Do you want HUGE tax efficiency for your savings in France?
When I first meet a client it takes time for us to get to know each other, and every single person is different with different needs. However, at the root of those needs is usually the desire to find out how best to keep all those hard earned savings, investments and pensions as tax efficient as possible.
Once you have left the UK and become resident in France, the ISAs and other tax efficient savings you may hold in the UK are no longer tax-free and you need to give careful consideration about how you deal with this. With the new Common Reporting Standards that were introduced recently we can no longer bury our heads in the sand and think that the French taxman will not know about the assets you have left in the UK and will not look to tax you accordingly.
Expat Pensions Take Centre Stage
The Conservative Party has used its annual conference in Birmingham as an opportunity to reassure British citizens living in the EU of the future of their expat pensions.
Speaking at the event Ester McVey, the Secretary of state for the Department for Work & Pensions (DWP) said, "We will ensure that people with UK pensions that have moved to the EU will have their pensions protected.
"We will provide a triple lock on people with UK pensions living in the European Union. We are delivering a private pension revolution, with more people than ever contributing to their pensions."
Tax and Benefits Across Borders - Don't Get Caught Out
Living as an expat in Spain, or indeed in any other country, brings particular and sometimes very complex wealth management requirements because managing personal finances across multiple jurisdictions is inherently complex and invariably requires specialist advice.
This goes some way to explain why thousands of British expats have recently been caught and penalised for either failing to pay taxes or unlawfully claiming British pension and other social security benefits while living and, in some cases, working abroad.
Cross-border taxation for expats is a notoriously confusing area of wealth management and can seem especially onerous with new data sharing and enforcement rules in place. Unfortunately, not all asset managers are as familiar with tax reporting requirements as they should be. This may seem inconceivable, but wealth management professionals in Spain, across Europe and indeed the globe have an obligation to clients to ensure that they understand and follow all the rules.