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Expats: Consider The Basics Of Wealth Management

In managing your money you may wish first to consider your residence and tax situation before looking at the principles of investing. By Iain Yule First of all – where are you resident? If you are British, make sure you are truly UK non-resident, meaning you do not have to pay UK income tax (and may also avoid capital gains tax). A statutory defini ...

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Why Some British Expats Are Liable For IHT

You may not be aware as a British expat who pays no UK income or capital gains taxes that you can still be liable to inheritance tax (IHT). Your liability for UK IHT depends on if you are deemed domiciled in the UK, says Stuart Ritchie of expat financial advisory firm AES International. If you or your father were born or raised in Britain, you are likely to be deemed domiciled in Britain. If your ...

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Top Savings Rates For Expats – June

Many expats can benefit from using offshore bank savings accounts. They are useful for working in different currencies and for gathering interest without deduction of taxes. By Iain Yule See the article ‘British Expats – Do You Need An Offshore Bank Account?’.   The best current offering for sterling offshore savers is Standard Bank’s 1.2%, if you have £10,000 and can give 196 days’ notice of with ...

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Working In South Africa: The Tax Implications

South Africa is one of the expatriate jurisdictions where proactive planning makes a significant difference to the tax and exchange control implications of an international mobile employee. The primary reasons for this proactive planning are: Unlike most other countries, with good planning you only become ‘tax resident’ in the beginning of your sixth year in South Africa; and There are various tax ...

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Will Care Visits To UK Affect Our Tax Status?

My wife and I have permanent residence in Bermuda. We are returning to the UK for maybe several months to assist with the care of my elderly father. Will we become resident in the UK at some point and subject to UK taxes? Jason Porter of expat financial advisory firm Blevins Franks answered this question. “Basically, if you spend more than 183 days in the UK in a tax year (6 April 6 to 5 April), t ...

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Top Savings Rates For Expats – May

Many expats can benefit from using offshore bank savings accounts. They are useful for working in different currencies and for gathering interest without deduction of taxes. By Iain Yule See the article ‘British Expats – Do You Need An Offshore Bank Account?’.   The best current offering for sterling offshore savers is Standard Bank’s 1.2%, if you have £10,000 and can give 196 days’ notice of with ...

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Top Three Ways To Save On Your US Expat Taxes

Ah, filing expat taxes…one of the necessities of living overseas. While it may not be the most enjoyable thing about your adventure abroad, fortunately the IRS provides a number of ways to avoid double taxation so you can save money come tax time. By Greenback Tax Here we highlight the top credits, deductions and exclusions to use that will help you save big when filing your US tax return.  Take A ...

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UK Expats: Beware The Pension Transfer Tax

A new overseas pension transfer tax could see the UK taxman take a quarter of expats’ transferred funds. Those thinking of moving UK pensions need to know the new rules. One of the few surprise announcements in the UK Spring Budget was the ‘Overseas Transfer Charge’ – an immediate tax on certain transfers to offshore pension schemes. According to Jason Porter, director of expat financial advisers ...

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Property Or Pension For Retirement Savings?

My wife and I have been expats since 2000 and are likely to return to the UK this year. We have invested in UK property as a ‘retirement fund’ but have heard that new capital gains tax rules may affect our returns. We have been offered a qualifying non-UK pension scheme (QNUPS) as an alternative. Would this help? Stuart Ritchie, chartered financial planner & chartered wealth manager with expat ...

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New Personal Pension For Expats In France

Expat financial advisory firm Alexander Beard Group (ABG) has launched a self-invested personal pension scheme (SIPP) in France for British expats with pensions left behind in the UK. The new scheme, €uvest, is designed for France-based Britons with no cross-border transfer options rather than qualifying recognised overseas pensions schemes (QROPS). Most UK pension providers are now refusing to tr ...

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