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Expat Investor : May June 2009
NEWS ROUND-UP The Fry Group opens new doors in Cyprus Financial specialist The Fry Group, has announced the opening of a new office in Cyprus to provide local, face-to-face financial advice to UK expatriates that live in the country. Tony Pentland has been appointed to head the new venture in Limassol. The Fry Group explains its expansion into Cyprus, saying it ensures all financial advice given is sensitive to the local regulations and tax considerations and offers a convenient local base for clients to visit to discuss financial matters directly with its experienced executives. Graham Barnes, International Director, tells Expat Investor, “In the financial climate we are facing today, we felt it was important to open a full-time office in Cyprus to deliver a more personal, local service to our clients who reside Expats feel the squeeze regards to rental markets, over half (54%) of expats have reported no change in their rent payments overseas. Furthermore, almost nine out of 10 (88%) expats have seen an increase in the amount that they are paying for food, and over half (52%) have noticed an increase in price of 10% or more. Commenting on the research, Expatriates are feeling the squeeze overseas, according to Halifax International’s new Expat Mood Monitor. Since January 2008, over half (52%) of expats have noticed a decrease in their disposable income (with 44% noticing a decrease of 10% or more), and almost twothirds (62%) have seen a decrease in their overall investment portfolios. Sixty-three per cent of expats also believe that the economic situation in their current country of residence is better than in the UK. In addition, property abroad has suffered to a lesser extent than in the UK, with one-third of expats (33%) stating that the value of their property overseas has remained the same since January 2008. With James Gairdner, Managing Director, says, “These figures demonstrate that it is now more important than ever that expatriates are not only provided with more competitive, available and secure saving options, but also have access to the right financial advice when they are overseas. “This will enable them to make the most of their investments.” The research also revealed that 41% of expats living around the world have no plans to ever return to the UK. The top reasons for We make SAVINGS simple for you £ 1 Year Fixed Rate Bond Also available * 3 & 6 Months Fixed Rate Bonds * International 30 * Monthly interest option 3.30% Gross/AER 3.25% € Gross/AER Download an application form at www.irishpermanentintl.com +44(0)1624 641641 *Individual product terms and conditions apply. 3 month bond available in Sterling only. Interest rate is quoted gross p.a. without any deduction of tax. Rate applicable as at 12 May 2009 and is subject to change. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The minimum opening balance is £10,000/ €10,000 or US$10,000. Irish Permanent International is a registered business name of Irish Permanent (IOM) Limited. Licensed by the Isle of Man Financial Supervision Commission to take deposits. Registered Office: 12/14 Ridgeway Street, Douglas, Isle of Man IM1 1EN. Registered No 60124. Irish Permanent International is a subsidiary of Irish Life and Permanent plc Group which is regulated by the Financial Regulator in Ireland. Irish Permanent International places funds with other parts of its Group and thus its financial standing is linked to that of the Group. Depositors may wish to form their own view on the financial standing of Irish Permanent International and the Group based on publicly available information. The latest report and accounts are available at www.irishpermanentintl.com and from our registered office. leaving in the first place (in priority order) are: 1) For a better quality of life (56%) 2) Work (44%) 3)To escape the weather (27%) 4)To escape the youth culture and crime (20%) Nevertheless, expats still miss elements of the UK, the most popular factor being family or people (44%), followed by the culture, with one-third (30%) of expats confessing that they miss the traditional British way of life. Other interesting themes included the UK’s standard of recreational sport, Marks & Spencer’s and John Lewis, Marmite and the countryside. However, one in four (27%) miss nothing at all. With the recent fall in the value of the pound, one in four expats also noticed a 10% increase in their buying power when converting their currency to sterling when they were last in the UK. there. Executives are now on-hand to help individuals manage their finances, investments, pensions and taxes, both on a local and UK level. At a time when other firms are scaling down in such areas, we believe the local support is vital to provide direct support for our clients.” The Cyprus office is located at City House, 3rd Floor, 6 Karaiskakis Street, 3032 Limassol, and can be contacted via 00357 25503105. Further information is available online www.thefrygroup.co.uk. 2.75% $ Gross/AER for a personal service Part of the Irish Life and Permanent plc Group May/June 2009 ● EXPAT INVESTOR 11
March April 2009