Expat Property Abroad News

Latest 10 news items tagged Property Abroad

18 Sep at 6 PM 2018

Brit expat social security cheats nabbed by international team

Thousands of Brit expats living and working overseas have been caught illegally claiming British social security benefits. Millions of pounds’ worth of social security benefits have been fraudulently claimed by British expats living and working overseas, according to the Department for Work and Pensions. An investigation by the department along with international fraud specialists has resulted in a record amount of £1.1 billion being reclaimed, with expats living and working in Alicante and Madrid featuring strongly amongst the...
17 Sep at 6 PM 2018

New UAE long term residence law stabilises expat life

Expatriates living and working long-term in the UAE are welcoming the emirates’ new long-term residence option. The thought that UAE law forces long-term expat professionals to leave their adopted country once they’ve reached retirement age has long been a painful thorn in the sides of those who’d given the best years of their life to helping the UAE develop to its present-day form. At best, it seemed ungrateful, and at worst it causes distress to expats who literally have nowhere else to go after leaving their friends and...
13 Sep at 6 PM 2018

UK expats win over HMRC in delisted QROPS case

UK expats with delisted QROPS have finally triumphed over the British taxman after a surprising court verdict. Recently in the First Tier Tribunal court, four appeals against HMRC were allowed due to the late serving of discovery assessments on delisted QROPs. Ina Hills, Nicolo Martin, Gary Connell and Gerrard Gordon had all transferred their pension pots to the Latvia-based Wenn International Pension Scheme at the time its QROPs was listed with HMRC in 2009. Subsequently in 2010, HMRC de-listed the scheme due to its failure to pass...
13 Sep at 6 PM 2018

Expats in rentals urged to get home content insurance

Given the soaring cost as well as the legal difficulties of owning a home in expat relocation destinations, renting is now the most popular option. Expats arriving overseas for a stint at their employer’s international office almost invariably opt for renting an apartment or house, hopefully for the duration of their relocation but more normally on a short-term lease. However, many believe the owner’s house insurance policy will cover any unforeseen damage to their contents. Unfortunately, most rental contracts in popular...
12 Sep at 6 PM 2018

Massive Chinese building spree in Phnom Penh worries expat community

Chinese money is changing Cambodia’s capital Phnom Penh beyond recognition. The city of Phnom Penh, formerly famous for its French colonial villas as well as its New Khmer Architecture modernist structures, is now becoming unrecognisable due to massive investment by Chinese developers. Over 200 investors arrived along with Chinese President Xi Jinping in October 2016, with the subject under discussion the Chinese Belt and Road Initiative. As a result, billions of dollars were committed for the construction of towering high rise...
31 Aug at 6 PM 2018

Lenders reassure expats over buy to let mortgages and UK property investments

In spite of the increasing likelihood of a no-deal Brexit, mortgage lenders are reassuring expats they will still be able to get mortgages on UK properties. Market leaders and estate agents are saying there are no post=Brexit problems for lenders as regards mortgages for both British nationals and expatriates, provided they submit all the necessary documentation to prove their right to proceed. The statement came as reports indicated no slowdown in the high demand for UK real estate from overseas buyers. Several mortgage brokers...
29 Aug at 6 PM 2018

Reactions to Kuwait ban on expats over 60 years old

Kuwait’s decision to suspend work and residency permits for expatriates over 60 years of age is drawing heavy criticism from economists as well as expats. Kuwaiti economics experts are warning the ban will cause problems in the private sector as employers will lose highly experienced expat professionals who cannot be replaced by young Kuwaitis. In addition, the decision violates the regulations of a free economy, and long-stay expats who’ve built their lives in the emirate and have no wish to either stop working of leave are...
28 Aug at 6 PM 2018

Oz expats lose capital gains tax exemption on house sales

The Australian government is preparing to debate changes to the capital gains exemption rule for expats selling their home country properties. Over 100,000 Australian expats living and working overseas will be hit by a ruling removing the exemption of capital gains tax on sales of their home country properties. If the ruling is accepted by lawmakers, experts believe it will lead to a rush to sell before the law is brought in. The change is expected to slow a trend whereby wealthy expatriates are buying into luxury properties due to a...
27 Aug at 6 PM 2018

Iceland fears house price bubble due to incoming expat investors

Iceland’s house prices are rising due to increased demand by foreign investors, expatriates and migrants. Over the past decade, the tiny island nation of Iceland has seen an explosion in the numbers of foreign investors, expat professionals and even tourists buying up local real estate. The influx is causing inflation, especially in the real estate sector, with lawmakers and economists expressing their concern about rising prices overall and the inability of Icelanders to get onto the property ladder as a result. In the years...
27 Aug at 6 PM 2018

Spanish house prices rising as expat buyers get younger

The average age of property purchasers in Spain is now at an all time low. Along with a continuing increase in the popularity with expats of Costa del Sol properties, a new study has noted the average age of buyers is now 42 years. An analysis of property purchases in the region during the fist six months of 2018 shows 31 per cent of homes were sold to expatriates. Many are CEOs or entrepreneurs, with many saying their ability to work remotely was the major justification for the decision to emigrate. As regards the drop in the...