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Expat Investor : May June 2009
EXPATEXPAT Investor ATEXPAT Investor Now Now celebrating our 21st £4.95/ €7.50/US$7.50 anniversary www.expatinvestor.com May/June 2009 firstname.lastname@example.org PATEXPAT Investor Now celebrating our 21st £4.95/ €7.50/US$7.50 anniversary www.expatinvestor.com May/June 2009 email@example.com In In this issue 2 6 Private banking What could a Rolls-Royce banking service do for you and your wealth aspirations? Our survey introduces those banks wanting your business. What price a shopping basket? Check out the cost of living survey from Foreign Currency Direct to find out where’s cheap and where’s not. 13 16 Bottom line health benefits Whether you’re an expat in Dubai, Hong Kong or Spain, we tell you what benefits you must have wrapped up in your healthcare policy. Meningitis and healthcare conditions in France are also featured in this issue. The big interview Stephen Kearns, Chief Operating Officer, FirstRand Private Wealth, explains how expats should set about choosing a wealth manager. 18 23 Offshore savings Best buy savings accounts and offshore funds Dream location Why you should look at the property market in St Lucia. www.expatinvestor.com Bringing advisers and investors together Nomadic Brits Britain is a nation of intrepid travellers with a desire to experience working life overseas, according to research undertaken by Lloyds TSB International. The Bank’s survey of more than 1,500 working Brits has found almost a third (32%) have been employed outside the UK at some point in their career, working an average of just over a year overseas. For British workers spending at least a month abroad, Europe is the most likely destination, with more than half (56%) of respondents working there. Twenty per cent of Brits have headed further afield to Asia, and nearly one in five (18%) has worked abroad in both North America/Canada and the Middle East. Thirty per cent of Brits who took a job overseas for more than a month did it to experience a new culture, and nearly a quarter (24%) saw it as an opportunity to enhance their career. One in four (25%) made the move because it was a necessary requirement for the role. But the average Brit’s appetite for travel isn’t waning, with almost half (49%) of non-retired respondents saying they would like to work abroad in the future. More than half of Brits (53%) who would like to work abroad thought meeting new me&my easy option Enjoy a great rate and build for the future. people would be an advantage to working in a foreign country. Fortyfive per cent thought the benefits to working abroad were learning a language or getting away from UK weather. Not everyone takes to a new environment like a duck to water, however. More than a third of Brits who worked abroad for more than a month (35%), cited being away from friends and family as one of the most difficult aspects of their stay. Other hurdles included needing to speak a different language (27%), diverse working practices or cultures (26%) and missing things they took for granted, such as a local pub or television show (23%). Nearly 20% of Brits found managing their finances difficult while in a foreign country, including opening a bank account, organising a mortgage, and keeping track of finances at home. Not surprising considering more than three-quarters (77%) took no action to get their finances in order before heading abroad. Stephanie Cousin, Head of Operations, Lloyds TSB International, comments, “We’re certainly a nation of intrepid travellers and whether it’s to gain international work experience or simply escape the weather, it’s clear 2.75% Global Saver To subscribe to Expat Investor, fill in the form on page 20 or visit: that many of us may be working overseas for part of our career. Living away from home can be stressful, so you need to do your homework and sort out the important things, like finances, before you depart.” Donna Napieralla, a senior marketing executive from Wales, spent 13 months working in New Zealand after backpacking around the country and falling in love with the scenery and way of life. “My New Zealand experience was invaluable as it allowed me to experience a different culture and gain international business experience. “But it also made me realise you can’t jump into life on the other side of the world and be just as comfortable. I really missed friends and family, people I’d known my whole life, and things you take for granted like seeing Jaffacakes in the supermarket. “I heard stories about people not getting jobs because they didn’t have bank accounts for their salaries to be paid into. Banking procedures in other countries are so different – especially when you don’t speak the language. It’s just easier to do it from home.” Working Brits earning a higher salary are more likely to have worked abroad, with almost half (49%) of Gross/p.a. • Annual, monthly and deferred interest options available • Minimum balance only £5,000 Interest rates effective from 2nd April 2009. 2.75% is payable for balances of £5,000 and above with annual interest. 2.72% (AER 2.75%) is payable on balances of £5,000 and above with monthly interest. The operation of the account is by post, telephone instruction or in person. 60 days notice required for withdrawals. Immediate access is available in lieu of 60 days interest on the amount withdrawn. Interest rates are quoted gross % p.a. that is, without any deduction of tax. 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. Bradford & Bingley International is a wholly owned subsidiary of Abbey National plc. Licensed by the Isle of Man Financial Supervision Commission to take deposits. expatinvestor.com queue up to work overseas Lloyds TSB International’s expatriate research shows that the lure of overseas for Brits shows no sign of diminishing. those earning more than £60,000 and over a third (36%) of those earning more than £20,000 having done so, compared to just over a quarter (26%) of those earning less than £20,000. Workers with an income of more than £20,000 were more likely to work abroad to experience a new culture (34% vs. 19%), enhance their career (29% vs. 13%) and meet new people (21% vs. 10%) when compared to those earning less than £20,000. The Bank’s research also shows: ● Men are almost twice as likely to have worked overseas as women (42% vs. 22%). ●Women are likely to spend longer working abroad than men (14.6 vs. 12.1 months), on average. ● Men are more likely to have worked in Asia (25% vs. 12%) and the Middle East (24% vs. 6%). ● 21% of 18–24-year-olds who worked abroad for more than a month have worked in Asia, compared with nine per cent of 45–54-year-olds. ● Technology/IT (50% and Professional Services (43%) industries have the highest proportions of overseas worker. You can find out more from www.lloydstsboffshore.com/international Call now on +44 (0) 1624 695000 email firstname.lastname@example.org or visit www.bbi.co.im www.expatinvestor.com To register for Expat Investor digital edition, visit the website at
March April 2009