Migrating to New Zealand brings numerous investment prospects and opportunities. However, navigating the financial landscape as a newcomer can be challenging. This article provides an overview of some considerations for migrants from an investment perspective.

New Zealand Financial Market Regulation

New Zealand has a well-regulated and transparent financial market with the key regulatory bodies including:

• The Financial Markets Authority (FMA) who oversee the securities, financial advice and insurance sectors, ensuring fair and transparent markets.
• The Reserve Bank of New Zealand (RBNZ) Is New Zealand’s central bank and manages monetary policy, banking supervision, and financial stability.
• The Commerce Commission enforces laws related to competition and consumer protection.

Since the global financial crisis, many western countries have enacted regulation to enhance financial stability and improve behaviour.   This has also happened in New Zealand with improvements to bank capitalisation, lending rules, and licencing of insurance and investment advisers.

Local Taxation of Investments

New Zealand has a unique tax system, and it’s essential to understand how this will impact on your investment decisions.  New migrants often have tax advantages if investments are structured correctly.   In NZ there are no capital gains tax on many investments (e.g. domestic shares or rental property owned more than two years), but there are other taxes and regulations to be aware of.    Seeking professional advice can help you optimize your investments from a New Zealand tax perspective.

Transitional Residency

New migrants to New Zealand can benefit from the Transitional Resident tax status which provides a temporary tax exemption on most foreign income for up to four years (48 months from the date of New Zealand tax residency). This status allows migrants to settle in and adjust their financial affairs without immediate tax implications on foreign income.   To qualify for this exemption, individuals must not have been a tax resident in New Zealand for at least 10 years before their arrival

Portfolio Investment Entity (PIE) Funds

PIE funds are a tax-efficient investment vehicle in New Zealand, particularly beneficial for those in higher tax brackets.  PIEs are taxed at a maximum of 28%, which can be lower than the individual tax rates for high-income earners (up to 39%).  PIEs offer a wide range of investment choices, including local and international assets, across asset classes including shares, property and bonds.

Foreign Investment Fund (FIF) Tax

Investing in foreign assets (i.e. non-New Zealand assets) can trigger FIF tax rules, which are complex but manageable with proper guidance.   This tax is designed to be a pseudo capped capital gains tax on many foreign investments.   FIF rules apply to investments in foreign companies and certain financial arrangements exceeding NZD 50,000. The FIF income can be calculated using different methods, such as the fair dividend rate (FDR) or comparative value (CV) method. The choice of method can impact the taxable income significantly.

Retirement Saving and Income

Planning for your retirement will help ensure you have the lifestyle you want once you give up working life.  Retirement income can come from many sources such as employee savings schemes and government benefits.   Migrants may also have overseas pensions which they can draw from or transfer to New Zealand.

New Zealand Superannuation

New Zealand Superannuation is a government funded benefit to those that meet the eligibility criteria.   To be eligible for New Zealand Superannuation, you must be aged 65 or older, a New Zealand citizen or permanent resident, and have lived in New Zealand for at least 10 years since turning 20, with five of those years being after the age of 50.

KiwiSaver

KiwiSaver is a voluntary retirement savings scheme in New Zealand. Contributions come from both employees and employers, with a small government contribution. It’s a great way to build a retirement fund with employer matching contributions at a minimum of 3% of gross salary.   Usually, KiwiSaver funds can be accessed at age 65 which is the eligible age for New Zealand superannuation.    For US citizens, participating in the KiwiSaver plan can cause additional obligations to the IRS and should be considered after full consideration of your obligations.

Pension Transfers

Migrants often wish to transfer their overseas pensions to New Zealand for easier management and tax efficiency.    There may be significant advantages to doing this within the first few years of residency in New Zealand as there is a period where transfers can be made without incurring any New Zealand tax.    Understanding the process and tax implications for moving pensions is crucial as it can be complex. For example, if transferring pensions from the UK,  it will be important to move your pensions into a Recognised Overseas Pension Scheme (ROPS).   Additionally, it will be important to consider potential tax liabilities that may occur in both the source country and New Zealand on transfer.

Investor Visa Types

New Zealand offers several visa options to gain residency through financial investments.    Recently the criteria have become stricter and it is important to discuss investment options with an adviser.

Active Investor Plus Visa

This visa is designed to attract high-value investors and provide a pathway to permanent residency.    The Active Investor Plus Visa is targeted at high-net-worth individuals who are willing to invest significantly in the New Zealand economy. Applicants must invest between NZD 5 -15 million. The investment can be distributed across different asset classes, including direct investments, managed funds, listed equities, and philanthropic contributions. Different types of investments have different weightings. For example, direct investments have a 3x weighting, meaning NZD 5 million invested in direct investments is counted as NZD 15 million for visa eligibility purposes. The investment must be maintained for at least four years, and the applicant must spend a minimum of 117 days in New Zealand during this period.

Parent Retirement Resident Visa

If you have an adult child who is a NZ resident or citizen, then you can apply for this visa if you have NZD 1 million to invest for four years.   You will also need NZD 500,000 to live on and an annual income of NZD 60,000.   This visa requires a significantly lower level of investment assets than the AIP vis for those that are eligible to apply.

Seek Professional Advice

Migrating to New Zealand opens up new investment opportunities, but understanding the local financial landscape is crucial for making informed decisions.  There are opportunities to secure a robust financial future in your new home by initially leveraging the benefits of transitional residency and then managing pension transfers effectively.   Engaging with a New Zealand based financial adviser can provide valuable insights and personalised advice.   An experienced financial adviser will help you manage this complex process and connect you with the right people to ensure an effective transition.

Hi, or should we say G'day! Welcome to the first part of our deep-dive guide, which looks at moving to and living in Australia.

The guide covers everything from the basics of the Australian lifestyle, known for its laid-back and outdoor-oriented culture, to the tax systems, which are generally progressive and based on income. We'll also touch on topics like relocating with pets and setting up a business. 

In this first part, we cover some basic facts about the country and explore the Australian Tax System. Each week, we'll add new content, including visas, culture in Australia, the pros and cons of moving to Australia, permanent residence, and the costs of moving to Australia, to name but a few.

Join us as we explore the stunning continent of Australia.

Sydney Opera House

Australia is an ancient continent filled with inviting contrasts, and it is the only continent with just one nation on it; geologically, it is believed to be the oldest continent on the earth. The land is the world’s largest island, which was split from the remnants of the southern supercontinent, Gondwana, about 40 million years ago. The diversity in landscape and cosmopolitan style was what Stephen King described on his motorcycle in Australia: “If you stop, the silence is incredible. You feel tiny; you can almost hear God breathing.” The wildlife ranges from koalas, giant red kangaroos, and spine-covered echidna to the platypus. The fauna includes the Boab (baobab), Spinifex grass, and Wollemi Pine. Australia’s Aborigines lived within tribal boundaries they believed had been created by their ancestors in a period called the Dreamtime. The climatic diversity allows Australia to produce tropical fruits such as custard apples and rambutans. UNESCO World Heritage sites include the Great Barrier Reef and the Tasmanian Wilderness to the Wet Tropics of Queensland and Uluru-kata Tjuta. The country’s coastline is also 36,735km (almost 23,000 miles) long and includes a plethora of beaches where the sea meets the sky. What differentiates Australia’s sea is the Great Barrier Reef, and on the West Coast, you can swim with whale sharks off the coast of Exmouth.

Swimming with a Whale Shark

Country Fact File

States: The commonwealth of Australia, comprising the six States of New South Wales, Victoria, Queensland, South Australia, Western Australia, and Tasmania, was created by the Constitution Act 63 and 64, Victoria, Chapter 12, which received Royal Assent on the 9th July, 1900. 

Continent: The Australian continent broke away from its last adjoining landmass, Antarctica, 40 million years ago and embarked on a long period of geographical isolation. During this time, Australia’s flora and fauna evolved and flourished. Aboriginals lived for at least 40,000 years, developing the land to their own needs, until the arrival of Europeans in 1770. 

Capital: The capital, Canberra, is in the Australian Capital Territory, but the most populous city is Sydney. Tasmania, an island state, lies 240 km (150 miles) off the southern tip of the country, across the Bass Strait. 

Population: Australia has a population of 26,939,482 in 2024 according to the Population Division of the Department of Economic and Social Affairs of United Nations – World Population Prospects.

Most widely spoken language: English 

Climate: Australia’s drift towards the equator at the rate of 8cm (3in) a year has brought a northern monsoon climate. The sun habitually shines and its atmosphere is of such remarkable clarity that the sunlight strengthens the colourings of landscape and seascapes. The temperature in the Northern Hemisphere will find that winter runs from June to August, from November to March it is warmer temperatures with high humidity and rain in the North. In the South, from April to September, the tropics can be clear and warm. El Niño is a complex climate pattern that causes major weather shifts around the South Pacific. The cycle of flood and drought that El Niño brings to Australia is profound. 

Area: Australia measures about 4,000km (2,500 miles) east to west and 3,200km (2,000 miles) north to south. It is greater than that of the USA; that it is four-fifths of Canada; and more than one-fourth of the whole of the British Empire; and twenty-five times as large as any of the United Kingdom approximately. 

Currency: The Australian dollar, AUD (A$)

Form of government: Australia has been a federation with a central government based in Canberra, each state also has its government. The nation inherited the central parliamentary system from England, with the two-party system of Labor and a coalition of Liberal and National parties. Australia is a self-governing member of the British Commonwealth and retains the English monarch as its titular head of state.  

GDP (total) Estimate $1,505.60 USD Billions

GDP growth: 1.5% as of December 2023

GDP (per capita) 62.6 thousand U.S. dollars per capita

Human Development Index (HDI) 0.951

Inflation: 3.4 per cent in the 12 months to January 2024

Australian Lifestyle and Culture – A varied topography

The unparalleled beauty of Australia is a breathtaking marvel, unrivaled in nature. The landscape offers a feast for the eyes and a source of wonder for the mind. The Blue Mountains, adorned with magnificent eroding waters, have meticulously sculpted tablelands, expansive valleys, and profound ravines that seem to explore the very core of the Earth. Discover the enchanting wonders of Jenolan caves and Buchan caves, traverse the majestic Kosciuszko range in the Australian Alps, and indulge in the coastal allure of seaside resorts lining the Southern Ocean from Gabo all the way along Bass Strait to Cape Otway.

World Heritage Purnululu National Park (The Bungle Bungle).

In addition to the indigenous cultures, Australia's population is a melting pot of influences from Europe, Asia, the Middle East, and beyond. This diversity is reflected in the culinary scene, where you can savour a wide array of international cuisines, from Mediterranean and Asian to Middle Eastern and beyond. The coastal beauty of Australia is truly captivating, offering a panoramic view that stretches across an impressive 36,735 kilometers of coastline, inclusive of the picturesque Tasmania. Venturing into the underwater realms of the Indo-Pacific and the Indian Ocean reveals a captivating experience, especially in renowned areas like Lord Howe Island and Papua New Guinea.

These underwater havens beckon divers with their rich biodiversity and awe-inspiring marine landscapes. The tropical regions of Australia, exemplified by the iconic Great Barrier Reef, showcase a stunning diversity of underwater life. Yet, the coastal waters bordering Queensland, the Northern Territory, and Western Australia offer a distinctive twist, boasting an exclusive array of endemic species. This is where the underwater explorer can witness a more unique and detailed display of Australia's marine ecosystem.

Delving into the depths of these coastal waters unveils a staggering variety of underwater creatures, with over 20,000 different species calling the Australian underwater landscape. 

Australian tax system - Australia Income Tax Agents

In Australia, income tax is levied only by the Commonwealth of Australia and not the individual states. PAYE deductions are paid by your employer to the tax office monthly. At the end of the tax year, which is 30th June, each employee receives a Group Certificate. This is your total earnings, as well as the deductions for tax, superannuation contributions, union levies, and so on. It is essential to have the certificate when you fill in your Tax returns. You should apply to your nearest Tax Office for a tax file number (TFN). The TFN is a unique number issued to individuals and organizations for identification and record-keeping purposes. It is important to keep your TFN secure. Allowing someone else to use your TFN can cause you serious problems.

Tax levy on Medicare will be 2% of the taxable income unless you qualify for a reduction or an exemption. It is a levy that is added to the tax-payers income tax assessment and collected at the same time as the ordinary tax.

 In Australia, the tax for married couples who both work is also taxed separately and this means individual entitlement to tax-free thresholds and other benefits. The deadline to lodge your tax returns is the 31st of October, but if you use an income tax agent, then this could be at a later date, and if you fail to lodge a tax return, then the fine could be a maximum of $550. 

If you are under the age of 18 then the tax would be slightly different, outlined as follows:

With reference to government departments:

https://www.ato.gov.au/tax-rates-and-codes/tax-rates-australian-residents

www.ato.gov.au

Tax and Compliance- Council Tax

In the case of rented properties, council tax should always be included in the rental charge. If you purchase a property, the council will be notified as part of the buying process and will send notifications to you accordingly. Council tax rates will vary by state and by council. Each council determines the exact way the tax is calculated; it is loosely based on the value of the land.

Australia has a progressive and complex tax system. The more you earn, the more you pay. No source of income is exempt. Everyone drawing an income requires a Tax File Number (TFN] - it is a unique identifier to you in relation to your earnings. This is similar to the National Insurance (NI] number in the UK. Visit www.ato.gov.au to register for a TFN and for more details on tax compliance. You will need the usual 100 points of identification, and the TEN application can be completed online or in person at an ATO office. You will receive your unique number in the mail once processed. Everyone who receives an income, in whatever form, must file a tax return every year. The tax year runs from July 1-June 30 every year, and the equivalent here of the HM Revenue & Customs is the Australian Tax Office (ATO). Most who are unfamiliar with accounts will have a qualified accountant or bookkeeper that can help with this process and file the return electronically on your behalf. Tax is a complex issue in any country. For further information relating to your specific circumstances, I recommend that you approach an accountant as soon as any question or uncertainty arises.

Sales tax – Goods and Services Tax

Sales tax is referred to as GST - Goods and Services Tax - and, at the time of writing, is 10%. The norm is for most prices in retail shops to include GST. However, do look out for this, as some pricing (such as services) will have GST on top of the price quoted. Most food items not considered a luxury' that are purchased from a grocery store or supermarket are not subject to GST. Food served to you in a restaurant or café, however, is subject to GST.

All income earners must pay a Medicare Levy and surcharges but may be eligible for certain rebates. This is income tested in line with tiered thresholds. People who choose to have medical insurance receive a reduced premium, contributed to by the government.

Setting up a business in Australia - Cooperation tax rates

If you are thinking of starting a business in Australia, you will need a TFN and an Australian business number (ABN).

Obviously, you will need a bank account, and you'll also have to register for Goods and Services Tax (GST). Australian law requires you to pay money into a superannuation account for each person you employ. You will not be required to lodge a tax return if your taxable income is below the tax-free threshold of $18,200. For provisional taxpayers, which means if you are self-employed or if you are free-lance in addition to your full-time employment or earn interest or dividends from investments, you might be classified as a Provisional Taxpayer. This would result in you having to pay tax in advance, and for new start-ups, this could incur a heavy tax burden. The tax on your income will apply to all sources, including salary, rents, royalties, dividends, and interest paid to you in or out of Australia.

Join us next time as we cover - The Pros and Cons of moving to Australia

Saint Kitts & Nevis, renowned for being a small yet impressive country on the world map, has never failed to impress its visitors. Its rich culture and heritage, carnival celebrations, natural beauty attractions, and strong economic platform add to its charm.

This is the reason why people from across the world would not only want to visit the country but may even think of residing here if given a chance. To help such people, the Government of Saint & Nevis has initiated the citizenship by investment program. 

This program allows foreign investors to get residency in the country instead of a set investment in different platforms set by the government. However, specific rules and regulations and eligibility criteria must be fulfilled for participating in the process. 

This process can be challenging as many people may need to be made aware of what documents to submit and what formalities to complete. To lend a helping hand to such people, some consulting firms have taken it upon themselves to walk the investors through the citizenship program.

One such renowned and established citizenship consulting firm is the Global Residence Index. They offer detailed information about these citizenship programs and even provide expertise on getting through them.

To get more information, you can visit Global Residence Index's page about citizenship by investment in St. Kitts & Nevis: https://globalresidenceindex.com/st-kitts-nevis-citizenship-investment/

Guide By Global Residence Index on Saint Kitts & Nevis Citizenship

Let us walk through a detailed guide on Saint Kitts & Nevis citizenship by investment program. 

Overview of Saint Kitts & Nevis Citizenship-by-Investment Program

Initiated in 1984, the Saint Kitts & Nevis citizenship program has been one of the longest-running programs. The program allows foreign investors to get the country's citizenship by making a significant economic investment in the country's platforms. 

Investors can get an attractive Caribbean passport once they meet the requirements laid down by the Government of Saint Kitts & Nevis while making a particular investment in the platforms they suggested. 

What are the Benefits of the Saint Kitts & Nevis Citizenship Program?

Here are some of the impressive benefits of participating in Saint Kitts & Nevis citizenship-by-investment programs. 

Speedy Process

The Caribbean island's citizenship program is much simpler than other nations. Also, unlike other traditional platforms, it is a much faster one, which implies that applicants can get through the process within a few months only.

Now, applicants do not need to wait for years to get the results of whether they have cleared the process. Nor do they have to fulfil complex requirements or fill long application forms when it comes to Saint Kitts & Nevis citizenship-by-investment program.

Access To US Visa

How wonderful can it be if, as an investor, you get access to the Caribbean islands and even the USA with just one citizenship program? This is possible with the Saint Kitts & Nevis residency program, as it gives you access to the B-1/B2 US visa. 

This implies that you get permission to visit the USA for purposes such as tourism, business meetings, or medical treatments for 6 months. The Saint Kitts & Nevis citizens often do not face much difficulty in going through the US visa program and can apply for the same in any of the 156 nations they can enter. 

Dual Citizenship

If, as an investor, you are worried about losing your home country's citizenship, you can always benefit from the dual citizenship aspect of the program offered by Saint Kitts & Nevis.

This implies that you can hold on to both the country's citizenship if you get the Saint Kitts & Nevis citizenship, and there is no need to leave your current citizenship. This comes as a double benefit for investors who can enjoy the benefits offered by two nations' citizenship at the same time. 

Benefits of a Strong Economy

Saint Kitts & Nevis enjoys a robust economic setup which is fast growing. Thus, people seeking to establish their business ventures to make profits can trust Saint Kitts & Nevis's brilliant economic growth over the years. 

Their Local Domestic Product has been witnessing an upward trend for the last few years and is expected to be profitable for a long time. Also, their financial stability has not faced any problems, making the Caribbean island a safe place for investment.

No Minimum Period of Residence Required

Investors need not complete a minimum stay in Saint Kitts & Nevis to qualify for the citizenship-by-investment program. The investors need not stay in Saint Kitts & Nevis before or after getting the island's citizenship. The Caribbean island's flexibility makes it stand out from the crowd. 

Final Words

Saint Kitts & Nevis is a Caribbean island that has made impressive improvements in its infrastructure and economic stability aspect. This makes the island an obvious choice when it comes to getting a second citizenship through investment for foreign investors. Also, the immense benefits its citizenship offers add to the rise in demand for Saint Kitts & Nevis residency program. 

The need remains to get through the process and complete all the formalities laid down by the Caribbean Island, and this is where the Global Residence Index comes into the picture. Their team of experts cannot only guide you through the process but can also help you be successful in your application. 

There are endless cultural experiences, world wonders to explore, and tons of new sites to see – however it’s also important to stay safe during your travels! Whether you're a first-time traveler or a seasoned globetrotter, there's no substitute for fundamental safety tips that everyone should know before embarking on their journeys. That is why we have compiled the most essential tips for travelers hoping to ensure maximum security when traveling overseas; from taking precautions, particularly in unfamiliar areas, to being aware of personal possessions and what certain behaviors might merit unwanted attention. With these safety guidelines in mind, you can spend less time worrying about potential danger zones encountered while journeying through unknown countries so that you can soak up more moments made memorable by appreciating foreign cultures at their finest!

Research Political and Safety Situations in the Country You’re Traveling to

Before you travel to a foreign country, it’s essential to research its political and safety situations. You should always be aware of any potential dangers or sensitivities while visiting another country, as well as recent events that could potentially put you at risk. Staying informed ensures you can avoid areas with civil unrest and make better choices about where to go, who to trust, and other matters of personal safety. Additionally, researching local laws and customs gives you an understanding of expected behavior for tourists so you don’t unintentionally break the law or offend the locals. 

Check the U.S. Department of State Travel Advisories for Updates on the Situation

Weighing the pros and cons of each destination is an essential part of any international travel plan. But with events happening so quickly all over the world, it's always a good idea to check in with U.S. Department of State travel advisories for accurate updates on what’s going on at your chosen destination. It can provide peace of mind to have the latest intel about safety, health standards, and more before you take off on your travels. Namely, ensuring your safety when you travel overseas should be your number one priority, so following the latest travel advisories from the U.S. State Department is an absolute must! It can also be vital to prepare a journey management plan that is tailored to your interests and needs, as well as any potential safety hazards you might encounter. Make sure to review any alerts or warnings—and don't forget to check back again throughout your trip in case anything changes. After all, being prepared is key for a worry-free international adventure!

Make Sure You Have Travel Insurance Coverage Before Embarking Overseas

Before hopping on that plane to your dream destination, make sure you’re covered! Investing in comprehensive travel insurance coverage is always a safe bet when traveling abroad. Unexpected things can happen, and you don’t want to find yourself without backup if an emergency arises. Research and compare different plans to be sure you receive the coverage that best meets your needs – from trip cancellations to medical expenses – it will give you peace of mind throughout your journey. Don’t let the joy of international exploration be dampened by unanticipated encounters; make sure you have travel insurance and get ready for the adventure ahead!

Have a Plan to Stay Connected With Your Family and Friends While Abroad

Keeping in touch with your family and friends while abroad can seem like a daunting task. With the rapid changes in technology over the past few years, there are now several ways you can stay connected, even when traveling overseas. It’s important to have a plan: decide which communication methods will work best for you and your family, research mobile phone plans, familiarize yourself with public internet access hotspots, and install travel apps on your devices so you're always ready to get in touch. 

Familiarise Yourself With the Local Culture and Customs Before Traveling

It's essential to familiarize yourself with the local culture and customs of your destination before you travel overseas. Doing so can help keep you out of sticky situations, and enable you to engage more authentically with the locals. Take some time to learn about language and phrases, proper etiquette, appropriate clothing for different situations, common taboos, social norms, and regional specialties. A few hours spent researching can go a long way toward giving you an enjoyable trip filled with wonderful memories!

Traveling abroad can be an inspiring and life-changing experience, but it’s important to recognize the safety risks involved. With these crucial safety tips in mind, you can have a safer journey knowing that you have a plan in place if something goes wrong. Remember to do your research, check for travel advisories, get proper insurance coverage, and have a plan for staying connected with your family and friends. That way, you can be sure to make the most of your international adventures!

You're in luck. Financing a road trip doesn't have to be a hassle - with the right tips and tricks, you can make your dream getaway a reality. In this article, we'll provide you with all the informatio  n you need to finance your road trip to Lyon.

Determine your travel budget

Before you begin planning your road trip, it’s important to first determine your travel budget. This will help you avoid overspending and can also be used as a roadmap for how much money you need to save and how you plan to finance your journey. For example, if you want to spend a weekend in Lyon, list out all the costs associated with your trip, and think about how many days you’ll be away, the type of accommodation, estimated fuel costs, food costs, activities, etc.

Consider ways to cut costs

One of the most important steps in financing a road trip is considering ways to cut costs. Accommodations are usually the biggest expense on a road trip, so look for ways to save on this cost. Couchsurfing is a great way to save money while still getting a place to stay. You can also rent out a private room or an entire house on Airbnb at a discounted rate, or look for campsites and cheap motels. Additionally, consider planning your trip around certain deals and promotions – hotel chains often run specials and offer discounts during certain seasons.

Save up in advance

When it comes to financing a road trip, one of the best strategies is to save up in advance. Set aside some money each month specifically for the trip. Consider cutting back on any unnecessary expenses by reducing your dining-out budget and avoiding expensive purchases. And look into ways to generate extra income through freelancing and taking on odd jobs.

Use credit cards wisely

Using credit cards is one of the most popular ways to finance a road trip. This option can be incredibly useful and convenient, but you should be smart about it. It’s a good idea to keep your credit card spending within 30 percent of your overall budget. This will allow you to easily manage your finances while still allowing you to enjoy the journey. Additionally, look for cards with low-interest rates and no annual fees.

Utilise rewards programs

One great way to finance a road trip is to use rewards programs. There are many different kinds of rewards programs, ranging from airline loyalty programs to cash-back credit cards. These programs can help you save money on airfare, car rentals, and accommodations, as well as other expenses related to your trip. Many rewards programs are free to join and offer benefits like points, discounts, or cash back for purchases made with a specific credit card or program.

Think outside the traditional financing box

When it comes to financing a road trip, there are plenty of creative ways which don’t involve spending your own money. During your travels, you can earn extra money by working freelance gigs, temporary jobs, or even crowd-funding. You can also look into renting out your car or RV while you’re away if it makes sense for your particular situation.

In this article, we'll provide helpful tips and tricks to help you plan a budget-friendly road trip to Iceland. From researching cost-effective routes to finding the best deals on accommodation, this post has all the information you need to plan a memorable and affordable road trip to Iceland.

Save up before you go

One of the best ways to save money on a road trip to Iceland is to plan and start saving well before your departure. Consider setting aside some money each month and setting a realistic budget for your trip. You'll also want to factor in costs like gas, food, and lodging. If you have the means to do so, taking out a travel loan could help you cover the costs of your journey. Be sure to pay back the loan as soon as possible to avoid any long-term financial issues.

Travel during the off-season

Traveling to Iceland during the off-season can be a great way to save money. The peak travel season in Iceland is from June through August and by avoiding this period, you can often find cheaper flights and lower accommodation costs. If you travel during the off-season, you’ll need to plan for your car rental needs as Iceland car rentals can be hard to come by during the winter months.

Find cheap flights

When it comes to planning a road trip to Iceland, the most significant expense is usually the flight. To get the best deal, check out various airline websites and search engines such as Google Flights and Skyscanner. To save even more money, consider taking connecting flights instead of direct ones. While it may take longer, the savings can be significant. It’s also important to be flexible with your dates and travel days; flying mid-week is usually much cheaper than on weekends.

Stay in hostels or Couchsurfing Places

If you’re looking to save money while exploring Iceland, you’ll want to stay in hostels or try Couchsurfing. Hostels They can be cheaper than hotels and are a great way to meet fellow travelers. You can also try Couchsurfing, where you can stay with locals and learn more about the culture of Iceland. This can be a great way to save money and make connections with the people of Iceland.

Cook your meals

One of the best ways to save money while road-tripping around Iceland is by cooking your meals. Not only will you save money, but you can also enjoy some local cuisine. Many of the supermarkets in Iceland offer fresh and organic produce as well as other groceries. Camping is another great way to enjoy the outdoors and cook your meals.

Visit free attractions

Iceland is full of incredible attractions that don’t cost a dime. Rent a car and explore the many natural wonders and incredible sights scattered throughout the country. Hiking is another great way to explore Iceland’s landscapes without spending a penny. There are plenty of trails that are easy to access and a perfect option for those traveling on a budget.

But, when you go on a business trip, you usually go alone. That kind of adventure can seem a bit complicated, especially when it comes to the financial aspect. Today, we are going to show you how to plan your budget when you go on a business trip.

Find Cheap But Beautiful Vacation Rentals 

It is safe to say that, in most cases, your company will pay for your trip. But, that is not always the case, especially if you work at a startup. That is why a solo business trip can cost you a lot of money. This means that the best thing you can do is find cheap, but beautiful vacation rentals. Not every city has those and that is why you should read this list of Best Cities for Women to Solo Travel and find the ones that suit you best. If your company sends you to one of those cities, you will have a wonderful time.

Find Cheap Hotels

Every city has cheap and pricey hotels. If luxury is not important to you, then you should definitely find a cheap hotel and book a room. Trust us, that will save you a lot of money. This is especially true if you plan on spending some time in the place you’re visiting. Back in the day, finding decent cheap hotels was a bit complicated. Today, that is not the case. You can easily research the cheap hotels in the city you want to see. You can see the photos of rooms which makes the search process a lot easier.

Master The Public Transportation

If you are on a business trip, that means that you will have a lot of meetings every day of the week. So, you will probably travel a lot in the city. Going by taxi or uber every single time can be a bit pricey. If you are on a budget, you must find a cheaper option. Public transportation is the best option for you. But, if you don’t know the city well, you must master the public transportation and its lines. Do your research before you go and learn how to read the map of public transportation. That will save you a lot of money.

Set A Daily Budget

If you want to save money on your trip, you must set a daily budget. What does that mean? It is simple, determine the amount of money you can spend on a daily basis. For example, if that amount is $50, limit your spending once you’ve reached that amount. It can be annoying, especially if you find something beautiful to buy at the end of the day, but if you honour this rule, you will have money every single day of your trip. That is the most important thing.

The Final Word

It is safe to say that a solo business trip can be a wonderful experience. But, planning a budget for it can be a bit complicated. The things we discussed today will definitely help you when it comes to finances. If you plan your budget right, there shouldn’t be any unpleasant surprises on your trip.

The relief will be short-lived, however, as business travel is coming back. According to Deloitte research published in August 2021, "competition and growth imperatives will necessitate a resumption of business travel". In the same month, the UK's Department for Transport stated that more than a quarter (27%) expect to make more trips than they did before the pandemic. We need, then, to consider how we can create a new 'normal' for business travel if we don't want to simply return to the old, inefficient, and stressful way of doing things.

FinTech can solve expenses headaches

Post-pandemic, we have a chance to set a higher standard for business travel. We might not be able to entirely eliminate the tedious waits in departure lounges, traffic jams and nights spent in drab hotel rooms, but there is an opportunity to take a great deal of the pain out of the whole process. Flexible FinTech-enabled solutions can have a positive impact on the future of business travel, as well as how many organisations currently deal with expenses.

Chances are if you work for a large corporation and you need to travel regularly you will have a company credit card. But for many people who don't work for companies of that size, the process can be rather different, relying on the individual to pay for flights, car hire, accommodation and so on themselves, filing an expense claim when they ultimately get back to the office. Alternatively, there may be a single card tied to a business account in the name of a senior staff member being handed around between employees as and when they need to use it.

Both of these scenarios are problematic. In the first case, the employee has to use their own money, while the company has no idea how much and where money has been spent until the expenses claim is made. In the second case, there are massive security implications and vendors may very well fail payments if they realise the person using the card is not the registered cardholder.

Addressing the needs of the SME sector

What's required, then, are solutions that help SMEs to better process travel expenses. They need to provide flexibility for the employee, who may very well be incurring additional costs when travelling for work. For example, some countries require PCR test certification for entry — which comes at a cost — while private methods of transport such as a car hire are safer than public transport such as aeroplanes and trains, but will also come at a premium. Organisations, too, need to have better visibility on what employees are spending and where they are spending it, as well as any fees they incur for things like FX exchange if payments are made overseas.

The COVID-19 pandemic also brought the way SMEs deal with expenses into sharp focus for other reasons. All of a sudden, people needed to work from home and many of them didn't have the correct equipment — laptops, monitors, keyboards, desks, chairs and so on — so they had to stump up their own cash and claim the money back. The alternative was days or weeks of inactivity; something that no business can afford, no matter its size. The situation was far from ideal but many smaller organisations had little choice but to do it this way.

It's true to say that the SME sector is one of the most neglected segments when it comes to financial services — for many banks, it's seen as an unprofitable area, and they'd rather focus on the large corporate clients where there is much more money to be made. SMEs are also not usually the target of the cutting-edge, user-friendly financial products that proliferate in the consumer market.

Massive market opportunity

However, SMEs are typically digital-savvy, lean organisations that welcome innovative solutions. It's a shame, then, that when it comes to banking they often have to use services that are expensive and designed for much larger organisations. While we're starting to see FinTech companies targeting SMEs in markets like Spain and Germany, these tend to be focused on providing access to finance. There is still a big opportunity for new entrants to the market who can address the very specific needs of companies of this size when it comes to making tricky — but very necessary — processes more efficient. For example, FinTechs that make corporate debit cards an accessible solution for SMEs enable them to better manage employee spending.

Business travel is coming back, and there is enormous potential for positive change. Obviously, there should be a reassessment of whether many of the journeys are actually necessary in the first place. But many companies also need access to the same kind of banking services that their larger competitors do in order to drive efficiency and take the strain away from their employees.

How well organisations adapt to the future of business travel will depend on the availability of flexible financial solutions. There is a significant gap in the market for FinTech players to address the needs of small- and mid-sized businesses — not just when it comes to business travel, but expenses in general.

We arrive at OZEN Life Maadhoo on a sunny May morning after an overnight flight and only a year late thanks to the global COVID-19 pandemic. My jet-lag addled brain is working hard to establish whether what I see is a dream or reality and before I know it, I have a glass of champagne in hand and am being shown around what does in fact resemble a scene that should belong to my imagination. Tall palm trees, tanned people having breakfast on the beach and views of the glorious Indian Ocean wherever you go. Welcome to paradise!

We enter our home for the next few nights – an overwater Wind villa with a pool – and immediately jump in the warm turquoise water, soaking up the incomparable views. After a day of relaxation and a constant sense of disbelief and gratitude, we head to dinner at Traditions Peking where we indulge in the best of Chinese cuisine and raise a glass to toast our first Maldivian sunset.

Even the most discerning foodies will be in raptures over OZEN Life Maadhoo’s culinary offering which compiles an excellent variety of dining options. Traditions Peking and Traditions Indoceylon showcase modern Chinese and South Asian fares, respectively, offering carefully selected menus of authentic dishes prepared with quality ingredients. Each is a triumph!

The Palms and the poolside Joie de Vivre soon become our favourites for al fresco dining and cocktails. Freshly prepared sushi, Maldivian tuna curry, refreshing coconut water and champagne become daily occurrences and it only takes us a day to forget what life was like before we arrived here – where every member of staff’s mission seems to be to make us feel as spoilt as humanly possible and never left without a drink in hand.

The true showstopper is the underwater M6M (or Minus 6 Metres) restaurant, where guests have the once-in-a-lifetime opportunity to dine surrounded by 180-degree views of the marine life in the lagoon, which includes many friendly reef sharks! After a welcome glass of champagne, you’re taken to the main room where the fine-dining experience can begin. The four-course menu is a celebration of contemporary seafood and each dish is paired with a stunning wine that perfectly complements its flavours. We chose to visit the restaurant for lunch, as this ensures better visibility, and spend a couple of blissful hours enjoying a beautiful meal, fine wines and even finer views.

If there are people reading this who think they will easily get bored of swimming and lazing on the beach, stop right there. I assure you that you won’t. OZEN Life Maadhoo offers an impressive selection of experiences. From its stunning spa where you can try a traditional Maldivian massage and body scrub, among many other treatments, followed by a tea tasting, through to all the water sports on offer, as well as daily snorkelling and diving excursions and the special activities and events the team organises, you will be spoilt for choice! Guests who love staying active can also enjoy OZEN Life Maadhoo’s overwater gym and the daily classes available to join, or the excellent tennis court on the island. Before dinner, gin lovers can enjoy a glass of the refreshing drink in the new Gin is in bar. If you’d like to learn more about the history of the crowd-pleasing drink and try some of the in-house prepared saffron-infused gin, enquire about the gin tasting sessions and one will be swiftly organised for you!

And here’s the good news – I have been saving it for last. You can enjoy all of this without worrying about how much it costs, as everything will all be included in your Indulgence Plan. No hidden costs, no bills to settle, nothing to sign. You arrive at OZEN Life Maadhoo and all you see there is for you to enjoy – wherever you go, whatever the time!

The days in OZEN Life Maadhoo begin with a walk down the beach to a sunrise yoga class and end with a sunset cruise where you can spot tens of playful dolphins in the shimmering water underneath you. And I encourage everyone who considers visiting the island to not miss a single sunrise and sunset! The warm, gentle strokes of these first and last rays have the power to calm your soul and mind, remind you of the insignificance of the small problems you may be dealing with and help you gain a new perspective. And believe me when I say this, there’s nothing quite like watching the sun rise and set in The Maldives.

With resplendent views and an abundance of activities, OZEN Life Maadhoo is a dream destination for anyone looking for a little R&R and a luxurious taste of the truly unmatched Maldivian hospitality. The past 15 months have been difficult for all of us, and some indulgence is badly needed. OZEN Life Maadhoo is the place that will deliver it.

For more information and to book your stay, visit https://www.theozencollection.com/ozenlife-maadhoo/

Montenegro

With its stunning beaches and mountains, Montenegro has been a very popular holiday destination pre-COVID and according to the Balkan country’s new foreign minister, Djordje Radulovic, it will be a ‘corona-safe’ travel destination in time for the 2021 tourist season. Tourism makes up 25% of Montenegro’s GDP and following a slow year, the country’s new government is determined to attract foreign holidaymakers this summer, ensuring that all tourist areas are protected.

“We will not totally eradicate coronavirus, but we will have some small, small hotspots under control, which means that tourists can come from Great Britain, Germany, France, Russia - you name it - will be safe and sound in our country [and] totally free to enjoy their vacation,” Radulovic said.

In January 2021, the country lifted the requirements for a negative COVID-19 test result, which has made Montenegro one of the few countries worldwide to allow unrestricted travel in the current environment.

Greece

Tourism has been among the industries hit hardest by the COVID-19 pandemic, especially in countries like Greece that rely so heavily on it. Tourism accounts for 20% of the country’s GDP, providing one in five jobs.

However, after the challenges from the past year, Greek officials have announced that they are planning to reopen the country to world travellers from 1^st June 2021, with a new “safe travel” plan which will allow visitors to enter its borders with a negative coronavirus test that should be taken within 72 hours before arrival.

Alexis Komninos, a leading hotelier on the island of Santorini, has commented: "Not opening is not an option this year. The chips are down, and it's clearly crunch time.”

"But while I and others in the industry are doing our part, doling out the cold cash to refurbish, rebuild and slash my prices by 40% in flash sales to lure British, German and other customers, the government must do its part in helping subsidise this national reopening.” Let’s hope they can deliver!

Maldives

Thanks to the isolated nature of its resorts, the Maldives was one of the first countries that opened their borders back for tourists – all you need is a proof of a negative COVID-19 test carried out within 96 hours before departure. As of 22^nd February, there are over 140 hotels and resorts serving international travellers. There’s no need for another test upon arrival in Male, however, those who display COVID-19 like symptoms, including a temperature, coughing or sneezing, will be tested.

Considering two-thirds of the country’s GDP depends on tourism, resorts across the Maldives have done a lot to ensure a safe haven for travellers, with some having their own testing regimes in place. Resorts like Soneva Fushi and Soneva Jani, for example, offer free PCR tests to guests upon arrival, asking them to not leave their room until they receive a negative result. They also test all staff members once every five days. 

Seychelles

Despite a rise in the COVID-19 cases in the country, Seychelles has announced that it is now welcoming vaccinated travellers from all over the world. Tourists will have to be able to prove that they have received two doses of an approved vaccine and will need to submit an authentic certificate from their national health authority as proof of the COVID-19 jabs. However, they will still need a negative PCR test to enter the country, carried out within 72 hours before arrival.

Unvaccinated travellers are allowed to enter too if they arrive via a private jet or come from a list of 48 permitted countries. These travellers will also need to obtain a negative PCR test result prior to arrival in Seychelles.

International travellers are extremely important to Seychelles’ economy, with travel and tourism accounting for 40% of the nation’s GDP. Officials hope that the updated entry requirements will restart tourism in the Indian Ocean archipelago in 2021, helping its economy to get back on its feet.

US plane manufacturer Boeing has recommended that all of its 777 aircraft carrying the same engine that failed over Denver on Saturday be grounded until inspections are carried out.

128 jets will be suspended from flying if Boeing’s recommendations are heeded. 69 of these planes are currently in service globally, while 59 are in storage.

The recommendation follows after one of its 777 planes, bound for Hawaii, had its right engine catch fire and shower debris across a Denver suburb. Nobody was injured during the incident, and the plane landed safely back in Denver.

Fleets of 777s were grounded in both the US and Japan following the fire, with the Federal Aviation Administration (FAA) issuing an emergency airworthiness directive calling for inspections of the aircraft. Two separate incidents involving engine faults also occurred over the weekend.

The 777 involved in the Saturday incident was powered by Pratt & Whitney PW4000-112 engines. Pratt & Whitney said in a statement that it had dispatched a team to work with FAA investigators.

Boeing’s latest crisis comes shortly after its 737 Max jets were cleared to fly again by global aviation authorities. The 737 MAX was previously grounded in 2019 after flaws in its design caused two fatal crashes that left 346 dead.

Boeing lost more than £20 billion in direct costs after regulators grounded the 737 Max. The subsequent impact of the COVID-19 pandemic and a global reduction in demand for air travel further exacerbated the company’s losses.

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This new crisis is likely to have a significant impact on Boeing stock, which has seen its 4% gains on Friday already erased during Monday morning trading.

We all know how difficult the COVID-19 pandemic has made things throughout the world. Nobody has been unaffected. Almost all industries have been dramatically impacted by the crisis, which has left millions of people out of work. While the beginning of 2021 looks to continue to be rough, with Q1 being another lost quarter for many industries, the rest of the year looks promising for a huge resurgence.

Nearly all industries should see a bounceback in 2021 from a massive 2020 falloff. However, we'll focus on six industries that seem poised for massive rebounds.

Construction

The construction industry was absolutely decimated by the pandemic. Many factors affected the drop in the industries stake during 2020. With industries across the board struggling, many planned expansions were halted. Instead, companies diverted funds to help stay afloat rather than grow. Many construction projects were abandoned, either temporarily or permanently.

In addition to the halted projects, few people were looking to start new projects. With so much uncertainty, even organizations that weren't brought to the brink weren't likely to attempt to grow. Client bases were likely to be greatly diminished to non-existent due to potential buyers being out of work.

Another reason for the lull in the construction industry was that with so many businesses closing, the few companies that were looking to expand were likely to move into a previously occupied space. While there might be some construction called for in these cases, the projects were far smaller and finished much quicker than building a new facility from the ground up would have been.

With a likely rebound in industries across the board beginning in spring of 2021, expect a fresh need for the construction industry to get back to work.

Live Events

Live events nearly came to a standstill in 2020. Outside of protests and political rallies, large gatherings and even small gatherings pretty much ceased to exist. Fortunately, this is one industry that should come back with a vengeance later in the year. People have been isolated from friends and family, they have been working from home, and they haven't been to a party in forever. When getting together is deemed safe, expect big gatherings.

This will have an impact on every aspect of the economy that gets a boom from live events. Venues will clearly win big with pretty much guaranteed full bookings and sold out events once things return to normalcy. Other industries like hospitality and transportation will see a big boom as out of towners come to these events. The big sporting corporations will obviously get a big boost from being able to sell seats at full capacity.

Event planners, large and small, will see their services in full demand. Whether planning small gatherings of a handful of people or festivals that attract thousands, all types of event planners will be needed. Insurance companies that sell event insurance will also see a boost as this type of insurance has largely gone unpurchased over the past year.

Social calendars will likely be packed full from late spring onward. Artists will crowd the road to return to performing live concerts. City halls will be packed with people who have been waiting to tie the knot. Whether family, friends, schools, or any other type of group, expect reunions aplenty. Employers hoping to raise employee morale after a very difficult year will plan all sorts of retreats and outings. There will be no shortage of events in 2021.

Hotels & Other Accommodations

People are going to want to travel again. The world is suffering from a near-universal case of cabin fever. The best solution for that is to get out of town. People will likely be traveling in record numbers once it is safe to do so. While many hotels and other accommodations were forced to shut their doors for good during the pandemic, those that make it through should find an abundance of riches on the other side.

With such a high demand for accommodation and a narrowed competition pool, hotels can expect many nights of turning away guests due to no availability. Those able to time things just right could find the perfect moment to enter the hospitality industry and turn a profit immediately.

Airlines & Other Transportation

As mentioned, people will be looking to travel once they can. Expect the skies to be full and freeways to be crowded. Between border closures, lockdowns, high unemployment rates, and countless restrictions to the kinds of things that people look for in a vacation, people have generally been staying put this last year. Nomads are becoming restless and will look to be on the move as soon as possible.

Bars & Restaurants

Food and drink service was one of the hardest-hit industries. However, bars and restaurants that managed to make it through the pandemic should be facing a new type of dilemma later in the year. Making sure they don't violate fire codes by being overcapacity.

Some restaurants were able to adjust to the pandemic well enough to keep from being hit too hard with takeout options. However, many restaurants simply aren't suited well enough to make it in the world of takeout. Restaurants relying heavily on their atmosphere for their appeal and fine dining venues had a difficult transition.

Bars in many parts of the country were completely helpless, with a takeout model not really a possibility for them.

While due to financial concerns, not everyone who wants to go traveling will have that option, most people will be able to start going out to a bar or restaurant again. Nearly everyone will be looking to hit the town.

Movie Theaters and Playhouses

Many theaters had to close down entirely for parts of 2020. Once able to fully reopen, movie theaters are going to have a lot to work with in pulling in big crowds as many big event movies have been sitting on the shelf awaiting a theatrical release rather than going straight to streaming. Movie theaters can expect a huge influx of top-grossing films to fill their seats on a daily basis in 2021.

A Welcome Return to Normalcy

These are far from all of the industries that were negatively affected by the last year. It has been tough all around. Fortunately, these industries are far from the only ones expected to have a nice recovery later this year. People can expect a general rebound of the economy all around. It may take a little while to get back to the levels the country was at pre-pandemic, but we can certainly expect a strong move in that direction.