Contact

News & Insights

Will Brexit provoke ‘travel tax’ for UK residents?

The EU Commission said the system of security checks is necessary to prevent terrorists entering the open-borders area, but UK Brexit critics warned it is further evidence of the hidden cost of quitting the Union.  Under the system, countries from outside the EU which do not require a full visa to travel to the bloc, will now pay a five Euro fee and must complete an online form.  The EU’s security commissioner has attempted to justify the charge by saying that it is an anti-terrorism measure.  What is not clear is what effect this will have on ex-pats travelling back and forth to the UK.

MPs have latched on to the potential charge as another hidden cost of Brexit and an example of how Brits could be disadvantaged compared to other EU residents.  Citing the move as a hidden tax and extra paperwork adding to the impact of the poor exchange rate on British travellers.  The proposals were to be discussed last Friday and the Home Secretary is seeking clarity on how Brits can continue to enjoy free and easy travel within the EU.

This appears to be another piece of evidence of the negative effect of leaving the EU for UK people in Spain. The adverse exchange rate prompted by the Brexit vote is still causing hardship amongst ex-pats coupled with the appalling returns on savings. 

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

Dutch Tax Exemption Rule Change Hits Expats

Pen and checkboxOpposition to the imminent changes to the Dutch 30% tax reimbursement scheme (see the Blacktower news feed) is growing. Now, VCP, the Dutch white collar workers’ union, has joined the dissenters by calling for, at the very least, a transition period for expat workers who will suffer unwanted changes to their Netherlands wealth management plans as a result of the amendments.

It is easy to see why so many people find the timetable for the ruling so unjust; those affected could see their incomes reduced by around 20% once the ruling comes into force in under six months.

It could also result in unwanted damage to the Dutch economy, with real fears that it could deter expat workers from coming to the Netherlands in the first place.

Read More

Investing In An Assurance Vie For Under 70 vs Over 70

January is often a time for reflection, and this year there has been plenty to consider. Over the last couple of years we have faced a global pandemic, quickly followed by the war between Russia and Ukraine, and global inflation issues. The cumulative effect of global concerns has led to a lot of financial worries […]

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: