Week In Expat Money Matters August 3 – August 8, 2013


Below is what happened in a week in Expats Finances, as reported on iExpats and from other places across the web.

From iExpats:

China Admits Millions Of Firms Fail In Early Years

The Chinese economic powerhouse is showing some cracks as growth starts to weaken and new figures reveal huge numbers of businesses are failing

Global Economy Slowly Pulls Free Of Black Hole

The global economy is pulling out of the fiscal black hole caused by the credit crisis, but is unlikely to return a stellar performance in the near future

Delisted QROPS –The Public Has A Right To Know Why

HM Revenue and Customs is refusing to comment on why 23 Hong Kong Qualifying Recognised Overseas Pension Schemes (QROPS) no longer appear on the official QROPS list

Regulator Warns Of Bogus Financial Firms

Nine more firms accused of breaking financial advice laws have been named and shamed by consumer watchdog The Financial Conduct Authority (FCA)

HSBC to close diplomatic bank accounts of 40 nations

HSBC Bank is decidedly not tactful in asking more than 40 diplomatic missions, consulates and embassies in London to take their business elsewhere

Handful Of Expats Win Right To Buy Singapore Homes

Just six expats have been green lighted to buy homes on mainland Singapore by the government in the first six months of 2013

What Happens To A QROPS When You Die?

It’s not a cheery question, but one international financial advisers are often asked by their Qualifying Recognised Overseas Pension Scheme (QROPS) clients

Pensions Under Threat As Companies Look At Going Bust

Some of Britain’s biggest companies are thinking about going bust as the cash they owe their pension schemes is worth more than 20% of the company’s market value

Kiwisaver and NZ QROPS landscape changing

Mergers and acquisitions changing the shape of Kiwisaver Qualifying Recognised Overseas Pension Schemes are under way

Reinventing Retirement For The 21st Century

Funding retirement is right up there for the over 50s as a major concern for their futures as many developed countries go through rebalancing their economies because state welfare is becoming unaffordable

HMRC delists 23 Hong Kong QROPS

Hong Kong has lost 23 Qualifying Recognised Overseas Pension Schemes (QROPS) from the latest HM Revenue and Customs list. Only two schemes remain open to transfers in

War Against Pension Liberation Scammers Hots Up

The battle to combat alleged pension liberation fraud is hotting up as consumer watchdogs issue yet another warning against taking retirement savings early

Pensioners Should Mind £66,000 Retirement Cash Gap

Retirement savers have a massive gulf between the income they expect in retirement and the amount they will actually receive

QROPS Are Safe As Divorce Wreaks Havoc On Pensions

Divorce is wreaking havoc among the pension plans of the over 60s as the number of married couples splitting up on retirement continues to rise

New Zealand QROPS And The New Pensions Amnesty

The long-promised review of New Zealand tax on offshore pensions proposes new rules that make QROPS tax matters for retired expats easier.

London AIM Opens Up To Tax Free ISAs

British expat taxpayers can now invest in London Alternative Investment Market (AIM) shares in an ISA

Record investment in ISA – Junior ISA accounts also surge

ISA stats released by the Government show a record £57 billion was invested in the April 2012 to April 2013 tax year

Tax Amnesty For Overseas Holiday Homes Running Down

British taxpayers with holiday homes overseas are running out of time to inform HM Revenue and Customs about unpaid tax and capital gains

Rising Property Prices Boost IHT Tax Take To £3 Billion

The tax man has collected more than £3 billion in inheritance tax due to rising property values and an increase in share prices

Tax-Strapped Politicians Target Stateless Income

Stateless income is the latest tax target for governments trying to shore up massive budget deficits

Financial News From Around The Web

FATCA and the American expat: Taxation without representation – Washington Examiner

Today’s children will need £2.4m pension pot – The Telegraph

London Transport pensions switch ‘to save millions’ – London Evening Standard

Worst week ever for US Treasuries – City AM

Fed-up consumers ’email bomb’ execs, get results – NBC

Buy-to-let mortgage lending at highest levels since 2008 – Lovemoney

Man who created own credit card sues bank for not sticking to terms – The Telegraph

Savings deals of the week – Which?

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Expat Pension Transfers Guide

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Find out how you could save tax, increase growth and investment opportunities with this simple, no-nonsense guide that will introduce QROPS, SIPPs and QNUPS options and talk through the pros and cons. Download the free guide by following the link below

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