Archive for the ‘Expat Tax’ Category

The new Foreign Account Tax Compliance Act (FATCA) legislation that will come into force next July (2014) has become the catalyst for many American expatriates to consider renouncing their U.S. citizenship. U.S. citizens are required to continue paying tax to the U.S. government even when living and working abroad. However, this has not always been […]

The Chancellor of the Exchequer, George Osborne, recently announced another raid on pensions. This time the target is tax relief on pension contributions. Incentives to keep retirement funds in the UK are being increasingly eroded. Experts predict that the already booming overseas pension transfer market is set to grow significantly as these proposals are implemented.

In order to reduce the country’s national debt the French government has introduced several new tax rates. France’s newly elected president, Francois Hollande, has €1.7 trillion of national debt to contend with. With this in mind he recently announced plans to double potential capital gains tax. In addition, he also raised income tax on rent […]

The announcement by Facebook co-founder Eduardo Saverin that he relinquished his U.S citizenship prior to Facebook’s IPO created a media storm. By becoming a Singapore resident, Saverin can take advantage of the zero capital gains tax levied in the country. This move means he can avoid paying a potential $67 million in taxes in the U.S. […]

As a British expatriate you have probably heard of QROPS, particularly if you are retired or nearing retirement. QROPS stands for Qualifying Recognised Overseas Pension Schemes. They act as a vehicle into which, UK pensions (private or company) can be transferred. QROPS are available in many tax jurisdictions around the world. There is a list […]

Expatriates have a lot to think about financially both before and after they move. According to Aidan Bailey of The Fry Group, there are three top mistakes expats commonly make. 1. Not being open with the tax authority – In Britain you need to inform the HMRC of your non- UK status. Fill in a […]

Expat Wealth talked to Aidan Bailey of the Fry Group about their recent acquisition of Fulcra. He explained how they have established themselves as a leading financial consulting firm, about their current clients and their plans for the future. Aidan, why the acquisition of Fulcra? The Benelux region is a very important market to us. We […]

QROPS (Qualifying Recognised Overseas Pension Schemes) are set to undergo the most radical reforms since they were introduced in 2006. The changes, which come into effect on April 6th, will mean some existing schemes will not qualify for benefits. Tax on pensions is usually only levied in the country where the pension holder resides. Under […]

The UK tax office has set up an investigative task-force to track down expats who haven’t declared overseas property. The team will “mine” publicly available online information to discover people who own land or houses abroad. The UK tax authority (HMRC) has put together a team of 200 investigators. Their first task will be in […]

As Albert Einstein said, filing tax returns is “too difficult for a mathematician. It takes a philosopher.” When you move countries, you should check whether double taxation could be a problem for you. If there are overlapping tax years, you might be in for a nasty surprise. What is double taxation?

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