Archive for the ‘Country Updates’ Category
Saudi Arabia has turned heads recently with a proposed cap on expat money transfers. Expats send the majority of their money out of the country, which officials say hurts the non-oil economy and keeps local unemployment high. The proposed transfer limit has sparked heated discussion not only among expats, but also Saudi businessmen and officials. [...]
A “fun” fact: if you are a British expat who retires to a country where your pension isn’t uprated (adjusted for inflation), you stand to lose GBP 24,000 worth of potential income in 20 years. Freezing expat pensions is an unpopular policy. There is a veritable chorus of criticism out there written by individual expats. [...]
The European debt crisis seems to be grinding toward a decisive conclusion after a revolt within the Greek Prime Minister’s cabinet. PM George Papandreou had wanted to put Greece’s euro membership to a referendum, but a number of cabinet members–including his deputy finance minister–have refused. Several socialist MPs have also declared opposition to the referendum, [...]
Saudi Arabia’s Minister has announced the country will limit the amount of money expats can send out of the country, according to a report by Eman El-Shenawi in Al Arabiya. New regulations will require expats keep the bulk of their money in Saudi Arabia. The measure is aimed at boosting Saudi Arabia’s economy and lowering [...]
Expats in Saudi Arabia face the prospect of frozen bank accounts as the Kingdom tightens up its immigration laws, reported Arabian Business.com’s Elizabeth Broomhall: Foreign workers, whose bank accounts are frozen during visa renewals, fear rules aimed at forcing private sector firms to increase their quota of Saudi employees will leave them unemployed, unable to [...]
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