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A new report published by the City of London Corporation[1] suggests the lack of tax predictability in the UK is now “out of control,” and is threatening the country’s position as a leading global financial centre.
The report polled members of the banking, insurance, asset management, hedge fund and private equity communities on six factors: predictability, overall tax burden, attitude of tax authorities, network of tax treaties, complexity and cost of compliance.
Every respondent gave the UK a poor rating on predictability. It is the area where the UK fared worst compared to other countries, but which the report says is the most important factor in judging competitiveness.
The authors said surprise changes such as the introduction of the bank payroll tax and bank levy, and the increase to 50% in the top rate of income tax were creating uncertainty and changing the financial services industry’s perception of the UK. In addition, the new rates and measures meant “the UK is now seen as a high tax jurisdiction not dissimilar to continental countries.”
However, despite fears that changes to the UK’s regime would lead to an exodus of financial institutions and people to more favourable tax jurisdictions, such as Switzerland, Singapore and Hong Kong, that has not materialised in practice, at least thus far. Instead, for the time being London remains a key financial hub, attracting international investment, as well as expatriate and domestic workers.
Holding on to its position in the world as an attractive place to live and do business is the UK’s challenge going forwards. Relying on its weather as a source of appeal certainly won’t do the job!
[1] Taxation of the Financial Services Sector in the UK: Predictability and Competitiveness, prepared by Charles River Associates for the City of London Corporation, October 2010,
http://217.154.230.218/NR/rdonlyres/E3CEF4F7-479B-46B4-AB93-29DF5F673B53/0/TaxationofFinancialServices.pdf
Tags: bank, business, city, continental, countries, country, exodus, expat, financial, fund, global, Hong Kong, income, industry, international, investment, London, pay, Singapore, Switzerland, tax, UK, weather, world
The headlines this morning are full of the news that Quentin Tarantino’s Oscar-nominated film editor, Sally Menke, has been a victim of the heat wave that has hit Southern California.
Ms Menke reportedly died from heat stroke while hiking in Los Angeles’ Griffith Park on Monday. The day saw temperatures in the city climb to a record-breaking 113°F (46°C). Tuesday was cooler, reaching a high of 99°F, but that was still 17 degrees more than is normal for the time of year.
To make matters worse, the record demand for electricity as people turned up their air conditioning caused outages that left 11,000 Los Angeles residents without power.
Seeking Better Weather
You couldn’t get much more of a contrast with the weather hitting northern Europe at the moment. In the UK, we woke up this morning to cloud and heavy rain showers. More is forecast for the rest of the week.
And with October just around the corner we can hardly expect an improvement. Nope, autumn – with its shortening, squally days – has well-and-truly taken hold.
Faced with such weather conditions, moving to somewhere that promises year-round sunshine, short winters and long, guaranteed summers has an obvious appeal. No wonder places such as California, Australia and the countries of Southern Europe are so popular with expatriates.
But a life in the sun can brings its discomforts, as LA’s population can attest. And as Ms Menke’s tragic death shows, it has its dangers too.
Tags: Australia, California, death, editor, Europe, expat, film, Griffith Park, heat stroke, heat wave, LA, Los Angeles, Menke, rain, record, sun, Tarantino, temperature, UK
Finding a way to finance your life overseas is one of the biggest challenges facing prospective expats.
How can you earn the money necessary to give you the lifestyle you crave? Do you plan to transfer within your existing company, or apply for new jobs? Would you like to set up your own business, or offer services as some form of freelance contractor?
For anyone confronting these issues it is well worth seeking the advice of a professional, someone who can help clarify your ideas and guide you in the right career direction.
One such person is CNNMoney.com-featured career coach Megan Fitzgerald, the founder of Career By Choice. An expat herself, with over 15 years experience in career and business development, Megan specialises in helping current and aspiring expatriate professionals and entrepreneurs to build a satisfying career or business that allows them to get the most out of their life abroad.
Megan has just interviewed me on the pros and cons of moving overseas for her website. You can check out the resulting article, Expat Success Tips: Should I Stay or Should I Go? The Choice of Becoming an Expat, at http://bit.ly/cIOjNw.
Hope you find it interesting.
Tags: Abroad, business, career, Career By Choice, CNN, coach, company, entrepreneur, expat, Finance, job, life overseas, lifestyle, Megan Fitzgerald, moving, professional, should I stay or should I go, success, transfer
There was a documentary on British TV last week called Living with Brucie[1].
For anyone who hasn’t heard of him, Bruce Forsyth is a showbiz legend in the UK, a mainstay on Saturday prime time TV for the last 40-odd years.
And for the last 27 of those, Bruce has been married to Wilnelia, a Puerto Rican former Miss World who is 30 years his junior.
For me, what was interesting was the story of two people from different countries and cultures coming together to forge a life, and what it takes to make it a success.
Despite her fame on the Caribbean island, and the family and friends she has there, it is Winnie who has given up her homeland to be with her husband. OK, so she now lives in a mansion on the Wentworth golf estate in Surrey, with all the trappings that come from being married to a multimillionaire entertainer. But still, it must be a sacrifice.
Expat love
And it is a common tale. A survey earlier this year by health insurer Bupa International and expat web resource Expatica found one in five respondents had moved abroad for love[2]. It was a bigger reason for relocating than lifestyle choice (cited by 8% of expats), retirement (4%), weather and culture (1% each).
There is a suggestion it may be a growing trend as well. According to the survey, only 14% of expats who moved abroad 10 years ago did it for love, whereas the figure was 22% for those who relocated in the last five years.
In these situations, one member of the couple will always have to be away from home and all it embodies: family and friends, familiar landscapes, its customs and culture.
Homesickness may strike, but – short of breaking up the family – one person will have to live with the consequences.
So how do you cope?
If anyone has any personal experiences from moving abroad for love, or tips and strategies on how to make it work I’d love to hear them.
[1] Living with Brucie, Channel 4,
http://www.channel4.com/programmes/living-with-brucie
[2] One in five expats moves abroad for love, expatica.com, 11 February 2010, http://www.expatica.com/be/news/community_focus/One-in-five-expats-moves-abroad-for-love.html
Tags: British, Bruce Forsyth, Caribbean, countries, culture, custom, expat, family, Friends, home, homeland, lifestyle, love, Miss World, move abroad, multimillionaire, Puerto Rican, relocate, relocating, Retirement, TV, UK, weather, Wilnelia, Winnie, work
Alan Howard, founder of leading hedge fund Brevan Howard Asset Management, has joined the expat ranks.
Recent reports say Howard, who is swapping London for Geneva, is among a number of financial luminaries to have left the UK. And there are fears many more will follow, driven by concerns about rising tax rates, a less attractive business environment, and quality of life issues.
Certainly Geneva has its attractions. Low tax is an obvious one, especially for those wealthy City types. For example, alternative investment managers (i.e. those at hedge and private equity funds) can obtain a special tax status that enables them to discount chunks of their taxable income. Indeed, Switzerland as a whole offers many tax advantages.
Then there are the lifestyle benefits – the proximity of world-class ski resorts, sailing on the country’s many lakes, the beautiful scenery, its excellent environmental record, high quality health and education systems, etc, etc.
And that is backed up by Mercer’s 2010 Quality of Living survey, which put Geneva third in its global rankings, one place behind Zurich[1].
The flipside is that Geneva also ranks as one of the most expensive cities in the world, coming in fifth in Mercer’s recently released Cost of Living survey[2].
With a reported fortune of £875 million that won’t faze Alan Howard. Still, it might give the rest of us pause for thought.
[1] Mercer 2010 Quality of Living survey,
26 May 2010
http://www.mercer.com/qualityofliving
[2] Mercer Worldwide Cost of Living survey 2010 – City rankings, 29 June 2010, http://www.mercer.com/costoflivingpr#City_rankings
Tags: business, cities, city, cost of living, Education, environment, expat, expensive, financial, fortune, Geneva, global, health, hedge fund, Howard, income, investment, lake, lifestyle, London, Mercer, quality of life, sailing, ski, Switzerland, tax, UK, wealth, world, Zurich
As a freelance journalist and writer, one of the ways I earn a crust is to write reports and articles about the financial services industry. Which is why I found myself last month at a conference in Vienna, writing for a software company that provides technology to hedge funds, wealth managers and the like.
The attendees came from all over Europe and the Middle East. Some, like me, were from the UK. But most weren’t. There was a particularly big contingent from various parts of Scandinavia. There were also many from Switzerland, Germany and the Netherlands, as well as a few from further afield.
The conference was all about current trends in the investment management world, and how software can be used to tackle the industry’s challenges. In other words, highly technical subject matter that mixed complicated financial concepts with complicated technology solutions.
All the presentations were in English. Yet even as a native speaker I found some of the concepts hard to grasp. And here were many of the speakers, as well as much of the audience, dealing with the topics in their second, and sometimes third, language.
English Proficiency
As always, the Swedes, Danes and Dutch proved especially fluent. And do you know what? In all my travels I have never met one who wasn’t. That may be a generalisation, but not much of one.
A 2005 European Commission study supports my impressions [1]. It reported that the percentage of the adult population able to converse in English was 85% in Sweden, 83% in Denmark, 79% in the Netherlands, 66% in Luxembourg and over 50% in Finland, Slovenia, Austria, Belgium and Germany.
By contrast, the report found only 30% of UK respondents can participate in a conversation in a language other than their mother tongue.
Foreign language benefits
Of course, part of the reason for the UK’s relatively low level of multilingual capacity is that English has become the lingua franca in so many fields: business, IT, science, entertainment and politics, to name a few.
Nevertheless, for any expats moving to non-English speaking parts of the world it is crucial they learn the native tongue. Even if you intend to live in an expat enclave in France or Mexico or China, having a good grasp of the local language will make your life easier, and happier.
It will help you:
- Manage day-to-day situations, such as buying quality food in local stores, dealing with utility companies and consulting with medical practitioners.
- Integrate into the community and make friends.
- Delve into the culture, history and social mores of the country, helping enrich your understanding and enjoyment of life there.
As a result, it will give you a sense of belonging, as well as one of achievement.
By contrast, a lack of local language skills leaves you isolated. And that can breed misunderstanding, resentment and fear.
Willingness to learn
Learning a foreign language can be a daunting prospect. But despite popular belief, it is never too late, as this article by Doug Bower argues[2].
Use it as an inspiration. Then take the time and make the effort to learn. It will be worth it.
[1] Europeans and languages, Eurobarometer 63.4, published September 2005,
http://ec.europa.eu/public_opinion/archives/ebs/ebs_237.en.pdf
[2] Am I Too Old to Learn a Second Language?, by Doug Bower, http://www.expatfocus.com/am-i-too-old-to-learn-a-second-language
Tags: China, community, English, Europe, European Commission, expat, Foreign, France, Germany, Language, learning, Mexico, Middle East, multilingual, Netherlands, Scandinavia, Switzerland, UK
Golf, I’ve discovered, is not like riding a bike. Picking up a club for the first time in five years and expecting to smash ball after ball down the middle of the fairway was always going to be wishful thinking. I mean, if Tiger struggles with his game after months out what hope did I have?
At least the conditions were perfect. It was one of those glorious English summer evenings: the warm sun dipping towards the horizon, soft June light, shadows lengthening across the rolling green fairways, woodpigeons calling from the branches … the thwack of small white golf balls clattering into yet another copse of trees.
And, quality of play aside, it was great to get out last night for a hack round with my brothers, the first time we’d done it since before I moved to Spain seven years ago.
In fact, the last time I played was with my eldest brother, when he came to visit shortly after we moved abroad. On that occasion we tried out the Empordà Golf Resort, one of a string of top-notch courses to be found close to our home on the Costa Brava. Unfortunately, that was as far as my Spanish golf career got. Places like PGA Catalunya, which is ranked number seven in Golf World magazine’s Top 100 European courses, remain an unfulfilled dream.
For despite the fantastic facilities and ideal weather in Spain, time was always a problem.
The expat lifestyle may seem to be one of leisurely days spent drinking wine and soaking up the sun, but that isn’t the reality for most. I still had to work hard all week. And with two young daughters to look after it never seemed fair for me to slope off for five hours on the weekend to play, especially when we had no other family around to ease my wife’s childcare load.
As a result, it’s taken our repatriation to the UK for me to be able to dust off the clubs. That, and the chance to spend valuable time with my brothers, are among the plus points of moving back. If only I could have brought some of those magnificent courses with me.
Tags: Catalunya, childcare, Costa Brava, Emporda, English, expat, family, Golf, leisure, lifestyle, Spain, Spanish, summer, sun, UK, work
For sports fans it’s a month of heaven. The World Cup. The US Open golf tournament, soon to be followed by The (British) Open. And now the start of Wimbledon. The quandary of what to watch? So this is what it must be like year-round for reality TV talent show aficionados.
For me, the World Cup is the big treat. Once every four years I get to feast on a daily banquet of football, and if I’m lucky some of it may even prove sumptuous.
But alongside the games there is a more serious side to this year’s tournament. I don’t know what the coverage is like in other countries, but in Britain the matches have been followed by reports on what impact the World Cup is having on South Africa, and the problems there that still need tackling.
These short insights offer an eye-opening comparison between the footballer haves, and the country’s millions of have-nots. More importantly, it reminds me of what I have and how fortunate I am, and but for a fate of birth how different life could be.
For most of us expats and prospective expats moving abroad is about pursuing the dream of a better life. Nothing wrong with that. Still, at times it’s worth remembering what we have already, and being thankful for it.
Tags: better life, Britain, British, country, dream, expat, football, Moving Abroad, Open, South Africa, sport, TV, US, Wimbledon, World Cup
England, my home country, is playing its second World Cup match today. St. George’s flags are everywhere, and there is a palpable excitement in the air as the nation wills its players on to glory.
For the last game against the USA some 20+ million people tuned in to watch the match on TV – not bad, considering the population of England is only 51 million, and that of the UK as a whole 61 million. And if England do well and progress through the competition that number will keep on rising.
True, not everyone likes football. But in Britain – and indeed in many other countries around the world – you’d be hard pushed to find a more common cultural reference point.
And when it comes to moving abroad these cultural landmarks are crucial. National obsessions – whether they are sports or politics or music – are important parts of the social fabric. As an expat, learning something about them helps you understand the mentality of the people around you. It helps you integrate with them. It’s a way to strike up conversations, make friends, feel involved. And hopefully have a good time.
So take an interest in whatever fixates the population of your chosen country. You’ll find it a huge help.
Tags: Britain, country, cultural, England, expat, football, Friends, game, integrate, match, Moving Abroad, music, nation, national, player, politics, social, sport, UK, USA, World Cup
It was my wedding anniversary yesterday, which put me in mind of some of the good and bad aspects of living abroad.
Unlike our actual wedding day, when we were fortunate to be bathed in sunshine from dawn to dusk, yesterday saw uninterrupted grey, glowering skies. The sort of poor excuse for summer for which Britain is renowned.
But that is what the English weather holds. One day it can be glorious, when you think summer is finally here to stay; the next it is cold, wet and windy. Temperamental.
It’s not what we had become accustomed to during our years living on the Spanish Mediterranean coast, where a long summer of heat and sunshine were guaranteed, promising endless days in the pool or on the beach. Indeed, it was one of the major reasons for us moving abroad in the first place. Re-acclimatising to what England has to offer will not be easy.
The upside to repatriating to the UK is the contact it gives us with family and friends, and the support network that is now on hand.
Yesterday, for instance, my in-laws offered to babysit, giving my wife and me the chance to head off to a restaurant for the evening. It was the first time we had been able to go out to celebrate our anniversary since our children were born, as living abroad meant there was no extended family around to watch them.
Such constraints don’t affect all expats. But If you’ve been used to having parents or siblings around to lend a hand while you go to the shops or the doctor, or look after the kids while you have a well-earned night out with friends or your partner, then their sudden absence can come as a big shock. Something to consider!
Tags: beach, Britain, Children, coast, England, English, expat, family, Friends, heat, living abroad, Mediterranean, moving, parent, repatriating, Spanish, summer, sunshine, UK, weather, Wedding
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