Inheritance tax (IHT) is a contentious subject for many, especially as it revolves around the sensitive topic of what happens to one’s assets after death. For those affected, understanding the basic IHT rules is crucial. However, the waters become muddier when considering situations involving a non-domiciled spouse.
Do you have assets in more than one country? Do you know how your Will will be treated in different jurisdictions? From forced heirship in Europe to the role of executors in Asia, here’s what you need to know.
I have been living outside the UK for 23 years. I rarely get homesick. But last weekend it hit me hard. While I’m not packing my bags just yet, I realise that many expats eventually do. Thinking of returning to the UK? Prepare yourself to face a unique set of financial challenges and opportunities. It is always best to start planning as early as possible. Here are 10 financial action points to get you started.
Picture this: you’ve spent a lifetime building memories, accumulating assets, and nurturing relationships. Then, in a blink of an eye, you’re gone. Your life’s work, potentially left to the winds of chance. That’s the harsh reality for those who pass away without a will.
Imagine packing your bags, bidding goodbye to the dreary weather, then suddenly finding yourself slapped with an unforeseen £186m tax bill. This isn’t a fictional horror story – it’s the shocking reality British magnate Alan Sugar faced when he tried to dodge the UK tax net by relocating Down Under.
Are you an expat living in the UAE and wondering how succession laws may affect you, your family, and your assets? Look no further! This comprehensive guide will provide you with a step-by-step understanding of UAE succession law. Navigating the intricacies of inheritance can be daunting, especially in a foreign country with its unique legal framework. However, with our expert insights, you’ll gain the knowledge and confidence needed to ensure your assets are protected and distributed according to your wishes.
Are you a UK citizen planning on retiring to Greece? If so, you’ve come to the right place! In this comprehensive guide, I will ensure that you have all the information you need to make informed decisions and smoothly transition into your Greek retirement.
There has been much chatter in the press recently regarding the abolition of Inheritance Tax (IHT). However, for the time being, and for the foreseeable future I expect, it remains a thing and should be planned for accordingly. One effective way to do this is via gifting. If you make a gift during your lifetime, it becomes exempt from IHT after seven years. However, many people are unsure how to report these lifetime gifts to the taxman (HMRC).
If you are going to be living or working outside of the UK for a period of less than 5 years, you need to be sure that you don’t fall foul of HMRC’s Temporary Non-Residence Rules.
Dubai has long been a popular destination for expat professionals. However, back in 2018, the authorities in Dubai decided that they wanted to encourage retirees to live there too. So they launched a Retirement Visa. From tax exemptions to healthcare benefits, the retirement visa is a comprehensive package that guarantees a comfortable retired life in Dubai. But with so much information available online, it can be overwhelming to navigate the ins and outs of the retirement visa.
Depending on when you retire and how long you live, your retirement could potentially last for 3 decades or more. However, most retirements can be broken into three stages, each of which is typically 5-10 years in length. Furthermore, each stage has its own spending characteristics. Understanding these stages can help you feel more comfortable in knowing what your spending in retirement may look like.
Did you know that selling a UK residential property while living abroad can trigger a capital gains tax (CGT) bill, even if you are a non-resident? According to a recent survey conducted by Experts for Expats at the end of last year, 23% of British expats are considering selling their UK property, with the majority looking to use the equity to support their retirement.
For British expats moving or living abroad, there are many traps and pitfalls in the UK’s complex tax regime to be aware of. Based on my experience, these are the top five tax mistakes, assumptions and statements that are made, and how to avoid making them.
In the Spring Budget of 2023, the UK Chancellor of the Exchequer, Jeremy Hunt, announced that the pension Lifetime Allowance would be scrapped. This decision was totally unexpected and has significant implications both for pension savers in the UK and those of us who live overseas and retain UK pensions.
Inheritance tax (IHT) is a concern for many expats who retain a connection to the United Kingdom (e.g. domicile), as it can significantly impact the wealth passed down to future generations. However, with proper planning and the right strategies, it is possible to mitigate the burden of inheritance tax.
Morgan Housel’s book, “The Psychology of Money,” is one of my favourite books about money and investing. It is a must-read for any expat looking to gain a better understanding of their personal finances. Here are some of the key lessons to take away from it:
Welcome to my comprehensive review of “Millionaire Expat: How to Build Wealth Living Overseas” by Andrew Hallam. He is a staunch advocate for financial independence and international living. In this ground-breaking book, he takes us on a captivating journey that challenges conventional wisdom and explores the possibilities of achieving financial independence while living abroad. Let’s get stuck in!