Proving Residency and Identity for UK Expats Following Brexit
While recent news reports have shed light on the ID process for EU citizens in the UK, there is still concern for many expats, and those living and working in the EU, about how they will be able to prove their identity and claim residency abroad if a no-deal Brexit goes ahead.
In the meantime, a useful resource for expats is the Gov.UK website where you can set up email alerts regarding Brexit updates and find out country-specific information about living and working abroad.
The website reminds expats that, until the UK leaves the EU, there is no change to the status of UK nationals living in EU countries but stresses the importance for expats and those living and working abroad of ensuring they are correctly registered as a resident in the country where they are based. It is also advised that, if possible, expats should follow their local British Embassy on social media.
Expat Healthcare in Spain
While we can't predict what will happen to healthcare for expats in Spain (or any other EU country for that matter) if No-Deal Brexit goes ahead, we can look at the situation as it is now and help you understand what might change and how this could affect your expat finances and general wealth management in Spain.
Receiving expert financial advice in Spain should be a priority for anyone currently living as an expat in Spain and also for those who plan to make the move before Brexit occurs.
What next for UK interest rates?
Interest rates finally rose above 0.5 per cent in August – almost a decade after the emergency cut to that level. The Bank of England's MPC voted to raise rates to 0.75 per cent on 2nd August, casting aside worries over a no-deal Brexit, as it said that low unemployment merited a hike to keep inflation on target.
The 9-0 vote to raise rates was accompanied by a quarterly Inflation Report, which showed that, despite August’s hike, the market outlook was for rates to go up more slowly over the next three years than previously expected and that no further move is expected until at least the middle of next year. The recent rate rise was widely expected as the Bank had not sent out any signals to dampen forecasts of a hike, unlike in the run-up to the May decision when a move up failed to happen. The question now is whether this is a one-off hike, or the start of a slow but steady rise in interest rates. A lot will depend on how the British economy fares over the rest of this year and into 2019, before the UK's exit from the EU. If there is a marked slowdown then it is likely that rates will stall again. Even worse, a recession would most likely see a further interest rate cut.
Blacktower Guide to Expat Windfalls - Our Top Five Tips
A financial windfall can take many shapes: a lottery win, the sale of property and/or assets, a work-related bonus perhaps. However, for many, the word "windfall" typically means an inheritance when someone dies – something you don't ever wish for, but you more-or-less know will come your way.
Everybody's idea of a "life-changing sum of money is different, but if you feel your windfall is burning a hole in your pocket and you are unsure how best to use the money, our quick Guide to Expat Windfalls could offer some food for thought.