Similarly, Dutch passport holders who wish to adopt another nationality have to make the same choice: go foreign or stay Dutch. Exceptions are made in some cases, including for those who marry a Dutch national.
State Secretary for Asylum and Migration Affairs Mark Harbers said that the government would first look at the possibility of allowing dual or multiple nationality for first-generation immigrants and emigrants, but would then consider forcing subsequent generations to choose only one.
The proposals come at a particularly pertinent time for nearly 90,000 British expats who are still very much in the throes of Brexit. A small fraction of these have already decided to opt for Dutch nationality, despite fears of losing their right to reside in the UK.
The preliminary plans, have come under criticism from many expats, including Netherlands wealth management clients, who feel that they do not go far enough.
“The big concern here is the status of our children,” one expat told press. “I get reactions from worried Dutchies all over the world who fear their children will be forced to make a choice between two nationalities.”
Plan your finances to be prepared for all eventualities
If recent uncertainty has thrown your Netherlands wealth management plans into doubt, Blacktower can help you reconsider and develop them with confidence. Contact us to discuss how we might be able to help you protect and grow your assets in the current political and economic climates.
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.
Lehman Brothers filed for bankruptcy on 15 September 2008. With $639 billion in assets and $619 billion in debt. Their bankruptcy filing was the largest in history and prompted an immediate fall in the FTSE 100 of 4%. It was the beginning of a slump that by Christmas of 2008 had resulted in 23% being wiped off the value of Britain’s top 100 companies. As a stock market crash, it ranks alongside the dotcom bubble and the shock of 1987. However, while living standards have flat-lined since that date, the stock market revival has been spectacular. Many investors were, however, spooked by the financial crisis of 2008 and liquidated their investment portfolios. Unfortunately as shown below – they lost out on the bull run of the next 10 years.
Brexit has led to many unintended consequences surrounding financial services for UK expats living abroad. The main one being that most UK financial advisers will not now be able to advise or manage their clients UK financial products such as pensions and investments whilst their clients are living in the EU. Now the latest hurdle UK financial advisers are facing is Professional Indemnity Insurance (PII) which will not extend to UK expats resident in the EU.