ExpatExchange got some ink from the New York Times on Wednesday, in an article about Making a Move Abroad, and Working There, Too:
There’s a wide range of jobs that globe trotters may consider. Of course, there’s the possibility of accepting contract assignments from former employers. And there are often positions available to teach English, work as a translator, lead English-speaking tours, or work at hotels that cater to English-speaking travelers, according to Betsy Burlingame, founder of ExpatExchange.com, a leading Web site on international living.
This is a great article, as it covers a trend that is unlikely to change: people will need to work later into life. I think those that are able are likely to find a way to enjoy it, too – if you don’t have a choice, why let it ruin your life? Retiring abroad is adventurous and offers great opportunities – international experiences – that can’t be had at home. It won’t always be fun and games, but what is? So many people don’t have a choice, or they want to move overseas, and they are finding fun, rewarding lives abroad.
An agreement has been reached that has clarified just how much money Cypriots and expats living in Cyprus are going to lose to what is described as a “one-off levy.” Sure it is. So now they’ve gone from “we’d never do that” to “we’re only going to do this once?” Good luck:
British expats with savings under £85,000 have been spared from being taxed by the Cypriot government in a last-minute EU deal.
But it means that any of the island’s 60,000 British expats who break the threshold will be subjected to the compulsory one-off levy.
Cyprus was saved from a banking system collapse and bankruptcy in the early hours of Monday morning when eurozone ministers agreed a draft rescue package of £10 billion euro (£8.5 billion).
The UK Government has previously said it will only compensate British armed forces personnel left out of pocket.
So is this some kind of magic bullet that is actually going to save the Cypriot economy? I Would love to read the evidence that demonstrates what exactly is going to be done to produce different results.
British expats in Cyprus? Not happy these days. Not happy at all. The recent move to syphon off funds from depositors in Cyprus has ensnared British expats along with native Cypriots:
British expats in Cyprus and the British press have reacted angrily at proposals to force depositors to share in the bailout costs for Cyprus banks.
Britain has close ties to the island nation and Cyprus was a crown colony of the British Empire until 1960. Roughly 3,000 personnel from the British Armed Forces are based on the island for strategic reasons.
British expat Jean Stark said: “It was a huge shock. We hadn’t expected it all as it hasn’t happened in any of the other countries that have been bailed out.”
The deposit levy is set to hit 60,000 British expats and around 170 million pounds ($255 million) in their savings.
The article includes a quote from U.K.’s Finance Minister that indicates government related personel will receive compensation, but all other Brits are out of luck. You can guess the reactions of expats and the media, which are also noted.
Expat Finance is critical when anyone moves abroad, and this latest event only highlights how those that think they have planned wisely can still be caught off guard.
Expats in Asia are getting after home brewing and helping to introduce the craft to places such as Hong Kong and mainland China and Singapore. The article, from WSJ.com, also notes that the practice is outlawed in Malaysia completely.
In a handful of spare bedrooms in high-rise apartments all around Hong Kong, the yeast has been hard at work.
The results were sampled last weekend at the city’s first-ever homebrewing competition, where 16 mostly expatriate beer aficionados came bearing bottles of carefully concocted inebriants…
Until recently, homebrewing barely existed in Hong Kong, a city better known for its robust wine scene. But a nascent interest in craft beer among Western expats has brought more exposure to brews from the U.S., U.K. and beyond.
I found it odd that Japan would be one of the nations that would have relatively strict management, with a limit of only 1% alcohol by volume.
Overall, I think it’s great that expats are finding a great hobby to pursue while living in another country. There are a lot of expatriates that have trouble adjusting to life abroad, and this could be a great distraction for someone while they settle into a new culture. In addition to providing some sense of home, it likely also offers the potential to connect with other people trying there hand at the home brew craft. And when just one friendship can make all the difference in a cultural transition, it is easy to see how home brewing can really be a positive for expats!
The U.S. government continues to pursue offshore accounts in conflict with its tax laws. There have been billions recovered
After getting a guilty plea from Switzerland’s [UBS], which was ordered Monday to pay a total of $74 million for violating U.S. tax laws, federal investigators have fresh momentum thanks to leads gathered from interviews with confessed tax cheats…
…Monday’s order by a federal judge in New York against Wegelin & Co., which admitted it turned a blind eye to tax evasion allegedly committed by its American customers, marked a key victory in the crackdown efforts.
U.S. officials now are shifting their focus to other banks in Switzerland and other countries, ranging from sprawling giants to niche providers of offshore accounts to taxpayers with dual citizenship, according to lawyers representing some account holders.
“They saw the money moving out of UBS and into Wegelin, and now they are looking to see where else it is going,” says Mr. Matthews.
Several Israeli banks have asked customers who are U.S. citizens or hold green cards to provide their Social Security or taxpayer-identification numbers if they want to keep their accounts open, say lawyers involved in the cases.
This has been a four year story, as the above WSJ.com article indicates, in which the U.S. government has changed its approach and gone hard after citizens abroad by redefining the rules of the game. This is something that is ramping up, and not something that is going to change without wholesale change of the U.S. tax system. U.S. citizens abroad should be well aware of the tax laws and get professional advice to ensure they don’t end up on the wrong end of this trend (or not trend, errr permanent change?).
If you’re Irish and looking to Work Abroad, what country are you likely looking at? Well, if you believe the scuttlebutt at the Working Abroad Expo in Dublin, Canada is held in high regard for those seeking to hop the pond:
The recurring motif of this weekend’s Working Abroad Expo at Dublin’s RDS was the maple leaf, with many attendees saying they were looking for the chance of a new life in Canada…
Michelle Noone from Caltra in Galway, who was there with her husband Declan, said they were going because “we can’t see things getting any better here.” But there were also those who said they were going out of choice. Ruth O’Neill (25) from Dublin, an employed chemical engineer, said she was looking forward to the chance to live and work abroad.
Johanne Doucet, of building company LaFarge, said they had received over 100 applications for 10 assured jobs, adding that the company’s “big problem” was that it had too many applications.
Obviously the ongoing economic climate remains a significant challenge for many business environments. It’s interesting to see people discuss their motivations for moving abroad. For some people it’s a wise career move, while others feel that the writing on the wall isn’t encouraging enough at home to forgo an opportunity to move abroad.
Many people that live, work or study abroad end up with a desire – even a need – to live abroad to continue their international experience. A recent article on the website of the Daily Pennsylvanian, a student run, independent newspaper for the University of Pennsylvania, covered international students that want to work abroad after they graduate:
For some Penn students, studying and interning abroad is just the tip of the iceberg.
According to the Career Plans Survey for the class of 2012, 9% of College graduates said they would be working internationally. This included 42 American students working abroad, as well as international students leaving the United States for employment. Kelly Cleary, a senior associate director at Career Services, said that starting a career abroad is becoming more common.
Cleary is currently writing a dissertation about working abroad and career development, and her “research findings show that it opens up career opportunities for people … [and] can give students a competitive edge in their long-run careers because it’s a global economy now.”
It’s a helpful article for anyone who is considering a career abroad, but it’s also interesting to read about how many college students have expectations and/or a desire to work abroad. It’s a “go where the opportunity is” attitude, and that makes a lot of sense in an environment where young people are finding it hard to find work.
Italy’s talent is once again moving abroad, according to a recent article on Yahoo!. These expats have turned to other nations to find a better environment for their respective industries:
For more than a century unskilled Italians have gone abroad to escape poverty, but these days the people running for the exits are among the country’s top brains.
A growing wave of technologists, researchers and entrepreneurs is flowing away from the motherland. Few think this weekend’s elections will do much to alleviate the gloom.
“I am Italian and I love Italy. But every time I come back to visit, I see the country is sliding a little further back,” said Andrea Ballarini, an economics graduate who left for the U.S. West Coast nearly three years ago…
“My business partner and I bought a ticket for San Francisco. We just wanted to check Silicon Valley out. We never came back,” said Ballarini, who was won over by the pro-business atmosphere of the West Coast and now runs a virtual business fair platform called HyperFair.
Wow! Did someone just call California pro-business? Hopefully he means the environment among fellow entrepreneurs, because he sure can’t mean the tax environment. Wonder how the taxes in Italy compare to the taxes in California? Are the taxes in Italy so repressive that they’re more business friendly than California?
The trend of Americans working abroad ditching their citizenships, according to a recent article on Time.com.
Why is Tina Turner switching from American to Swiss citizenship? The legendary singer, a longtime Zurich resident, told the Blick newspaper that she has been very happy in Switzerland and “can’t imagine a better place to live.” But some observers believe she may be one of thousands of American expatriates who have taken the drastic and irrevocable step of giving up their citizenship because of what they consider to be the unjust and discriminatory taxation practices of their government…
According to government figures, nearly 1,800 Americans relinquished their passports in 2011, a process that requires a special application and a $450 “exit fee.” True, that number is just a drop in the bucket, considering that an estimated 6 million U.S. citizens currently live abroad. But the numbers are growing dramatically — a sevenfold increase since 2008, and that is not counting thousands of applications waiting to be processed in U.S. consulates and embassies around the world.
The article provides some insight into how U.S. citizenship, given current tax law, can impact one’s life while living abroad. This include’s relationship matters, getting a mortgage, and more. Please feel free to share how U.S. tax laws have affected your life abroad.
I should also point out that it’s not just the U.S. who has made headlines when a famous expat gave up his or her citizenship. Gerard Depardieu recently renounced his French citizenship due to France’s tax laws.
Gerard Depardieu is now officially an expat. Perhaps forever?
French film star Gerard Depardieu received a hug from President Vladimir Putin and a new Russian passport on Sunday after abandoning his homeland to avoid a new tax rate for millionaires.
Putin signed a decree on Thursday granting Russian citizenship to Depardieu, who has fumed over French President Francois Hollande’s plan to impose a 75% tax rate.
Whoa! That’s one committed Frenchman… er, I mean Russian. Who else out there would renounce his citizenship to avoid a huge tax burden? Oh, that’s right… Eduardo Saverin! The Facebook founder saved himself by $39 million by expatriating to Singapore and renounced his U.S. citizenship.
Who’s next out there? Any other expats getting ready to drop their citizenship to avoid the long arm of the tax man?
(Read previous post about Depardieu’s move to Belgium.)