by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Expat Investor : March 2008
NEWS expatinvestor.com 2 EXPAT INVESTOR March 2008 Fast Facts 33112 Fast Facts 33110 Fast Facts 33111 HSBC International launches multicurrency savings account Guernsey's commitment to China GUERNSEYFINANCE has established a permanent outpost in China. Chinese national Wendy Weng has taken up her post and is based in Shanghai. "There is intense competition to win business in emerging markets such as China. Our experience is that jurisdictions that only visit China once or twice a year are regarded as being 'here today and gone tomorrow'. That means that you can soon be forgotten, particularly in the Far East where huge importance is placed on long- term relationships," says Peter Niven, Chief Executive of GuernseyFinance. "Therefore, not only have we spent time analysing the opportunities and building contacts but we are now establishing a continuing presence in China. This underlines our commitment to the country and at the same time provides us with a platform to directly promote Guernsey to business leaders and within appropriate government circles so that in the future our finance industry can benefit from increased business flows from the Chinese market." The initiative is facilitated by the China-Britain Business Council (CBBC). It is the UK's leading organisation in terms of helping HSBC Bank International has launched a savings account called '766' which provides savers with 7% sterling, 6% US$, and 6% .This special three month fixed term British companies conduct business in China. It offers practical services to many different types of firms, whether they are already established or just starting out in the country. GuernseyFinance is using CBBC's Launchpad scheme. Many non- Chinese companies want to set up a base in the country without having the time or going to the expense of establishing a full representative office. Under current regulations, however,foreign companies are unable to employ Chinese staff legally, unless the company is registered in China. Through Launchpad, a British company can recruit an individual of their choice who works on its behalf, whilst being employed by CBBC and operating from one of its Chinese offices. "Launchpad is an efficient and effective means of creating a platform in China and we see it, as I believe so have many of the previous users of this scheme, as the first step to establishing our own representative office in the country," adds Mr Niven. Wo rk has already started and will continue in conjunction with Ms Weng on developing Guernsey branding specifically for the Chinese market, including a Chinese version of the GuernseyFinance website. deposit is available until 31st March 2008. HSBC Bank International's new offer requires a minimum deposit of £10,000, $25,000 or 25,000 and the Bank is confident its rates beat those offered by other international banking institutions. The Bank confirms that customers will not only benefit from this competitive return on their savings but also gain access to what HSBC describes as a "highly comprehensive global banking and wealth management service and the ability to take their accounts, credit history and banking relationships with them wherever they choose to live and work." Premier service offers a dedicated relationship manager, exclusive access to 250 Premier centres worldwide, and benefits from offshore specialists in Dubai, Hong Kong, Singapore or South Africa. It promises a single view of all accounts held with HSBC globally via the Internet, 24 hour access to your accounts 365 days a year, fee- free international money transfers via the internet, access to HSBC Premier MasterCard, financial guidance on a wide range of issues including tax issues, property, and investments and retirement planning. More information is available at www.offshore.hsbc.com/766 What investors think of IFA's advice THE ASSOCIATION of Independent Financial Advisers' (AIFA) latest research shows that 96% of IFA clients expect an adviser to be able to select a product from the whole of the available market. Only four per cent would expect to be offered a product from a shortlist of companies. Chris Cummings, Director General, AIFA, says, "Research shows consumers understand and value the term independent." Almost half (46%) of those surveyed said they wanted a choice over how they pay for advice. One in three consumers think IFAs should be paid through commission, with just 7% of respondents in favour of an upfront fee. Fifteen per cent of respondents were in favour of customer-agreed remuneration. Commission is more popular with lower income households. Almost half (44%) of those with a household income of under £25k prefer commission. "By retaining a commission option... the Financial Services Authority (FSA) recognises that consumers should have a choice of how to pay for services and that a wholesale ban (on any method) would discourage a large number of people from seeking professional advice. "Our research supports this view. It is our firm belief that any commission option should also be disclosed upfront and transparently," says Mr Cummings. AIFA's research found that almost nine in 10 (88%) of respondents believe that they are ultimately responsible for their own financial affairs while 6.7% believed it was the role of their financial adviser, four per cent said family and friends and just 1.2% said government. This echoes the results of AIFA's YouGov research which found that nine in 10 (91%) of all adults who have received advice from a professional financial advisor believe that they are ultimately responsible for their own financial affairs. In terms of the relationship with a financial adviser, almost 70% have regular contact whether monthly to annually or anything in between. Over one in three (35%) of those surveyed stated that they had maintained a relationship with their IFA for at least eight years and just under one in three (30%) for15 years or more. East or west -- abroad is best for expats NINE out of ten expatriates would recommend a life abroad to their friends or family, and three in every four say their quality of life has improved since moving to a new country. Only one in four would consider moving back home. These are just some of the findings of a major new survey of expatriates conducted by BUPA International. The world's largest expat insurer polled 1,787 people living outside their home country to gain a unique insight into the lives of the global expat community. When asked what they liked best, more than two-thirds (68%) of expats plumped for the better way of life and six out of 10 (60%) for the weather. Living abroad also seems to have a positive psychological impact on expats, with 58% claiming to be more open-minded and nearly half saying they are happier and more relaxed in their new country. All is not perfect abroad, however, with six in every 10 expats admitting to missing their friends and family back home and nearly half pining for particular foods. Integrating abroad can also pose challenges, with only one in five spending time to learn the local language of their new country and even less trying the local cuisine. Tim Slee, Head of European Sales at BUPA International, says, "Moving abroad is a huge life- changing challenge, and while our survey shows it's a very successful move for most people, careful planning is essential. "This is particularly the case when it comes to health and financial security, as foreign healthcare systems can be difficult to navigate, especially if you do not speak the local language. State-subsidised healthcare for expats can also be confusing, varying enormously from one country to another. "Our expatriate customers have peace of mind from knowing that wherever they are abroad, their private medical insurance will fund not only cancer tests, drugs and consultants' fees, but also serious, costly operations -- helping to alleviate the financial strain at what is often a very stressful time, particularly when the individual is outside their home country." BUPA International's expat survey also revealed that for most people the expat life is a long-term commitment, with nearly half (49%) having lived abroad for over 10 years. The poll also showed that more than three-quarters of expats are married or living with a partner (78%), while six out of 10 have children (59%). When it comes to age, half of expats are between 35 and 55, with just one in five below the age of 35. Tu rn to page 16 to read current trends and developments from healthcare insurance providers.
January February 2008