buyers now willing to take advantage of discounted property prices.

Expats need to remain on their toes over compensation rights, despite the higher €100,000 deposit compensation limit now in force in all European Economic Area (EEA) member states as from 1st January 2011.