Halifax International Expat Focus

Ex-pats can take control of frozen pensions, offshore accounts holders told

viartadmin — Mon, 15 Mar 2010 10:04:47 +0000

British ex-pats are taking advantage of a legislation change allowing them to access frozen pension funds, a website has claimed.

According to Landlord Expert, ex-pats have been "very pleasantly surprised" by Qualifying Recognised Overseas Pensions (QROPS) and have been unlocking substantial amounts of their pensions as cash.

Nabil Hamadeh, chief executive of Capital Growth Management, told Gulf Daily News: "We are now encouraging people who have worked in the UK to take advantage of this scheme."

The QROPS scheme is available to those who have lived outside the UK for five full tax years and allows ex-pats to avoid paying tax in Britain by taking their pensions offshore.

It was reported by the Financial Times in February that interest in QROPS had risen in the wake of the Robert Gaines-Cooper case, in which a businessman was ruled to have been subject to UK taxes despite not living in Britain since 1976.

Written by Charles Mackay

Australian unemployment rate rose in February, savings account holders told

viartadmin — Fri, 12 Mar 2010 09:42:32 +0000

Following months of drops, the unemployment rate in February rose by 0.1 per cent, which is disappointing news for international savings account holders.

Figures from the Australian Bureau of Statistics (ABS) show that the unemployment rate stood at 5.3 per cent last month. This is an increase of the revised 5.2 per cent recorded in January.

However, a slight increase was also registered in the number of citizens finding jobs.

Deputy prime minister Julia Gillard said: "We are seeing employers move to taking on more full-time employees and reducing part-time work."

Approximately 11,400 more people were in full-time employment last month than in January.

The news follows figures from the ANZ bank which suggested there was a significant increase in the number of jobs available in the country in February.

It revealed that there was a 19.1 per cent jump in the number of vacancies advertised, although the figure is still around 2.3 per cent lower than that for the same period last year.

Posted by Charles Mackay.

Savings account holders warned of unnecessary tax payments

viartadmin — Thu, 11 Mar 2010 11:32:50 +0000

Savings account holders are being warned that they could be wasting significant amounts of money on unnecessary tax payments this year.

Professional advice website Unbiased.co.uk found that a total of £9 billion will be given in needless tax payments in the UK by the end of 2010, with consumers in the south-east and north-west forking out the highest amounts.

This figure equates to around £186 for each UK tax payer. Tax credits and inheritance tax were said to be the biggest contributors to this figure.

Karen Barrett, chief executive of the website, said that in many cases the circumstances in which excess tax is paid are "unavoidable".

"Tax can seem a complex issue for many and even more so in the current environment as people reassess their finances and the way they handle their expenditure," she explained.

The news may prompt people to consider the benefits of alternative savings account products, such as offshore accounts, as currently 86 per cent of people are doing nothing to reduce their tax burden.

Shelter Offshore recently said that Brits considering moving abroad should think about international savings accounts and offshore banking to make the most of their money.

Posted by Tom Britten.

Bahamas’ offshore banking industry ‘meets tax standards’

viartadmin — Thu, 11 Mar 2010 11:30:34 +0000

The Bahamas has become the latest offshore banking centre to have reached the internationally agreed tax standards of the Organisation for Economic Cooperation and Development (OECD).

Following the signing of information exchange agreements with all the Scandinavian countries, Greenland, Iceland and the Faroe Islands, the nation is deemed to have "substantially implemented" the OECD’s tax standards.

The most recent signings bring the total of tax exchange agreements for the country’s offshore banking sector to 18, including one with the UK.

Jeffrey Owens, director of the OECD’s Centre for Tax Policy and Administration, said: "Given the role that the Bahamas plays in the financial world, I am particularly pleased that they have made significant progress and they continue to expand their network of partners with whom they can exchange tax information."

Offshore account holders should also be aware that March 12th is the final day that they will be able to submit details to Her Majesty’s Revenue and Customs (HMRC) under the New Disclosure Opportunity.

Those who declared their intentions to provide full details of their offshore tax liabilities in January must do so before the deadline or face heavy penalties.

Posted by Charles Mackay.

US job openings pick up for international savings account holders

viartadmin — Wed, 10 Mar 2010 14:12:14 +0000

International savings account holders in US have been given a sign that the country’s employment situation is picking up.

Data from the Bureau of Labor Statistics (BLS) shows that the number of job openings in the US increased by 2.1 per cent in January, which is the highest rate seen since February 2009. The education and health sectors saw the largest jump in vacancies.

In real terms the figure equates to around 200,000 more jobs in the first month of 2010.

However, despite the positive growth for job openings, the hires rate remained unchanged at 3.1 per cent. The rate has stayed at a similar level since November 2008.

The figures come off the back of data from the BLS which shows unemployment remained stable in the US at 9.7 per cent in February.

Little change was also registered in the number of long-term jobless citizens, which remained at around 6.2 million.

International savings account holders in Australia have also been given positive jobs news this week as the ANZ bank released figures showing a 19.1 per cent jump in advertised vacancies in February.

Posted by Tom Britten.

Savings account holders warned of Australian interest rate slow down

viartadmin — Wed, 10 Mar 2010 14:09:52 +0000

Savings account holders in Australia could see interest rate rises put on hold in the coming months, according to an expert.

Stephen Roberts, Nomura Australia chief economist, told the Australian Associated Press that recent signs in the housing market could force the central bank to stall their policy of increasing interest rates.

Figures released by the Australian Bureau of Statistics show that the number of owner-occupier housing commitments fell by 7.9 per cent in January, far higher than economist’s expectations.

It is thought that this could be due to the series of interest rises, including one last week, which have seen rates increase to four per cent in recent months.

The Reserve Bank of Australia (RBA) said that the decision was taken to bring rates in line with economic growth and inflation.

"It tends to detract from an immediate interest rate rise, so anyone talking about a back-to-back interest rate rise, it may cool that a bit," Mr Roberts explained to the news provider.

"We may get pauses between interest rate hikes now," he concluded.

Posted by Jamie Musk.

Brits moving abroad ’should consider offshore banking’

viartadmin — Wed, 10 Mar 2010 14:07:25 +0000

Brits considering a move abroad have been advised to research international savings accounts and offshore banking.

Expat advice publication Shelter Offshore made the suggestions following a poll by the Foreign and Commonwealth Office which revealed 42 per cent of over 55’s are thinking of relocating overseas.

A weak pound, among other things, was said to be one of the barriers currently hindering people looking to make a new life abroad and movers were seriously advised to assess their financial situation before making the leap.

The news provider said that international savings accounts "make managing your money easier and more cost effective".

"Or maybe you would be better off moving your savings and investments offshore to minimise taxation where possible … and maximise your exposure to better returning investments and savings," it explained.

Movers were also advised to research the impact that exchange rates would have on their savings accounts in their new home, with the eurozone being named as one particularly expensive region.

Posted by Andy Price.

Savings account holders in Australia given positive jobs news

viartadmin — Tue, 09 Mar 2010 10:21:53 +0000

Expats in Australia may find they are relying less on their international savings accounts as the number of job vacancies in the country jumped in February, according to ANZ.

The bank revealed that there was a 19.1 per cent increase in the number of jobs advertised in newspapers and on the internet last month. This follows a dip of 8.1 per cent in January.

Compared to the same month in 2009, employment vacancies were just 2.3 per cent lower in February. While this is significantly lower than their peak in April 2008, it is an increase of almost 28 per cent on their low in July 2009.

ANZ’s figures are the latest in a series of indications which show that the Australia is helping lead the way in the global economic recovery.

Last week, the Reserve Bank of Australia took the decision to raise the country’s interest rate by 25 basis points to four per cent in light of improved economic conditions.

Warren Hogan, ANZ chief economist, said: "In the near term, the forward indicators appear positive for more employment growth through the first half of 2010, although probably at a slower pace than seen over the past four months."

Plan financially for a retirement abroad, savings account holders told

viartadmin — Tue, 09 Mar 2010 10:17:21 +0000

Millions of UK residents could soon be setting up international savings accounts as many plan to retire overseas.

Research by the Foreign and Commonwealth Office has revealed that 42 per cent of over 55s wish to emigrate during their retirement, with 38 per cent wanting to do so in the next five years.

However, the office is warning Brits about the dangers of not planning financially for their new life abroad, through products such as international savings accounts, after the research revealed that 43 per cent think a holiday is enough to give them an indication of what the country is like.

Foreign and Commonwealth Office Minister Chris Bryant, said: "In the excitement of making plans for a future in the sun, people don’t always think about the possible downsides or the problems that can occur."

Mr Bryant added that this was particularly important when purchasing property overseas as "local laws can be complex and unclear".

Expat advice publication Shelter Offshore recently recommended that pensioners should consider offshore accounts as a way of diversifying their retirement income.

Posted by Chris Moore

Concerns raised over funds in pensions and savings accounts

viartadmin — Tue, 09 Mar 2010 10:14:52 +0000

A significant number of Brits are concerned that their pensions and savings accounts will not provide them with enough money for retirement.

According to a new survey by the National Association of Pension Funds (NAPF), just 34 per cent of people believe that the savings they have put aside will not allow them to live comfortably in their later years.

The news comes on the same day as a survey by the Foreign and Commonwealth Office found that 42 per cent of people aged 55 or over were considering moving overseas, with many intending to do so in the next five years.

Concerns were also raised in the NAPF research about pension funds running out while people still needed them, with 26 per cent stating they would like a guarantee that they would be provided for until they died.

However, only 17 per cent of people are planning on increasing their contribution to their pension this year and eight per cent are reducing or stopping payments.

Saving money for retirement was still considered to be a better form of investment than property.

Posted by Andy Price.