Expat Money Newsletter - June 2017

Expat Money: Wealth For Expats

Welcome to the Expat Money Newsletter for June. 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 expats can learn the basics of wealth management.

We also look at how British expats may still be liable for inheritance tax even when UK non-resident.

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 For Expats: The Basics

In managing your money you may wish first to consider your residence and tax situation before looking at the principles of investing. 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 definition of tax residence has been introduced in the UK and expats should check their own circumstances against the test to make sure they remain UK non-resident.

Why Some British Expats Are Liable For Inheritance Tax

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. If you or your father were born or raised in Britain, you are likely to be deemed domiciled in Britain. If your worldwide estate is worth more than the £325,000 nil rate IHT band, it may be at risk of IHT.

Sponsored: Claim All Your UK Tax Allowances

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.

Expat Network have negotiated a discount on SimpleTax – receive 15% off the usual price of £30, making it only £25.50 – use discount code EPNAV17A on payment screen!

What Happens To NHS If Expats Return to UK?

The NHS could face a bill of almost half a billion pounds if retired British people currently living in other EU countries decide to return to the UK in the event that their right to healthcare in those countries is withdrawn after Brexit. This figure could be substantially higher if the NHS has to pay to replace staff if EU migration is reduced, or if it faces a rise in the cost of medicines.

Expert Answers To Expat Questions

Our readers regularly ask us questions about their expat finances. Our panel of experts is happy to help. One expert recently helped a reader decide if they risked being taxed in the UK when they came home to provide care for a parent. They may be able to assist you too.

Sponsored: Premiums Cut On Expat Contractor Health Plan

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.

Best Savings Rates In Expat Banking

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 1.6% 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.

Understanding Expat Medical Insurance

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.

Learn About Life In India & France; Expat Pensions & Insurance

The Spring edition of Expat Living magazine is now available to read completely free of charge. You can learn about what it is like to live and work in India and how to retire to France. We also ask if you have proper expat insurance cover and have planned your pension properly.

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