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Expat Money Newsletter - August 2017

Expat Money: Foreign Exchange

Welcome to the Expat Money Newsletter for August. We are once again focusing on the personal finance issues that matter to you as an expat, or would-be expat.

In this month’s edition we consider how changes in foreign exchange can dramatically affect any big cross-border transaction – such as buying a property.

We also look at how important it might be to have kidnap cover in place when working overseas.

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 think may benefit from reading it. Just click on Forward to a friend or colleague below.

Iain Yule

Editorial & Publishing Director
Expat Network

Low Tax Locations

Foreign Exchange: Currency And The Price Of Property

Expat Tax 1: British Expats Should Keep Records

In global prime property markets even small percentage changes in currency can have significant monetary implications. Currency, ownership costs and taxation are becoming increasingly important considerations for investors, especially as the rate of price appreciation slows in some global city markets. Research suggests that you need to be conscious of the risks, as well as the opportunities, surrounding these currency and associated factors.

1.65 Million New Expat Britons In Past Decade

Since 2006, emigration from Britain is estimated to have reached 1.65 million. But the number of Britons moving abroad has slowed down over the past decade. Between 2006 and 2011, the number of Britons leaving the country averaged 162,667 a year. Since 2012, this average has dropped by nearly a fifth to 134,400 per year. The annual level of emigration has fallen by over a third from 207,000 in 2006 to 134,000 in 2016 – the second lowest annual total in the past decade.

Low Tax Locations

Does Your Expat Contract Provide Kidnap Cover?

Expat Tax 2: Beware UK Stamp Duty Hike

As employers send more staff abroad they need to be aware that kidnap and ransom can occur in any region, according to an insurance group. It says that employers underestimate this risk and need to do more to protect their employees. Approximately 40,000 kidnappings occur every year and over 40% of these are of business personnel or their dependants.

Sponsored: Claim All Your UK Tax Allowances

Expat Tax 2: Beware UK Stamp Duty Hike

SimpleTax is the simple way of calculating and submitting a self-assessment return. Developed with individuals in mind and not accountants – SimpleTax is perfect for expats and is HMRC recognised, accessible anywhere via mobile phone, laptop, PC or tablet, it’s jargon-free and easy to use. Simply enter your basic personal information and SimpleTax guides your self-assessment, allowing you to complete your return accurately. Based on the information you enter, SimpleTax will even suggest where further savings could be made, ensuring you claim all applicable allowances.

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New Options For Expats Seeking Insurance Cover

Living & Working In China

Research by life insurance advisers Unusual Risks shows that 28% of UK insurance companies offer life insurance products to British expats. Only 7% of providers are prepared to accept an application for critical illness cover from expats. The figure for life insurance was a significant increase from the previous year’s finding of 16% and indicates that British expats now have more options to find adequate life insurance to meet their needs.

Sponsored: Exclusive 10% Insurance Discount

Living & Working In China

Join Silversurfers.com to benefit from a special discount for Expat Network readers on a wide range of insurance products from a selection of companies. Just click here to take a look and join to get your 10% discount.

Insurance cover provided at a discount includes Travel, Health, Motor, Life and more – through Silversurfers at competitive prices from trusted partners.

Click here to check out Silversurfers.com insurance.

Expert Answers To Expat Questions

Expat Tax 3: The US Foreign Bank Account Rules

Our readers regularly ask us questions about their expat finances. Our panel of experts is happy to help. One expert recently helped a contractor determine whether he should bill for his services through a company or direct. They may be able to assist you too.

Need for Medical Insurance
Low Tax Locations

Sponsored: Premiums Cut On Expat Contractor Health Plan

Expat Tax 3: The US Foreign Bank Account Rules

As expat insurance specialists, Bellwood Prestbury have negotiated reductions of up to 25% on the Contractors International Health Plan. The new rates deliver savings of 25% for contractors aged up to 49 years and 20% for anyone over the age of 50. The plan offers a range of medical insurance options designed for expats working in the oil & gas, energy, aviation, engineering, security, NGO, humanitarian, telecommunications and technology industries. Get a quote now.

Need for Medical Insurance

Best Savings Rates In Expat Banking

Expat Tax 3: The US Foreign Bank Account Rules

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 withdrawals. You can beat this rate if you can leave your savings untouched for three years. Skipton International offer 1.5% annually over this period for a £10,000 minimum.

For dollars, Standard Bank pays 1.05% for $10,000 or more, with 196 days’ notice. Only one offshore bank is offering any interest on euro savings. Kleinwort Benson offers 0.01% for deposits of €100,000-plus.

Need for Medical Insurance

Understanding Expat Medical Insurance

Expat Tax 3: The US Foreign Bank Account Rules

A new website, expathealthcare.com, provides fully-independent answers to the many questions you may raise as an expat about making sure you are healthy – and have proper insurance cover – while overseas.

Expathealthcare.com is a resource you can use to find out all about healthcare and insurance cover for expats, what you need to know and where to find assistance.

Need for Medical Insurance

Learn About Expat Life In Nigeria, Portugal; UK Property & Insurance

Expat Tax 3: The US Foreign Bank Account Rules

The Summer edition of Expat Living magazine is now available to read completely free of charge. You can learn about working life in Nigeria, retirement in Portugal, the current pros and cons of UK property purchase, and whether you have the right expat property insurance.

Need for Medical Insurance

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.

Christopher Nye Guides
Capital Consulting

Expat Network’s online Service Directories includes companies to assist with your life overseas. This month we profile Foreign Exchange.

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