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Expats expected to seek HMRC QROPS transfers amid Brexit uncertainty

That said, there is certainly no harm in thinking about QROPS now, particularly in light of the spiralling pound and the need to consider the impact on foreign currency exchange rates – British expats should take whatever steps are necessary to preserve both their spending power and their existing retirement financial plans. And for those who have been thinking about becoming expats, with the future of freedom of movement in doubt, now is the time to do it – whether you are thinking of moving to Spain, France, Portugal or elsewhere in the EU.

One thing is for certain; with the economic uncertainty created by Brexit there is likely to be a both a massive surge in expat numbers and a dramatically increased demand for HMRC QROPS. This is because QROPS provides an opportunity for expats to transfer their pensions to a reliable and secure scheme outside of the UK but in English. QROPS investors also benefit from flexible investment opportunities, flexible taxation options and the, current, ability to withdraw a lump sum of up to 30%.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Could Spain be heading for its own EU referendum?

Red PencilThe process of Brexit is a complicated business. It’s been a year since Britons voted to leave the European Union. But how has Britain’s controversial decision and its handling of the situation thus far affected other EU countries’ views of the Brussels-based Union? Has the uncertainty faced by the British Government convinced others to stay put, or do they wish to follow suit and have a Frexit, Spexit, Grexit, etc.?

A recent poll by Pew Research Centre gathered opinions from almost 10,000 people from 10 European countries including France, the Netherlands, Spain, Germany, Poland, Sweden, Italy, Greece, Hungary and UK. The purpose of the survey was to find out the attitudes towards Brexit and the EU from across Europe. It questioned respondents on topics such as would they want a referendum of their own and whether they think Brexit is positive or negative for Britain and other member countries.

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Expats in France enjoy improved quality of life

France has long been a favourite destination for expats. But what is it that’s so alluring about the country? Two recent expat surveys have highlighted a number of reasons behind why some expats chose to move to France, looking at all the main perks that are most commonly experienced. One key positive mentioned is the overall improved quality of life, with almost half of the respondents mentioning it as their main motivation behind moving.

In the HSBC Expat Explorer report that, released earlier in 2016, France placed ninth out of 45 countries for the overall experience, and an impressive fourth place for quality of life – fairing far better than the UK.

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