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EXPATNETWORK
25 YEARS OF EXCELLENCE
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Expat Money Newsletter - October 2015
Your Latest Free-To-Use Money News & Resources
Welcome to the Expat Money Newsletter for October. We are once again focusing on the personal financial affairs that matter to you as an expat, or would-be expat.
In this month’s edition we focus on pensions: why well-off Britons are retiring overseas, what the new pension freedoms mean for expats, and how to set up a Qualifying Recognised Overseas Pension Scheme (QROPS).
We also consider the possible tax advantages of a move to Australia or New Zealand, and how new golden visa rules may encourage property sales in Portugal.
I hope you enjoy this newsletter. I welcome your thoughts on other topics you would like us to cover. Or do you have your own tale to tell or question to ask about expat money? Let me know.
Feel free to forward this newsletter to anyone who you feel may benefit from reading it. Just click on Forward to a friend or colleague below.
Iain Yule
Editorial Director
Expat Network
iain@expatnetwork.com
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Pensions: Wealthy Britons Retiring Overseas
Research shows that over half of Britain’s wealthiest people plan to spend the majority of their retirement overseas. Emigration is favoured by 8%, 40% are looking to spend a considerable amount of time each year overseas, and 7% want to spend a few years overseas before returning to the UK.
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Pensions: How New Freedoms Affect Expats
The April 2015 pension reform changes have already had a significant impact on expats who wish to access their pensions while retiring abroad. We explain how these changes could affect you.
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Pensions: Setting Up A Pension Overseas
Qualifying Recognised Offshore Pension Schemes (QROPS) can be very useful for expats taking their savings abroad with them. But there are pitfalls with these schemes and they are not suitable for everyone.
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Low-Tax Locations For Expats
In our three-part series, with the help of accountants BDO, we have been considering the tax benefits of certain locations to go alongside the promise of a better lifestyle. In the third part we look at Australia and New Zealand.
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Don’t Renounce US Citizenship Yet
Being fed up of filing US tax returns is not a good reason to renounce citizenship.
If you are considering this move, read this five-point guide first.
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New UK Income Taxes May Affect Expats
The way income from dividends, savings interest and renting out property is taxed is changing dramatically in the UK.
Make sure you know how you may be affected.
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Read Your Free Expat Living Magazine
The Autumn edition of Expat Living magazine is now available to read completely free of charge.
You can learn about relocating to United Arab Emirates and New Zealand and gain insight into how offshore banking works.
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Get The Best Offshore Bank Savings Rates
If you have money to save, make sure it fetches the best interest rate, so here's our round up of what's on offer. Yet again in the absence of changes to UK base interest rates, the best offering for sterling offshore savers is Skipton International’s 1.75%, if you have £10,000 and can give 150 days’ notice of withdrawals. For dollars, Nationwide International pays 1% for $25,000 or more, with instant access.
Nationwide International is also best for euros, paying 0.65% for €25,000 or more, again with instant access.
The only way to beat these rates is to lock your money away for longer. If you can leave at least £10,000 untouched for three years then 2.25% annual interest is on offer from Skipton International. If you want a monthly income from your offshore savings, the best offer currently comes from Skipton International. If you can give 150 days’ notice of withdrawals on a minimum deposit of £10,000, then an annual equivalent rate of 1.75% is paid monthly.
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Remember To Register!
Sign up for free at the Expat Network to enjoy the following benefits: access the latest overseas jobs; get help with writing winning CVs and social media profiles; and upload your CV so that our unique network of recruiters and employers can find you.
You will also find expert answers to the most frequently asked expat questions and receive regular news bulletins on contract awards and other expat news. Registration is free of charge – and you can unsubscribe at any time.
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