Keeping Expatriates Informed...

 

 

Welcome to the July edition of the Candour Consultancy newsletter.

  

Living in a low-tax environment, it is easy to forget that we may, potentially, have tax liabilities or problems elsewhere. Some expatriates are even of the assumption that, because they are no longer resident in their home country, or do not intend to return, they no longer have any tax exposure either during their life or on their death. In most circumstances, this is completely wrong and ignoring or delaying the potential tax liabilities will inevitably result in the expatriate (or their heirs) paying more tax than they needed to.

  

In the past couple of months, there have been a number of important changes in tax legislation in Australia, the United Kingdom and the United States that will affect many expatriates. If you are from one of these countries, or have assets or investments in these countries, these changes could affect you.

   

This month, we devote the newsletter to these changes. We also report on a new study that will affect all parents or parents-to-be.

Lastly, the latest annual survey by Mercer on the cost of living has just been published. No surprise, the Gulf region has jumped up the list yet again. We bring you the full results.

   

As ever, thank you for reading the newsletter, your continued interest and positive feedback.

   

Best regards,

 

Managing Director

Candour Consultancy

 

  

 

 News

 

Australian Expatriates in Tax Crackdown

The Australian Senate passed legislation in June that could make a major difference to the lives of some expatriates. In simple terms, if Australian taxpayers go overseas for between 91 days and two years they will remain liable to pay Australian tax.

Click here for the full article

 

A UK Bank Account Could Lead To A UK Tax Bill

Under HMRC’s latest guidance on residency, such things as “what connections you keep in the UK, such as family, property, business and social connections” will be taken into account, says Matt Coward, director of Private Client Tax Services at PKF, the London-based tax advisers.

 

Click here for the full article   

 

TLP market dealt blow by US tax ruling

Returns from offshore traded life policy funds could be cut significantly following a ruling by the US Internal Revenue Service (IRS). The decision that a 30% withholding tax could significantly affect returns for investors whose funds are domiciled in certain countries.

Click here for the full article

  

Raising A Child Gets More Expensive – Again!

If there's one certainty about starting a family, it's that it's going to be expensive, whether you are parent or a grandparent it's never too early to plan for a child's future. For the last six years, Liverpool Victoria has completed an annual survey to calculate the cost of raising a child. This year's survey shows that parents should expect to spend £193,772 to raise a child until the age of 21. This is equivalent to £9,227 each year or £25 a day, per child.

 

Click here for the full article

 

Many More UK Expatriates To Have State Pensions Frozen

UK expatriates face having their state pensions frozen in seven popular retirement destinations. Britons retiring to seven of the 12 most popular foreign destinations for UK expats will have their state pensions frozen at the rate when they first started drawing them. These seven popular destinations are New Zealand, South Africa, Dubai, Canada, Australia, Singapore and Hong Kong.  

Click here for the full article

    

You can also download our presentation on expatriate pensions by clicking here.

  

Cost Of Living Rises For Expatriates In The Middle East 

The new Cost of Living Survey from leading global HR consulting firm Mercer has today revealed Dubai as the most expensive city in the Gulf Cooperation Council (GCC) for expats to live in. The city has risen to 20th place from a ranking of 52nd in 2008. The UAE capital Abu Dhabi is not far behind, rising 39 places from 65th to 26th in the ranking.

Click here for the full article

 

Candour Consultancy has built a reputation as one of the leading independent financial and insurance consultants to both the corporate and individual sectors. As impartial offshore advisers, Candour provides complete financial planning and wealth management solutions based on the personal nature of our service and our extensive knowledge of the offshore market.

 

Whilst the primary goal of our newsletter is to introduce you to the services Candour has to offer, we'd prefer to put you in the picture even if you do not wish to do business with us. As such, the newsletter will link you to a wide range of articles offering sound advice on all aspects of offshore finance and your tax liabilities as an expatriate. Please feel free to view these articles at your leisure without obligation.

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