Fintech PR
At least 23% of British expats are considering selling a UK property due to current cost of living crisis: Experts for Expats reports
LONDON, June 30, 2023 /PRNewswire/ — Experts for Expats’ recent cost of living survey has revealed that 23% of people living abroad are considering selling their UK property as a result of the ongoing cost of living crisis.
The survey, which was conducted at the end of 2022, asked 200 people with UK connections how the ongoing cost of living crisis was affecting their immediate and future plans.
Of the people considering selling a property in the UK, 72% of them are also receiving an income from UK property and 67% are now looking to use the equity to support their retirement.
In addition to expats’ plans to sell one or more UK properties, the survey also revealed that nearly 90% of expats aren’t using currency exchange services to transfer their UK income abroad. This is despite 22% of people living abroad receiving £50k or more per year from UK sources, leaving them exposed to bank charges and continuously fluctuating exchange rates.
While leaving money in the UK can ensure expats aren’t exposed to fluctuating exchange rates in quite the same way, 9% of people receive their UK income in foreign bank accounts meaning they are exposed to both bank charges and the currency exchange rate of the day.
Almost half of all people surveyed say that they have been negatively impacted by the devaluation of GBP since the Brexit vote in 2016 and the significant devaluation of GBP in autumn 2022.
To put the impact of currency exchange rates into context, in 2022, the exchange rate between GBP and EUR fluctuated between 1.21 and 1.08. Therefore, selling a property for £250,000 could result in a difference of €32,500.
Max Huseyin, Senior Account Manager at Moneycorp, emphasised the importance of getting expert financial help saying “It’s imperative to seek advice about currency exchange whether your transferring regular smaller sums or much larger amounts, such as when buying or selling a property. Transferring funds from bank to bank leaves you exposed to bank charges, which can cost up to £450 per year, as well as exchange rate fluctuations costing potentially thousands of pounds.
“Currency exchange companies can not only offer expertise and guidance, but also offer a range of tools and services – for example, setting a forward contract which locks in the rate for two years or sourcing the competitive exchange rates from our panel of 16 liquidity providers – which can help you mitigate damaging economic situations out of your control.”
Selling a UK residential property while living abroad can also attract capital gains tax, even if you are a non-resident. The Experts for Expats survey also highlighted that 61% of people aren’t aware that capital gains tax may be due or that a non-resident capital gains tax return must be filed.
For Jamie Favell, Partner at Tax Advisory Partnership, this is a far too common scenario. He says: “Lots of expats sell their properties and become aware of their non-resident capital gains tax obligations too late, incurring late filing penalties and facing unexpected tax liabilities.”
“This situation seems to be more common for people who left the UK and moved abroad before 2015 when the new non-resident CGT rules were introduced, and they simply weren’t aware of the change and have not been made aware of the changes by their solicitor or estate agent.”
“Expats also need to be careful to ensure they are reporting the sale of their UK property correctly in their country of residence, to avoid further problems there too. If there is tax payable locally, then they may be able to claim a credit for any UK tax payable reducing the overall tax due.”
This is particularly relevant for people selling a UK property as the tax deduction will not only hit their equity, but any tax due has to be reported and paid to HMRC within 60 days of completion.
Robert Hallums, Founder of Experts for Expats, is concerned that expats are making decisions which could exacerbate the cost of living crisis even further. He says: “The results of the survey are deeply concerning. It’s simply not enough to hope that selling a UK residential property is the same as when you live in the UK as when you live abroad.”
“There are so many potential factors to consider that you must seek advice from specialists to ensure the sale not only goes smoothly, but also maximise your income and eliminate unnecessary costs – especially if you are planning to use the funds to re-invest or support your retirement.”
To download the full report, please visit: https://www.expertsforexpats.com/expat-resources/spotlight-on/british-expats-cost-of-living/
Experts for Expats is a unique online service which provides free introductions for people around the world looking for help with complex, multijurisdictional financial matters. Since launching in 2012, we’ve built an extensive network of trusted professionals who share our values of integrity and honesty and who provide a range of specialist expat services, including tax, currency exchange, wealth management, insurance and mortgages.
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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