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.
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An investigation by The Pensions Regulator has for the first time resulted in an immediate custodial sentence for the perpetrator of professional pensions fraud, after William Bessent, an accountant who used his position as the trustee and administrator of a pension scheme to steal his clients’ savings, was sentenced to 40 months in prison. He pleaded guilty to multiple fraud charges, making prohibited employer-related investments, and separate charges of acting as a director while disqualified.
Expat financial advice is a must for any British expat living in Portugal, Spain or Italy to ensure they meet their cross-border taxation obligations while also making the most of the financial growth and preservation opportunities available to them.