3 Of The Best Mortgage Providers For Non Residents Buying Property In Spain

Spain is generally regarded as being an expat friendly country, and indeed it is, but if you are not a permanent resident in Spain (and here is a guide explaining how you can become one) then obtaining a mortgage to purchase a property in the country can be tricky.

Tricky, but far from impossible. Whilst some lenders are not open to borrowers from overseas, others are more than happy to help foreigners finance property purchases. But, if you are an overseas buyer, or even a Spanish person living abroad, then you can expect to pay higher interest rates on your mortgage. Read more “3 Of The Best Mortgage Providers For Non Residents Buying Property In Spain”

Singapore Claims Top Spot In HSBC Expat Explorer Survey For Second Year Running

We are big fans of the “Lion” City State Singapore here at The Money Cloud. Ever since spending a fortnight there in the summer of 2017, we’ve been blogging about its history, business environment, culture, and smorgasbord of activities and entertainments the city teems with.

It’s also a haven for the world’s rich and wealthy; the “made-it” or “making-it” class who find Singapore’s always-on, hard working and uber-disciplined business culture very much to their tastes (as well as the super stylish malls, country clubs and man made Sentosa beach – the most Southerly tip of Asia). It is rumoured that roughly one in every three Singaporean citizens is a millionaire.

In all respects, Singapore is a state that punches above its weight, so perhaps it’s hardly surprising that The Lion State has retained its spot at the top of HSBC’s rankings, in the 2018 version of its 2018 Expat Explorer survey.

Reflecting the cosmopolitan nature of the survey, New Zealand places 2nd this year, and Germany third. Three contrasting countries, each with different strengths and weaknesses; it just goes to show that expats relocate for all kinds of reasons; work, family, romance, adventure, escape; and what suits one type of expat explorer may not suit another.

Canada and Bahrain take spots 4 and 5 on the list. Both are traditionally popular destinations for expats, and again for contrasting reasons. Bahrain ranked number 1 in Internations’ comprehensive analysis of all things expat related, thanks to its friendly environment, high quality infrastructure and job security, whilst Canada offers first-world living in beautiful surroundings, plus an eclectic culture and stable political environment.

Completing HSBC’s Top 10 are Australia, Sweden, Switzerland, Taiwan, and the United Arab Emirates.

Before we take a deep dive into selected countries next week, let’s examine what makes Singapore the outstanding expat destination in HSBC’s eyes.

The split of male to female amongst Singapore expats is 60/40, and the vast majority (56%) are aged between 36-54. On average, expats earn in the region of $221,500 SGD, which works out at approximately $160,000 USD – one of the healthiest wage packages on offer for expats anywhere in the world.

Although Singapore boasts outstanding cultural, social and family life, inevitably, when it comes to the reasons why expats make the move there, career progression comes first. Singapore rewards hard work and dedication and its entire culture is designed to give individuals the greatest chance of personal success.

Living and working in Singapore is in every sense a challenge, that expats must embrace. Finance, consulting, trade, and hi-tech are the dominant industries, but Singapore is also embracing start-up culture, and most notably fintech, with the Monetary Authority Singapore (MAS) having built bridges with countries and cities all over the world, from London, to Sydney, to the Caribbean.

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

Overseas Weddings: Thinking Of Getting Hitched Abroad? Here’s How Much You May Have To Pay

There is a hopeless romantic inside every one of us, and if ever there is a perfect time to give it free rein, it’s your wedding day. How much will a dream overseas wedding set you back? At The Money Cloud we have carried out some research on your behalf, to make sure you have the “perfect figure” in mind for your big day. Read more “Overseas Weddings: Thinking Of Getting Hitched Abroad? Here’s How Much You May Have To Pay”

Where Do All The Millionaire Migrants Go? New Report Reveals All, Including UK’s Abandonment Issues

When things starts to go wrong for a country, economically, politically, or socially, its wealthiest citizens are usually the first to know, and also the first to jump ship and migrate somewhere else, research from AfrAsia reveals.

The bank recently published its Global Wealth Migration Review for 2018,  in which it argues that a trend of departing millionaires, billionaires, and mass affluents, is nearly always a sign that a country fortunes could be in decline. According to the reports authors:

“If a country is losing a large number of HNWIs to migration, it is probably due to serious problems in that country (i.e. crime, lack of business opportunities, religious tensions etc.). Conversely, countries that attract HNWIs tend to be very healthy and normally have low crime rates, good schools and good business opportunities. “

Unlike ordinary immigrants, who can be perceived by some sections of society as taking a toll on public services and claiming benefits without contributing enough to a country’s infrastructure and society in return, wealthy immigrants are generally welcome as they very rarely take jobs from locals, and almost never claim benefits, preferring to educate their children privately, use private healthcare, and pay for their own housing.

The report goes on to suggest that “in our view, the only possible negative of taking in a wealthy person is that they can push property prices up to levels that locals cannot afford.” Some might take issue with this statement, arguing that a wealthy immigrant could have the power to upset social norms, influence local politics, or deny locals access to public land by buying it up; such circumstances have pushed New Zealand, for example, to introduce a law preventing foreigners from buying property in the country (but not before some notable Silicon Valley billionaires bought huge estates in the country and even claimed citizenship).

Of the world’s 15 million High Net Worth Individuals (HNWIs), AfrAsia calculates that some 95,000 migrated in 2017. Their preferred destination? Australia, which attracted 10,000 HNWIs, followed by the US, 9,000, Canada, 5,000, and the United Arab Emirates, 5,000. The Caribbean, Israel, Switzerland, New Zealand and Singapore all attracted more than 1,000 wealthy immigrants.

In terms of net outflows, more wealthy Chinese left their country of birth than any other, although given China’s vast population of more than 2 billion, this represents a tiny percentage of the population, and may not reveal much about the state of the country’s economy, although it is worth remembering that the Chinese government has recently imposed strict controls on Chinese moving money overseas, which may have prompted some HNWI’s to skip town altogether.

Australia represents a convenient location for Asian HNWI’s as it puts them near to the original source of their wealth, has low inheritance tax, is safe, and provides a high standard of living. Compared to the US, AfrAsia notes, wealth has grown 83%, versus 20%. That said, the US is described as a “steady performer” when it comes to attracting the world’s wealthiest immigrants, and Australia is sometimes regarded as being too much of a “nanny state”, with complex rules and regulations, by some HNWIs.

In the UK, traditionally an attractive destination for incoming HNWIs, the country experienced its first ever net outflow in 2017, with some 5,000 wealthy citizens leaving, and only 1,000 HNWIs arriving. Factors that have affected this trend reversal may include the introduction of new taxes for non-doms, high inheritance taxes, rising crime, and, of course, the threat of Brexit.

AfrAsia cited the main reasons for HNWIs decision to migrate to be schooling, financial problems, lifestyle, safety, work and business opportunities, taxes, healthcare, religious tensions and overall standard of living.

This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.

3 Expat Friendly Destinations To Consider Now That Winter Is Here

Now that the light is starting to fade and the temperature is dropping across the UK and Europe, it may be as good a time as any to reimagine those dreams of emigrating abroad.

Many of us have thought about, or perhaps been given the opportunity to relocate abroad. Whilst there are many good reasons; children at school, family at hand, the language barrier; to name a few, not to take the plunge, there are just as many persuasive reasons why 2019 might be the perfect year to seize the opportunity for a new and revitalising life experience.

To get you started, let’s look at 3 destinations that contain an enticing blend of culture, opportunity, and life-learning. Read more “3 Expat Friendly Destinations To Consider Now That Winter Is Here”

More UK Citizens Living Overseas Than Any Nation In EU, WEF Reveals

Brexit backlash may have damaged the UK’s reputation for cosmopolitanism, with the referendum result blamed in some quarters on an anti-immigration agenda, but surprisingly, it is Britain that leads the way when it comes to migrating overseas, according to data from the World Economic forum. Read more “More UK Citizens Living Overseas Than Any Nation In EU, WEF Reveals”

Seen A Spanish Property You Love & Hoping To Make An Offer? First Add 15% To The Price. Here’s Why

The spike in temperature here in the UK will provide food for thought for anybody who has been considering relocating, or acquiring a property in Spain. There are two ways to look at it. Read more “Seen A Spanish Property You Love & Hoping To Make An Offer? First Add 15% To The Price. Here’s Why”

The Non-Dom Tax Rule: Understanding Remittance vs Arising Taxes (& How It Could Save World’s Best Footballers Millions)

The world’s best footballers tend to earn jaw dropping sums of money, and their tax affairs tend to be complex, to say the least. In the past couple of years, in Spain, several, including Lionel Messi and Cristiano Ronaldo, who play for Barcelona and Real Madrid respectively and together share the mantle of “world’s best footballers” have tangled with the Spanish tax authorities over undeclared income. Read more “The Non-Dom Tax Rule: Understanding Remittance vs Arising Taxes (& How It Could Save World’s Best Footballers Millions)”

Tempted To Move Abroad? UBS Reveals List Of Most Expensive Cities For Expats, & Some Of The Best Priced

Life as an expat can be full of surprises; a new culture to learn, surroundings to explore and barriers to overcome. Amidst so much uncertainty, if you are planning to make a big move overseas but have not yet decided where, or want to get the lowdown on your destination of choice, UBS’s latest Cost Of Living Around The World report may well have the answers you are looking for. Read more “Tempted To Move Abroad? UBS Reveals List Of Most Expensive Cities For Expats, & Some Of The Best Priced”

Singapore, The Lion City With The Wow Factor, Offers Unforgettable Experiences For Everyone, Starting With These 100!

Jen reviews fantastic guide to 100 things to do and experience in Singapore reminds me of my first visit to this incredible city state, almost exactly a year ago, writes The Money Cloud’s Edmund Ingham  Read more “Singapore, The Lion City With The Wow Factor, Offers Unforgettable Experiences For Everyone, Starting With These 100!”

Grand Prix Aside, The Most Sought After Prize In Monaco Is Citizenship By Investment

I recently returned from an event of bucket-list ticking importance in my life. It may have “only” been Thursday Free Practice, it may have been the cheap seats (home straight, watching the cars come blasting out of Anthony Noges, the last corner) but my brief and surprisingly affordable experience of the 2018 Monaco Grand Prix is definitely one that will stay with me for a long time. Read more “Grand Prix Aside, The Most Sought After Prize In Monaco Is Citizenship By Investment”

Medifinance Partners With The Money Cloud To Help Medical Professionals Discover The Best Deals On Overseas Money Transfers

London, May 15th

Medifinance, the Intelligent Financial Lender for Healthcare Professionals, and The Money Cloud, an award-winning provider of international money transfer price comparison, are delighted to have agreed a partnership to supply medical professionals with a real-time, sophisticated and reliable overseas money transfer solution. Read more “Medifinance Partners With The Money Cloud To Help Medical Professionals Discover The Best Deals On Overseas Money Transfers”

Spain Most Popular Destination For UK’s 0.8m Expats In EU, But Australia and New Zealand Attract Majority of Brits Living Abroad

When it comes to relocating abroad, British citizens certainly seem to know what they like, and stick to it, if data released by the Office for National Statistics last week is to be believed. Read more “Spain Most Popular Destination For UK’s 0.8m Expats In EU, But Australia and New Zealand Attract Majority of Brits Living Abroad”

Overseas Buyers Of Prime UK Properties Are On The Rise, As Investors Start To Look Beyond London

Exclusive London properties are selling at their biggest discount to asking price in over a decade, and attracting more foreign buyers, particularly from the Middle East, than domestic ones, according to research from Hamptons Property Agents.

The trend looks to be spreading beyond London, too; research from Knight Frank released in February this year suggests that very nearly half of all country estates in Britain with a value above £5m were sold to foreign nationals in 2017. Read more “Overseas Buyers Of Prime UK Properties Are On The Rise, As Investors Start To Look Beyond London”

Deconstructing The Luxury Property Market; From High End Hong Kong To The “Clamour For Glamour” In Canada

According to a recent report from auction house Christies, investigating the state of the luxury property market in 2017, the world’s most expensive property can be found in Hong Kong; purchased in 2016 for an eye-watering $270 million dollars. Read more “Deconstructing The Luxury Property Market; From High End Hong Kong To The “Clamour For Glamour” In Canada”

Sun, Stability & Growth; Why The Spanish Property Market Is Hottest Destination For Overseas Investment In Europe

What is it that makes Spain such an inviting destination for those looking to emigrate abroad?

Is it the climate, which, at its best, is the envy of the world? Read more “Sun, Stability & Growth; Why The Spanish Property Market Is Hottest Destination For Overseas Investment In Europe”

3 Ways To Transfer Money Overseas That Won’t Hurt Your Bank Balance (Plus 3 That Will!)

From overseas weddings, to purchasing property abroad, to sending money to contacts or family members living in a different country, international money transfer is a reality that most of us will face at some point in our lives, and for many of us, it’s a regular occurrence.

So it’s a good idea to get to grips with the basics of sending money overseas. In today’s tech savvy world it is easier than ever to arrange an overseas money transfer, but finding the best deals can be a little trickier. Read more “3 Ways To Transfer Money Overseas That Won’t Hurt Your Bank Balance (Plus 3 That Will!)”

Entrepreneurs & Digital Nomad’s Are More Than Welcome In Perfect Paris’ Coworking Cafés

In late February, Edmund Ingham, The Money Cloud’s PR and Content Manager, spent a week in Paris exploring the city from the Digital Nomad’s perspective

Ooh la la! Let’s start with a cliché, because the cliché I had hoped to explore, that Paris is at its most remarkable in springtime, will have to be postponed until after the twin furies of the Beast from the East and Storm Emma have stopped battering the towns and cities of Europe.

Yes, Paris last week was just as cold as London, if not quite as dramatic in terms of snowfall or stranded commuters. Paris, it turns out, holds up remarkably well whatever the weather. Read more “Entrepreneurs & Digital Nomad’s Are More Than Welcome In Perfect Paris’ Coworking Cafés”