QROPS questions for jurisdictions

British expats need to be aware that HM Revenue and Customs (HMRC) is to ask financial centres around the world whether they are breaking the UK’s pension rules.

This follows media reports in Gibraltar that HMRC is asking for offshore pension jurisdictions to reaffirm that they comply with UK pension legislation that covers British and foreign pension savers moving their pension pot overseas without incurring a tax bill.    more ...

One of the largest attractions for heading overseas to work as an expat is for the lucrative opportunity such an assignment will bring, which means understanding how to invest while living abroad will help you to enjoy the best returns.

There are a wide range of strategies that are potentially available to help an expat capitalise on investment opportunities outside of their home country.

However, many expats will simply decide to invest in their home country because that's an investment environment that they already know and can appreciate.    more ...

Call to unfreeze expat pensions dismissed

Hopes that UK expat retirees may see their pensions being unfrozen have been dealt a blow.

Richard Harrington, the pensions minister, has revealed that there are no plans under changes to Social Security benefit rules that will see state pension payments being unfrozen.    more ...

Saudi remittances fall

The struggling economy in Saudi Arabia has seen a steep fall in the amount of money being remitted to other countries.

Expats in the Kingdom sent home $2.87 billion (£2.25) in February, which is 15% less than was sent home in February last year, according to the country’s monetary authority.

Financial experts say the fall in remittances is down to the Kingdom's lower level of economic growth, including a fall in the activities of the country’s small and medium-sized enterprises, and suspended government projects.    more ...

Most British expats in EU fear for their future

A survey of British expats living in the European Union has found that 80% fear they will be deprived of the right to live in their new country.

The survey of 5,000 citizens was undertaken by the Liberal Democrats and reveals that the expats’ automatic right to work in another country is their number one issue.    more ...

Number of EU citizens wanting work plunges

A survey has revealed that the number of citizens from the European Union looking to work in the UK has plunged this year.

The findings from Indeed reveal that there's been an 18% fall in the number of citizens who are looking for work online since January in the UK.

This is the sharpest fall of EU workers looking for jobs in Britain since the Brexit referendum vote last June.    more ...

Thousands of UK expats get non-dom tax shock

Thousands of expats returning to the UK may be facing significant tax bills when new non-domicile regulations take effect from April.

According to one national British newspaper, the Finance Bill will reduce the tax perks enjoyed by people whose 'domicile', or permanent home, is overseas.    more ...

What are expat employers looking for?

With growing numbers of expats heading overseas to exploit work opportunities, a survey has revealed the most in-demand jobs in each country.

Currency exchange specialists World First has looked at the occupational skills shortages list for countries including Germany, Canada, the US, Singapore and the United Arab Emirates.

In the UK, the survey reveals there is strong demand for engineers, IT specialists, teachers, graphic designers and paramedics.    more ...

British expats face 25% tax charge

The latest budget from the UK's Chancellor Philip Hammond will have surprised many in the financial services world after revealing that expats are facing a 25% tax charge on their offshore pension fund.

The measure will hit retirement fund centres in Malta and Gibraltar, among others.    more ...

Some expats will benefit from offshore banking while others will not but there's no doubt that expats can save tax by placing their savings in offshore accounts.

This is particularly helpful for British expats, for example, who are classed as being UK non-resident since they will not need to pay income tax on the interest from their savings.

However, any income earned on savings for an account held in the UK will be taxed at 20% at source.    more ...