BRICS Lay Foundation For New World Economic Order

BRICS Lay Foundation For New World Economic Order

A brave new world order may be emerging almost unnoticed as an economic power shift is taking place, according to an investment expert. The trigger was the recent agreement between BRICS countries to set up a new development bank and $100 million currency fund. The BRICS countries – Brazil, Russia, India, China and South Africa […]

British Households Would Rather Spend Than Save

British Households Would Rather Spend Than Save

British savers are putting aside less money than those in many developed countries. The disappointing level of savings for British households shows that people are living more for today and spending rather than putting money into the bank. Britain ranks 11 in the table of 18 developed nations and is far behind the savings of […]

Boosting A Pension Pot With Revolving Contributions

Boosting A Pension Pot With Revolving Contributions

Retirement savers can boost their finances by taking advantage of a tax twist written into the government’s new pension rules. The top up method applies to couples over 55 years old with one partner still working after April 2015. All they have to do is claim pension contribution relief by using their pensions as a […]

Protecting Expat Cash In Offshore Savings Accounts

Protecting Expat Cash In Offshore Savings Accounts

Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has a banking licence, but protection […]

Offshore Fixed Savings Rates – August 6, 2014

Offshore Fixed Savings Rates – August 6, 2014

A new three-year fixed rate bond from the Nationwide at a 2.3% interest rate is the only change in the top 20 offshore fixed rate savings table from last week. Nationwide does demand a £5,000 minimum deposit to get the deal – which is low in comparison to those required by many other banks and […]

95,000 Financial Institutions Enlist For FATCA

95,000 Financial Institutions Enlist For FATCA

More than 95,000 financial institutions are listed on the latest Foreign Account Tax Compliance Act (FATCA) list published by the Internal Revenue Service (IRS). With the publication of the third list on August 1, 2014, the number of financial institutions listed has mushroomed from 77,000 to 95,238 in just four weeks. The list shows financial […]

Week in Expat Money Matters 18th August – 24th August 2014

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: From iExpats.com: African Ebola Virus IS Worst Outbreak Ever Be under no illusions, the Ebola outbreak is a problem that could very soon affect countries outside of Africa. Over […]

101 Countries Sign Up For FATCA Network

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas tax authorities and financial […]

Expats Benefits Are A Thing Of The Past Say Recruiters

Expats Benefits Are A Thing Of The Past Say Recruiters

If you think expats live a life of luxury on a lavish benefits package providing housing, private schooling for the kids, a car and servants, then think again say recruiters. In a study of thousands of expats working in the high flying financial sectors of Singapore and Hong Kong, only a fifth have been employed […]

Pension Liberation Victim’s £42,000 Scam Suicide

Pension Liberation Victim’s £42,000 Scam Suicide

A victim of a pension liberation scam killed himself after losing £42,000 to crooks who tricked him out of his money. The anonymous man, aged 40, answered cold-call messages from pension liberation scammers who offered to unlock his pension early. The deal was to give him £17,000 cash after deducting fees from the pension. “He […]

Key Ruling Undermines Ombudsman Compensation

Key Ruling Undermines Ombudsman Compensation

A milestone legal case has rendered complaining to an ombudsman a dilemma for many consumers. Many public and private sectors have an official ombudsman – including financial services, property, local government and legal services. Between them, they handle hundreds of thousands of complaints each year and are a cornerstone of consumer protection in their industry. […]

Seven Ways To Boost Retirement Income

Seven Ways To Boost Retirement Income

Everyone could do with boosting the amount of cash in their pension fund for retirement. That extra cash can help you give up work earlier, phase in retirement by working part time or go towards a few more of life’s luxuries. However, not everyone knows how to make the most of their retirement savings. So […]

Saving Stamp Duty On £1 Million Plus Properties

Saving Stamp Duty On Million Plus Properties

Chancellor George Osborne’s continual tinkering with stamp duty rules for expensive homes has discouraged many wealthy expats and foreign buyers from purchasing property in Britain. What many prospective buyers do not realise is meddling with Stamp Duty Land Tax rules has left some gaps that purchasers can exploit to save money. Typically, the amounts to […]

QROPS Tracker – August 1, 2014

QROPS Tracker

Despite occasional setbacks like last month’s surprise suspension of 115 Qualifying Recognised Overseas Pension Scheme (QROPS) , the offshore pensions market keeps marching on. Since QROPS were introduced on April 6, 2006, the number of pensions has rocketed from zero to a record 3,423 schemes with the publish of the most recent QROPS List by […]

How Social Investment Tax Relief Works

How Social Investment Tax Relief Works

Social Investment Tax Relief (SITR) is an investment offering tax relief to wealthy good Samaritans who put money into social enterprises to help less well-off people and communities. Some consider the scheme as a way for the government to raise finance for social projects that cannot raise public funds because of spending cuts. Others believe SITR […]

Offshore Fixed Savings Rates – July 31, 2014

Offshore Fixed Savings Rates – July 31 2014

Most offshore fixed savings rates remain unchanged – but the Nationwide is offering a new three-year bond. At 1.80% for a minimum deposit of £5,000, the rate is conservative and lacks excitement for expats who can pick up better rates over the same term elsewhere for depositing the same cash. Conister Bank is offering 2.50% […]

Rising Wealth Links To Increasing IHT Payments

Rising Wealth Links To Increasing IHT Payments

The latest official Inheritance Tax (IHT) statistics reveal the link between wealth rising as the economy improves and the amount of tax paid. Although Prime Minister David Cameron promised to raise the IHT threshold to £1 million to stop hardworking families bearing the brunt of a tax aimed at raising cash from wealthy estates, he […]

Coming Home? The Get Your Finances Sorted Out

Coming Home? The Get Your Finances Sorted Out

Expats give a lot of thought to their tax status when they leave the UK to move permanently overseas or to take up a temporary posting – but few think about tax when they come home. The problem comes for non –residents who have assets in foreign countries that may attract capital gains tax if […]

Ticket Stubs And Diaries Are Vital Expat Tax Tools

Ticket Stubs And Diaries Are Vital Expat Tax Tools

Most expats forget about their tax status once they have left Britain and assume they pay taxes in the country where they live. To some extent this is true – but HM Revenue & Customs regularly challenges the validity of non-residence claims and the long-arm of the tax man can extend over many miles and […]

Week in Expat Money Matters 11th August – 17th August 2014

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: From iExpats.com: Boko Haram Bombings Sparking Travel Warning With the ongoing terror attacks in Nigeria, the foreign office is advising against a visit to the troubled African country for […]