Expat Money Newsletter - November 2018

Welcome to the Expat Money Newsletter for November.

Private health insurance is important wherever expats live and work, but in some parts of the world you will not be able to live and work unless you can show that you have adequate private medical insurance. We set out where you will have to prove you have health cover to get a visa. The costs of healthcare seem to increase relentlessly. Pacific Prime in their 2018 report on the Cost of International Health Insurance set out the costs by country.

We also keep you up to date with the latest issues for expats in managing their money.

The Expat Network Team

expats@expatnetwork.com

Where is Expat Health Insurance Mandatory?

When living or working abroad one of the major issues to be addressed is healthcare. Ensuring you can access quality healthcare is essential whether you are working or retiring abroad. In many countries you can access the state healthcare system if you are a resident of that country, but there may be conditions before you qualify. Brexit is bringing this issue to the fore for British expats in Europe.

In some countries health insurance is becoming a mandatory condition of entry to the country. Without proof of the correct insurance coverage entry will be refused.

Why Does Your Expat Health Insurance Premium Go Up Each Year?

Expats generally seek comprehensive health insurance coverage to gain access to quality medical treatments wherever they are. The costs of international private medical insurance (IPMI) vary drastically in different countries. Pacific Prime in their annual Cost of International Health Insurance report have gathered data on insurance costs in 100 countries from seven global insurers to rank the most expensive countries for IPMI. They have also set out the factors that are driving health costs ever higher.

The Importance Of High Risk Insurance Cover

As businesses work hard to expand internationally and expats choose to travel further afield to counter the impact of the challenges they are seeing in many of the more traditional and domestic markets, there has been a marked increase in international travel for business and work to more remote and austere environments with the hope of finding new opportunity and less competition in these far flung corners of the developing world.

And, while the cost of long haul air travel to get there has become more affordable many businesses and individuals alike are experiencing the significantly increased risks and hazards to health, wealth and personal safety that so often come along as part of the pioneering and frontline opportunities! Having the right insurance to cover these risks is increasingly important whether you are a company, contractor or expat.

Update On The Spanish Local Tax “Plusvalía Municipal”

There is a local tax in Spain chargeable on the Increase in the Urban Land Value (“Plusvalía Municipal”) when the land is transferred. This mandatory municipal tax has been the subject to cases that question whether the tax is enforceable where there is no genuine gain or even if it is enforceable at all. B LAW & TAX, International Tax & Legal Advisors, have advised on the recent cases and the current position with this tax.

Best Savings Rates In Expat Banking

The best current offering for sterling offshore savers (with notice period) is Skipton International’s 1.50%, if you have £10,000 and can give 200 days’ notice of withdrawals.

If you can leave your savings untouched for three years. Skipton International offer 2% annually over this period for a £10,000 minimum. You can match this rate if you leave your savings untouched for five years, Conister Bank also offer 2% annually for a minimum of £5,000.

For dollars, Standard Bank pays 1.20% for $10,000 or more, with 196 days’ notice.

Your Free Guide To Living In Spain

Spain is a country rich in heritage with beautiful scenery, bustling cities, wild coastlines and sunny island outposts. No wonder it is the most popular destination for expats planning to retire abroad as well as for people planning to invest in a second home. Whether you are planning to retire, buy a second home, take up a temporary visa to work, set up a business in Spain, there are many issues to address before you go. Make the transition work better with this free-to-download, full-colour guide. Your Guide To Living In Spain provides you with guidance on the issues you will need to address as you plan your move.

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Expat Network circulates a Jobs newsletter every month, the latest looking at tips for getting the best flight deals and examining some of the issues to consider when assessing a salary abroad. If you have missed the latest newsletter you can view it by clicking below.

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