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Expat Network Newsletter – June 2021

Welcome to Expat Network’s June 2021 Newsletter

We have a diverse audience of people in the Expat Network and we aim to provide information that will be useful to people planning a move abroad as well as those already living abroad. We plan to send out one newsletter a month in future covering a wide range of topics. We hope that many of these will be relevant to you but recognise that not all can be relevant to everyone.

This month we start with a survey looking at the best places for expats to live in 2021 and another looking at the most expensive cities in the world for expats.

We also have a study looking at the impact of Covid on expats’ mental health.

Another impact of Covid has been the increase in the use of video interviews and we look at how to be successful in this different way companies are using to select candidates.

Brits moving to the EU may need to reinvest their assets in order to meet EU residency visa requirements and establish permanent homes in EU countries.

For those considering a move to the US we have series of articles looking at different parts of the country and an article about the importance of choosing the right financial adviser to deal with cross-jurisdictional issues. For those moving the other way we look at estate planning for US citizens living abroad and the risks to your IRA and 401(k) if you no longer live in the US.

A move to Australia has been difficult during the pandemic. We have an article from Interstaff setting out the Australian government’s current priorities for visas.

Turning then to financial issues for expats we have Currency Index’s monthly update on the forex market and Blevins Franks look at whether post-Brexit British expats’ pensions are subject to Spain’s wealth tax.

For those with UK property rental income we look at the potential to use the Marriage Allowance to reduce UK tax.

The Best Places To Live For Expats In 2021

Hot off the press, InterNations’ yearly ranking for the best places to live for expats is out! They surveyed over 12,000 expats living in 59 countries to come up with a ranking of the most expat-friendly countries. The cost of living, ease of settling in, and overall quality of life are just a few of several criteria InterNations looked at. Here, our friends at Pacific Prime will reveal the top 3 best places to live and work abroad in 2021, and why expats are drawn to them.

5 Most Expensive Cities In The World For Expats In 2021

If you consider yourself to be an expat who loves to splurge and live on the finer things in life, then this article is for you. According to Julius Baer’s Global Wealth and Lifestyle Report 2021, the most expensive cities on the planet are concentrated in the Asia Pacific region. Here we look at the five most expensive cities and why they are indexed so high.

Research Study: How Has COVID-19 Affected Expats’ Mental Health?

For mental health awareness week 2021, William Russell surveyed over 1,100 expatriates in five countries to reveal some worrying stats about expat mental health. Expat Network is publishing the results here that highlight the unique challenges faced by 66 million people worldwide living as expats.

How To Nail The Video Interview

Technology and connectivity are a gift to the modern day expat, presenting them with a way of communicating globally – regardless of their geographical location. And, with video interviews now being carried out by almost 80% of employers thanks to the pandemic and implementation of lockdown restrictions, global job seekers now have more opportunity than ever to get a foot in the door of roles beyond their geographical location.

British Expats May Need To Reinvest To Gain EU Residence Visas

British expats may need to reinvest their assets in order to meet EU residency visa requirements and establish permanent homes in EU countries. Applicants must show that they and their dependents have incomes sufficient to prevent them becoming a burden on the state. What constitutes both ‘income’ and ‘sufficient income’ varies from one country to another. Unfortunately, many popular expat investment structures do not generate ‘sufficient income’.

Moving To America

For those of you considering a move to the US or if you are just interested reading about these areas we have a series of articles highlighting the attractions of different parts of the country:

Expat Guide To Living In New York City

Brooklyn NY Is One Of The Best Neighborhoods For Expats

California Cities That Offer A Great Expat Lifestyle

Why Foreigners Love Florida

8 Best Places In America To Live And Retire For Outdoor Lovers

Best Cities In The US For Expats

You can also download our Guide To Living In America for guidance on the issues you will need to address as you plan your move.

Choosing An Appropriate Advisory Firm For British Expats In The USA

Cross border USA/UK financial advisory services is a highly specialised area within the financial services industry. The point of this, brief, article is to ensure that you and the firm you are considering engaging have the knowledge, expertise, and capability to offer you a full service.

Estate Planning For U.S. Citizens Living Abroad

Let’s face it, estate planning can get quite complicated, especially if you are a U.S. citizen living in a foreign country. There are tons of different legal procedures you have to follow and documents you have to prepare, and let’s not forget the two different sets of taxes and regulations you must comply with. It’s no wonder most people tend to avoid planning their estate until absolutely necessary.

Is Your 401(K) Or IRA At Risk If You Don’t Live In The USA Anymore?

As working from anywhere becomes more and more acceptable globally, it is understandable that many US citizens are opting for working or living abroad. Many large US financial institutions and pension providers reviewed the complexities of servicing US clients living abroad with bespoke solutions and ultimately decided to cut ties with international accounts. Many banks followed suit, with some prompting their US clients to close their accounts once it became clear that they will be leaving or have already left the USA.

Permanent Skilled Migration In Post Pandemic Australia

Over one year on from the start of the pandemic, the Australian Government remains focused on the nation’s post-pandemic recovery. One trend that has emerged is a priority for visas that drive economic growth and investment – including Employer Sponsored Permanent Residence Visas. Interstaff update you on which visas are prioritised.

Currency Markets Stuck In Limbo

Currency Index provide their monthly currency update and report that the last month on the currency markets has been something of a continuation of the previous couple of months. The majority of the major currencies have been stuck in limbo, pending further opening of the world’s economies from Covid restrictions..

Do UK Pensions Now Attract Wealth Tax In Spain?

One potential effect of Brexit for Spanish residents is that some UK pensions may now fall into the Spanish wealth tax net for the first time. Generally, Brexit has not affected the tax treatment for UK nationals settled in Spain, as the UK-Spain double tax treaty determines how Spanish residents are taxed on UK assets. However, there may be a change in the way UK pensions are treated when it comes to Spanish wealth tax. Jason Porter of Blevins Franks explains.

How Landlords Can Save Tax With The Marriage Allowance

In the UK, landlords are able to save tax by sharing the Personal Allowance of their lower-earning spouse. This way, they can maximise the total household’s take-home pay without falling foul of the taxman. However, there are strict rules. And it’s for this reason that we’ve asked Mike Parkes from GoSimpleTax to explain the Marriage Allowance below, along with how landlords can qualify.

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