1m Retirement Savers Put More Cash Into Pensions

1m Retirement Savers Put More Cash Into Pensions

More than a million retirement savers are hiking their pension contributions in response to the governments new pension freedom proposals. Half are saving an extra 5% a month, while 25% are stashing extra 10% cash into their pensions as a result of the new rules, says pension provider AXA Life Invest. The firm argues that

How Gifting Cash To Band Aid Can Save You Tax

How Gifting Cash To Band Aid Can Save You Tax

The Band Aid 30 charity single Do They Know It’s Christmas is selling ‘like crazy’ according to veteran rocker Bob Geldof. Geldof announced the song had raised £1 million in just few minutes to help fund the fight against the spread of the deadly Ebola virus in Africa. Many of the leading names in British

41,000 Illegal Expats Arrested In Visa Crackdown

41,000 Illegal Expats Arrested In Visa Crackdown

Saudi Arabian police have arrested more than 41,000 expats working illegally in the city of Jeddah in just three months. The crackdown on illegal working and immigration was aimed at ridding the streets of the city and surrounding towns of beggars and street vendors, but uncovered thousands of expats working in violation of their visa

Expats To Pay More For Water And Power

Expats To Pay More For Water And Power

Water and electricity bills will rise for expats in Abu Dhabi as utility companies will charge higher prices from January 1. Expats will face higher water charges depending on whether their home is an apartment or villa. Those living in apartments will pay £1.03 per 1,000 litres of water if they use more than 700

More UK Financial Industry Hidden Charges Exposed

More UK Financial Industry Hidden Charges Exposed

Millions of the UK’s investors are losing substantial capital due to the excessive charges being placed on their investment funds, pensions, ISA’s and stock holdings, according to a damming report released this week by an advisory body to the UK’s primary financial watchdog. The Financial Services Consumer Panel (FSCP) noted that a sinister method for

QROPS: Why Transfer an Army Pension?

QROPS Why Transfer an Army Pension

The military have always provided excellent benefits to those in their service, and rightly so. A Military pension is paid into by the Army on the behalf of its recruits, and can be drawn at 65. The scheme has always been solid (aside from a few notable exceptions relating to individuals), but should anybody with

Funding Limits Put Brakes On Start-Up Businesses

Funding Limits Put Brakes On Start-Up Businesses

Entrepreneurs are missing out on crucial business advice to help their companies grow because government limits on tax-incentivised investments are too low, claim accountants. In response to a recent consultation reviewing tax breaks for Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT), accountants Baker Tilly highlighted entrepreneurs often could

Week in Expat Money Matters 17th November – 23rd November 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: Tax Avoidance FAQ As thousands of UK businesses and individuals are set to receive a strongly worded letter from the tax man in relation to alleged involvement

33 Super Rich Join Ranks Of World’s Wealthiest Daily

33 Super Rich Join Ranks Of World’s Wealthiest Daily

An astonishing 33 people a day are minted as ultra-high net worth individuals with personal fortunes of more than £19 million. Just over 12,000 wealthy people joined the ranks of the world’s richest individuals in the past 12 months, according to a new report by Swiss bank UBS and market research firm Wealth X. The

Compensation Conundrums For Expat Workers

Compensation Conundrums For Expat Workers

As countries travel the global economic crisis at different levels on the escalator to recovery, one of the biggest challenges for expats and their employers is rewarding talent with the right compensation. Getting the balance wrong can mean a company losing top talent to rivals and falling behind in the race to recruit new talent.

5 Tips For Owning A Home Overseas Without Hassle

5 Tips For Owning A Home Overseas Without Hassle

Owning a property overseas is part of living the dream for many expats, but buying a foreign home can be fraught with difficulties. The problems start with failing to understand the finer details of complicated contracts presented in a foreign language. Many expats will also regale new property buyers with tales of mortgage and planning

Gold Demand Takes A Tumble As Markets Fall

Gold Demand Takes A Tumble As Markets Fall

Gold demand is falling as spot prices for the precious metal are falling on the world’s markets. The price of an ounce of gold is just shy of US$1,200, down 7% from $1,288, while the World Gold Council, a trade body for producers and sellers, confirms demand is down 2% in the third quarter of

Canada QROPS Win IRS Tax Deferral Status

Canada QROPS Win IRS Tax Deferral Status

US retirement savers locked out of many Qualifying Recognised Overseas Pension Scheme (QROPS) by tax rules now have Internal Revenue Service (IRS) approval to switch their funds out of a British pension. For many years, the IRS has not considered QROPS and many other international pensions as suitable products qualifying for tax breaks in the

Alternative Finance Plugs Entrepreneur Funding Gap

Alternative Finance Soars As Banks Shun Businesses

Alternative finance is starting to plug a multi-billion pound funding gap for entrepreneurs and startup businesses. The market has mushroomed to a £2 billion a year business from almost a standing start just two years ago, according to new research by innovation charity NESTA. The finance is equivalent to high street banks lending to 7,000

Expat Saving Rates: November 14, 2014

Expat Saving Rates November 14 2014

If you’re an expat saver and think interest rates paid on your cash in offshore branches of British and Irish banks and building societies are miserable, then spare a moment’s sympathy for your German counterparts. High inflation and low interest rates have dragged down savings rates for several years, but Deutsche Skatbank has the unenviable

Companies May Waste Too Much Money On Expats

Companies May Waste Too Much Money On Expats

Sending expats on overseas assignments could be a huge waste of money for many companies, argues a new report. Around 60% of global companies believe their expat workers are not worth the money, says the study by international accountancy firm PwC. Most companies do not know whether assigning expats to overseas projects is cost-effective because

Why Your Cash Is Better Off In A SEIS

Why Your Cash Is Better Off In A SEIS

Investing spare cash in a Seed Enterprise Investment Scheme (SEIS) startup company can be hugely more tax effective than keeping the money in a bank or other low interest paying investment. SEIS comes with a string of tax breaks designed to lure investors to stake their cash in fledgling companies. Companies and scheme promoters often

The Best Place to be an Expat

The Best Place to be an Expat

With over 1.4 million members, InterNations can rightly claim to be the world’s leading expatriate community by quite some distance. So when the networking organisation compiled a survey to find the top 10 expat destinations across the globe, most people would sit up and take notice, even if the number one country comes as a

Week in Expat Money Matters 10th November – 16th November 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: Alternative Finance Soars As Banks Shun Businesses Banks are still not comfortable with offering start-up businesses the necessary funding to get things off the ground. As a

Tax Avoidance FAQ

Tax Avoidance FAQ

The tax man is sending out thousands of letters to individuals and companies allegedly involved in illegal tax avoidance schemes. Around 43,000 letters are in the post, with 33,000 going to individuals. Recently HM Revenue & Customs (HMRC) issued a list of myths about tax avoidance and here are some of the key points: Do