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Expat Money Newsletter - February 2018
Welcome to the Expat Money Newsletter for February. Expat Network’s online Service Directory includes companies to assist with your life overseas. This month we profile Overseas Mortgages. | |
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Buying A Property Abroad
People buy property abroad for many reasons. You may be moving abroad to enjoy a new lifestyle, as part of your retirement planning, as a second home to enjoy for part of the year or simply as an investment. Whatever the motivation you need to be sure you consider your options carefully and understand the processes and risks involved.
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Financing The Purchase Of A Property Abroad
If you are unable to purchase the property from your own funds you will need to identify options to obtain a mortgage. There are basically three options:
1. Remortgage your home
2. Borrow from a domestic bank
3. Arrange an overseas mortgage
You need to consider the pros and cons of each option.
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Country Guides
For more detailed information you need to look at the specific processes for the country you are planning to move to. We have guides on buying property in:
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Retiring To Portugal
Portugal and the UK have had close links for centuries and in recent years Portugal has become a popular retirement place for Britons. As a new website and book – Retiring To Europe – explains in depth, there may be tax advantages in moving there.
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Best Savings Rates In Expat Banking
The best current offering for sterling offshore savers is Skipton International’s 1.25%, if you have £10,000 and can give 200 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.
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World’s Best Places For Retirement In 2018
International Living magazine’s Annual Global Retirement Index has identified the best places to retire in the world. Costa Rica takes top spot with last year’s winner, Ecuador, dropping down to fourth. Portugal is the highest placed European destination in seventh place. Spain also made the top ten.
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Establishing Credit On Arrival In America
One of the key challenges on arrival in the US is the lack of a credit score. This has implications in many areas as it restricts your ability to set up phone contracts, rent a property, sign up utilities, obtain a credit card and many more. Creditworthiness does not easily cross borders. This is caused by data protection legislation which prohibits sharing data internationally and the different approaches to credit scoring around the world.
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Where Am I Resident For Tax Purposes?
One of our members asked about their status having been an expat since 1982 in the Falklands then the Philippines, apart from one year back in the UK in 1989. What is his tax status in the UK as he receives a pension from The Falklands and is about to receive a pension from the RAF? Jason Porter of Blevins Franks addresses this question and the domicile issues involved.
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As An Expat, Why Do I Pay Tax On My UK Pension?
Another 74 year old member who has lived in Thailand for 12 years, and has only been back to the UK once in that time, asks why he has been paying UK tax on a private pension since the age of 66. Jason Porter of Blevins Franks explains the rules and options for claiming any tax that should not have been paid.t.
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Don’t Miss Your Latest Jobs Newsletter
Expat Network circulates a Jobs newsletter every month, the latest looking at tips for getting the best flight deals and examining some of the issues to consider when assessing a salary abroad. If you have missed the latest newsletter you can view it by clicking below.
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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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