Expat Money Newsletter - December 2016

Expat Money: Money Management

Welcome to the Expat Money Newsletter for December. 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 focus on managing your wealth, especially planning for retirement.

We also look at the opportunities in the UK property market and provide guidance on a move to Spain.

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
iain@expatnetwork.com

Wealth Management: Transfer Your Expat Pension?

Expats generally have the right to transfer their pension abroad into a qualifying scheme. For some, there are great benefits in doing so. However, there are risks, and you need to tread very carefully when considering all your options. The majority of British expats lose the right to benefit from tax relief on their UK pension contributions after they’ve been tax resident overseas for more than five years.

Wealth Management: Saving Tax-Free?

A portable retirement savings scheme aims to offer expat employees part or all of their salary and retirement savings tax-free. It allows employers to provide portable retirement packages for employees who have duties outside of the UK. Contributions made into the account are tax deductible for employers and are paid gross of taxation on behalf of their employees.

This can mean that employees benefit from earning part or all of their salary tax-free while saving for their future without tax deductions.

British Expats Buying Property Back Home?

With the pound trading at an historic low against the world’s major currencies, now may be a good time for British expats to consider investing in property back home. With a significant shortage of supply in the UK property market, prices and rents are rising steadily. The latest figures from the Office for National Statistics show that private rental prices in England grew by 2.5% in the past year.

Best Savings Rates In Expat Banking

The best current offering for sterling offshore savers is Standard Bank’s 1.4%, if you have £10,000 and can give 196 days’ notice of withdrawals. The only way to beat this rate is to lock your money away for longer. If you can leave at least £10,000 untouched until early 2022 then 1.5% annual interest is on offer from Skipton International.

For dollars, Standard Bank pays 1% for $10,000 or more, with 196 days’ notice. Standard Bank is also best for euros, paying 0.15% for €10,000 or more, with 196 days’ notice.

New: Your Guide To Living In Spain

Your Guide To Living In Spain by Expat Network provides guidance on the issues you will need to address as you plan your move, whether that is to retire, buy a second property or simply enjoy a whole new life in Spain. Your Guide To Living In Spain (priced £4.99 on Amazon) is available to download, free of charge.

Premiums Fall On Expat Contractor Health Plan

Insurance specialists Bellwood Prestbury have negotiated reductions of up to 25% on the Contractors International Health Plan for expats. The new rates came into force on 1 October and will deliver savings of 25% for contractors aged up to 49 years and 20% for anyone over the age of 50, the company say. The plan offers a range of medical insurance plans designed for expatriates working in the oil & gas, energy, aviation, engineering, security, NGO, humanitarian, telecommunications and technology industries.

Your Expat Money Questions Answered

If you have a question about your expat personal finances, don’t hesitate to drop us a line. Our expert expat money panel is ready to answer any questions you have. They have already assisted with many expat money queries.

New! Understand Insurance Cover For Expats

Expats should make sure they have the correct insurance cover in place – preferably before moving overseas. So, our new Insurance section explores the cover you will need in terms of travel, life, income replacement and death-in-service insurance.

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 life in China and Italy, property purchase in North America, whether you are properly insured, and why an offshore bank account may be useful.

Questions On Expat Healthcare? New Help Here

A new website, www.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.

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