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Expat Investor : October 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 October 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 6 Investment banking Bank managers keen to look after your investment portfolio. 14 18 19 21 Healthcare Successful policy selection depends upon you doing your homework. Expat investors What you’re investing in and your market views for the year ahead. Quote, Unquote – The Fry Group Moving around the world with your money. Property investment Is this the right time to buy into Florida? Regulars 10 Offshore funds 11 Investment news 12 Offshore savings 22 Offshore mortgage market 23 Property news British expats take on international identities Who you are and how you see yourself has been uppermost in the minds of the folks at NatWest International. Hannah Beecham reports on the Bank’s latest survey, which looks in detail at the way expatriates perceive themselves. One in five (20%) British expats say their sense of being British has diminished after moving abroad. Brits are adopting new ‘international identities’ and becoming more ‘localised’. Certain aspects of life back in Blighty are sorely missed, however, not least the pub and the unique British sense of humour. The NatWest International Personal Banking Quality of Life survey carried out with the Centre for Future Studies, reveals that British expats are consciously adopting international identities and actively integrating themselves into their adopted countries of residence, embracing different ways of life and immersing themselves in their new cultures. The study found that expats integrate more easily in English- speaking countries such as New Zealand and Canada. Hence, when it came to questions about quality of life, Canada and New Zealand were voted tops. As a consequence these countries also proved to be the easiest in which to settle. Dave Isley, Head of NatWest International Personal Banking, says, “British expats really are ‘at home’ abroad. They still want to hold onto what makes them essentially British and certain characteristics that are deemed British, such as the sense of humour and the traditional British pub, but over time they integrate this with the new cultures and traditions of the country they have moved to.” Almost all (99%) respondents said they had no regrets about emigrating, and felt their decision to move was a good one. Nevertheless, over three- Top tips for moving abroad Hannah Beecham presents these top tips for making the move abroad as seamless as possible. Bringing advisers and investors together Investor Serving expats for more than 17 years £4.95/ €7.50/US$7.50 www.expatinvestor.com 1) Square your tax situation with the taxman Before leaving the UK, working Brits must obtain formP85 from HMRC. Contact your local tax office, or go to www.hmrc.gov.uk/cnr to download online. Fill in this formand submit it either online, or by post to your local tax office;HMRC’s website provides the addresses of local offices. Because HMRC calculates your annual income tax dues over a 12 me&my easy option Enjoy a great rate and easy access. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking Business. 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 Fast Facts 88000 month period, you may qualify for a tax rebate on the basis that you have paid too much tax in the months prior to your departure. 2) Let out your UK property An empty property is an investment wasted. A well let property is a painless way to pay a mortgage or accumulate extra cash. To make the most of your letting, take advantage of HMRC’s Non- quarters (76%) admitted missing aspects of life back in the UK and said they felt homesick some or all of the time. The hardest thing for expats seems to be the physical gulf between themselves and their families and friends. They also missed British traditions and culture. Yet while some Brits completely integrate with the country they have moved to, a significant proportion (53%) nurture their British roots and feel their sense of Britishness increases. Language and culture prove to be the major hurdles when settling in countries such as Singapore (90%) and the UAE (95%) where over nine out of 10 expats felt their sense of Britishness had increased (see table). Mr Isley adds, “Expats may miss certain aspects of the UK, but modern technology such as the Resident Landlord’s Scheme. This will enable you to receive your rental income gross of tax. The formto submit is NRL1. This can be downloaded from www.hmrc.gov.uk/cnr. Introduce yourself to two or three managing agents via the Association of Residential Landlords Agency (www.arla.co.uk) 3) Draw up a Will The UK’s Foreign and Commonwealth Office (FCO) advises Brits going overseas to make a Will beforehand. You’ll need to ascertain whether this Will is valid in your host country 6.50% eAccess2 Offshore internet banking for expatriates The interest rate quoted is variable, gross and effective from 3 July 2008. Monthly interest available at 6.30% gross p.a. (AER 6.49%). This account is only available online to individuals aged 18 or over 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. Registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man, IM1 1TA. Copies of our most recently audited accounts are available on request. Bradford & Bingley plc undertakes to discharge the liabilities of Bradford & Bingley International Limited in so far as the latter is unable to discharge them and remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, eligible deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended). AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid to the account once a year.This advertisement does not constitute an invitation to make deposits in any jurisdiction to any person to whom it is unlawful to make such an invitation or offer in such jurisdiction. Interest rates are variable. Your tax position will depend on your personal circumstances and you may wish to seek guidance from your tax adviser. It is the responsibility of the depositor to declare any interest received to their relevant tax authority. EU residents who are subject to retention tax by way of the EU Savings Tax Directive will need to consider the effect of the retention tax that will be applied to their accounts. .. Internet Savings Account Gross/p.a. internet, satellite TV and cheap travel have allowed British culture and entertainment to be easily accessed all around the world. International Brits are able to seek a better quality of life abroad but at the same time can keep in touch with good old Blighty.” COUNTRY % OF EXPATS WHOSE SENSE OF BRITISHNESS HAS DIMINISHED 1. CANADA 48 2. NEW ZEALAND 32 3. SPAIN 30 4.FRANCE 22 5.PORTUGAL 17 6. ITALY 12 7. NORWAY 8.SINGAPORE 0 9. SWEDEN 10. UAE 7 0 0 and to take appropriate professional advice if it is not. The FCO has a list of English- speaking legal professionals operating globally who can advise on this. Visit www.fco.gov.uk. 4) Consult an Independent Financial Adviser Make sure your money is working for you whilst you’re away. A good IFA (one who’s a registered member of the UK’s Financial Services Authority – FSA) will help you tidy up your existing financial arrangements and advise you about long-term tax planning and future investments. .. Minimum balance only £1,000 . Deferred interest for tax planning Great for regular savings Apply online now at www.bbi.co.im Interest available Annually, Monthly or Deferred www.expatinvestor.com To register for Expat Investor digital edition, visit the website at