Expat Money Newsletter - October 2018

Welcome to the Expat Money Newsletter for October.

Tax and reporting for US expats are often not fully understood. With the help of Greenback Expat Tax Services we set out the important considerations to ensure you remain in compliance and what you need to do if you find you have not kept up with your filing responsibilities.

How easy is it to get a mortgage for expats? We set out the challenges. 

We also keep you up to date with the latest issues for expats in managing their money.

The Expat Network Team

expats@expatnetwork.com

Taxation of US Expats: The Basics

The basic principle is that Americans living and working abroad are subject to the same tax rules as those who remain in the US. Americans are subject to US income tax on their worldwide income. There are the additional reporting requirements of FATCA and FBAR (see Five Things American Expats Need to Know About Foreign Bank Account Reporting). Tax returns are due to be filed at the same time (15th April), but when living abroad American expats get an automatic two-month extension to 15th June.

What are the basics of meeting your tax obligations as a US expat?

A Step-by-Step Guide To Filing US Expat Taxes Late

If you’re an American living overseas who is behind on your taxes, you aren’t alone. The 2018 US Expat Opinion Survey, which gathered the opinions of over 3,800 expats worldwide, found that many expats were behind on their taxes, and many others were unaware of the lifelong filing requirements. So, Greenback Expat Tax Services’ accountants – who specialize in expat taxes – have described the four, straightforward steps that can help expats get caught up on their taxes penalty-free. The process may be simpler than you expect!

How To Renounce US Citizenship, The Costs And Implications

Reports consistently point to the increasing numbers of Americans considering renouncing their US citizenship with the burden of citizenship-based taxation as the major driver. Up until 2009 there were less than 750 people renouncing their US citizenship annually. This increased to 1,500 in 2010 and continued to grow peaking in 2016 at 5,409 with a marginal drop to 5,132 in 2017. The numbers are not large in absolute terms, but reflect an underlying level of resentment among US expats.

What do you have to do to renounce your US citizenship and what are the costs and implications?

UK Expats: Do I Need To File A UK Self Assessment Tax Return?

The deadline for filing your paper Self Assessment tax return is fast approaching, you have until midnight 31st October.

But don’t worry, if you miss the 31 October deadline you may still be able file your Self Assessment Tax return online by 31 January 2019 to avoid the penalty.

Any paper returns received on or after the 1st November will automatically receive a £100 fine for the first 3 months, anything after 3 months the fine will increase.

Using software like GoSimpleTax will help you see how much tax you need to pay, try our 14-day free trial – you won’t be disappointed!

Can I Get A UK mortgage As An Expat?

When living and working abroad many British expats want to retain an interest in the UK property market by investing in a buy-to-let property to get a good return or they buy a property for their family or to leave empty so that it is ready for them when they return home. Expats from other countries are also attracted to the UK market for its investment returns. However, getting a mortgage as an expat may not be as easy as expected.

Financial Action Checklist

If you are leaving Britain to live abroad there are a number of financial measures you can take before you go to save you facing problems later. Expat Network has produced a Financial Action Checklist that provides information on the action you might consider taking.

It may be that you need to seek specialist tax and financial planning advice, but this guide will help to identify the issues you need to consider as you plan your move abroad.

Remember that action taken now might save you hassle – and money – later.

The Expat Network Financial Action Checklist is available free of charge to our newsletter subscribers.

Expat Investors Club

The Expat Investors Club is a social network where expats can meet online and share insights with other investors who are potentially interested in similar markets and face similar cross-jurisdictional issues. You can control who you exchange views with and you can get easy access to market information on the investments that you are following.

Best Savings Rates In Expat Banking

The best current offering for sterling offshore savers (with notice period) is Skipton International’s 1.50%, if you have £10,000 and can give 200 days’ notice of withdrawals.

If you can leave your savings untouched for three years. Skipton International offer 2% annually over this period for a £10,000 minimum. You can beat this rate if you leave your savings untouched for five years, Conister Bank offer 2% annually for a minimum of £5,000.

For dollars, Standard Bank pays 1.20% for $10,000 or more, with no notice

Your Free Guide To Living In Australia

So, you are considering moving to Australia! A country rich in wildlife, precious raw materials, pleasant weather and offering an excellent quality of life for the whole family. With its endless beaches, lively cities and vast outback, Australia has long been the one of the most popular places for Britons and others to emigrate to.

Make the transition work better with this free-to-download, full-colour guide. Your Guide To Living In Australia provides you with 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 this guide, we will provide you with guidance on the issues you will need to address as you plan your move. We have also identified partners to help you with the move and you can access these through the Expat Network site.

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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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.