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Expat Investor : December 2008
EXPAT EXPATEXPAT Investor Serving expats for more than 19 years Serving expats for more than 16 yearswww.expatinvestor.com e than 17 years £4.95/ €7.50/US$7.50 £4.95/€7.50/US$7.50 Dec 2008 email@example.com June 2005 “There are those that you know you should read, and then there’s the magazine you will read.” In this issue Retail banking 6 8 Current accounts for the present and future. Jersey finance How the Jersey regulators are safeguarding your banking privacy. 14 18 Health forum Healthcare experts speak out on the major issues facing the industry in 2009. Relocation expertise How not to fail in your new assignment overseas. Regulars 10 Offshore funds 11 Investment news 12 Offshore savings 22 Offshore mortgage market 22 Property news Are you suffocating under the squeeze? Fretting over who’s going to bail you out if, or when, you get crunched? Whatever your level of debt, there is no fiscal angel waving a large wad of cash to buy you out of it, which means it’s down to you to take charge of your own financial obligations and responsibilities. Now is not the time to mimic an ostrich and bury your head in the sand. Here’s a guide to help you manage your financial affairs in difficult times, ensuring your ambitions and aspirations survive the storm. Bringing advisers and investors together Investor Serving expats for more than 17 years £4.95/ €7.50/US$7.50 www.expatinvestor.com Safeguard your savings If you are lucky enough to be a saver you have at least one good reason to be cheerful. Deposit- takers, that’s both banks and building societies, are desperately seeking new funds now that the capital markets have dried up. Mouth-watering rates are currently on offer to savers as new business is sought. Now, more than ever, it will pay you to shop around for the best paying account. Don’t let your me&my easy option Enjoy a great rate and easy access. savings languish with a slack payer because you think it’s a hassle to move them. It’s a relatively easy process for anyone to undertake. Check out rates for the balance/s you are sitting on, scrutinise the terms applicable – such as notice period, withdrawal, penalties, bonus rates – all of which can be done easily online with independent comparison sites such as MoneyFacts.co.uk. One crucial credit crunch issue you must bone up on, whether you move accounts or not, is the Financial Compensation Scheme run by the UK’s Financial Services Authority. If your savings bank, or building society, goes to the wall, what will happen to your nest egg? At the time of writing the Scheme covers a maximum reimbursement figure of £50,000. While the banking community calls for a more generous offer, and while other countries such as Ireland are offering a guarantee of 100 per cent deposit protection, no depositor with a UK bank account can expect more than £50,000 for How to survive the credit crunch End the year with your wealth intact by following these top tips from Editor Hannah Beecham. the time being. There are, therefore, two essential tasks savers must attend to. In the first instance, if your savings exceed £50,000, consider spreading the surplus across as many deposit-takers as necessary to ensure no one institution holds more than £50,000 of your money. Secondly, find out who is the ultimate owner of the deposit- taker’s business. Check whether each of the banks with whom you intend to make a deposit has its own banking licence. A shared licence will limit your entitlement to compensation should the worst come to the worst. For example, under the HBOS Group’s licence the following banks operate: Halifax, Bank of Scotland, Birmingham Midshires and Intelligent Finance. If you were to spread your surplus around these brands you would be entitled to compensation of only one lump sum, up to a maximum of £50,0000, regardless of the total deposited with the other banks. On the other hand, Sainsbury’s Bank, 5.00% eAccess2 Offshore internet banking for expatriates For more information from our advertisers or about products featured in Expat Investor enter the Fast Facts number onto the Reader Reply Service coupon on page 20 or go to: expatinvestor.com .. Internet Savings Account Gross/p.a. whilst half-owned by HBOS, has its own licence, which means a depositor with both this bank and a Halifax account would be covered separately for both lump sums of money. Expats with savings held in accounts based on the offshore finance centres of Jersey, Guernsey and the Isle of Man must be aware that they are not covered by the UK’s Financial Services Compensation Scheme. Only the Isle of Man runs its own depositors’ compensation scheme which, like the UK’s, offers a maximum compensation sum of £50,000. (For more details about eligibility visit www.gov.im/fsc.) Diminish your debt Now’s the time to take a long, hard and honest look at the extent of your personal debt. Areas for examination will include mortgages (see below), personal loans, overdrafts and credit cards. If you are a frequent flasher of Continued on page 2 .. Minimum balance only £1,000 . Deferred interest for tax planning Great for regular savings Apply online now at www.bbi.co.im Interest rates are effective from 19th November 2008, variable and quoted gross % p.a. that is, without any deduction of tax. Monthly interest is also available at 4.80% gross p.a. (AER 4.91%). This account is only available to applicants over the age of 18 and is not available to UK residents. Bradford & Bingley International Limited, International eSavings Unit, PO Box 263, Douglas, Isle of Man IM99 2JJ British Isles. EU Savings Directive rules apply to EU resident depositors. It is the responsibility of the depositor to declare any interest received to their relevant tax authority. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid to the account once a year. Bradford & Bingley International Limited is registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man, IM11TA, British Isles. Licensed by the Isle of Man Financial Supervision Commission to take deposits. Fast Facts 10000 Interest available Annually, Monthly or Deferred www.expatinvestor.com To register for Expat Investor digital edition, visit the website at
January February 2009