Expats living in Russia earn the most, with both the highest income and disposable income, according to HSBC’s 2010 Expat Explorer Survey. Russia was top of the heap when expat destinations were ranked by income and likelihood of owning more than one property, followed by Bermuda and Saudi Arabia. Singapore (the #1 expat destination in the world in 2010) placed fourth.
HSBC attributed Russia’s performance to a larger trend involving Brazil, Russia, India and China. Expats are flocking to these countries–the so-called BRICs–in increasing numbers. Fast-growing, developing economies enable them to earn, invest and save much more than in their home countries.
Hong Kong’s Financial Services & Treasury Bureau (FSTB) said mainland China had confirmed tax procedures for mainland companies paying dividends to investors in Hong Kong. Dividends will henceforth be subject to a 10% withholding tax, according to the Chinese State Administration of Taxation.
Said an FSTB spokesman:
when non-foreign investment companies of the Mainland which are listed in Hong Kong distribute dividends to their shareholders, the individual shareholders in general will be subject to a withholding tax rate of 10% with reference to the arrangement for the avoidance of double taxation signed between Mainland China and Hong Kong. They do not have to make any applications for entitlement to the above-mentioned tax rate.
Skipton International Limited has launched a seventh edition of its popular 2-year fixed rate sterling account paying 3.25% gross/AER per annum. Accounts require a minimum deposit of GBP10,000 and all balances earn the same rate of return. The bond (which is being offered on a first-come, first-serve basis) will be withdrawn once it has reached its funding limit.
Interest is to be paid on June 30th, 2012. It can either be capitalized or paid away to an account of the customer’s choice. Investors may not, however, add or withdraw funds from their account during the two year term. Additional information is available on Skipton’s website.
Managing Director Jim Coupe said, “With interest rate forecasts proving difficult to judge at present, we believe the offer of an attractive, guaranteed interest rate of 3.25% AER over two years will provide savers with stability, certainty and also a good basis for creating a supplementary income stream.”
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