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Could No-Deal Brexit Make British Pensions for Expats Illegal?

Following a question from committee chairman Hilary Benn in which she sought to confirm the situation, ABI director general Huw Evans said it was a “perfectly plausible risk in the future if no agreement is reached in some countries of the EU” that “pensioners couldn’t be paid their pension”.

Evans offered some reassurance saying that expats’ financial advice in the event of a no-deal Brexit would depend on where they resided. ‘It’s important to note here to avoid panic that each country of the EU has slightly different arrangements around this.”

He advised that each country would have to address the issue separately to ensure that it was satisfactorily resolved.

The comments come in the wake of a difficult period for British Prime Minister Theresa May who has sought to defend her Chequers plan in the face of resignations from her cabinet, numerous reports of internal infighting and near constant press reports of setbacks and troubles.

So it’s worth remembering that although financial advice for expats worried about Brexit is a good idea in the current environment, there is certainly less cause for panic than many believe to be the case.

In her blog, Rosemary Sheppard suggested that there will be some simple solutions to any potential problems arising out of Brexit in relation to expat pension rights.

Blacktower Director and General manager in Gibraltar Robert Mancera comments, “At the end of the day, Hard Brexit or not, common sense will need to prevail. Most EU countries have DTTs (Double Tax Treaties) with the UK and I can’t see these falling away as a result of Brexit. Therefore pension income received into the EU from the UK, I anticipate, would be taxed as it is today.”

Expat financial advice from Blacktower

Blacktower Financial Management offers expat financial advice to help you protect, preserve and grow your wealth.

Our service is based on expertise, strong relationships and a close understanding of you and your investment objectives. For more information about how we can help you successfully manage your wealth during the uncertainty of Brexit, contact us today.

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

NEWS WRAP – Regulated Advice Crucial to Expats in Spain

ConfusedIncreasing numbers of British expats in Spain are looking for advice and direction in relation to their Post-Brexit futures, the Guardian reports*, with many expressing their disappointment at the level of communication offered by British and Spanish officials.

This impression is supported by the findings of Karen O’Reilly, a sociology professor at Loughborough University, who recently published the results of an 18-month long research project which documents the considerable levels of “uncertainty and worry” among expats.**

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Expats in Germany – the Insider Survey lowdown

Outline of GermanyGermany has always been a popular EU country with those who want to relocate. And it appears there is good reason for it.

The recently released Expat Insider Survey 2017 tells us a lot about the country and portrays several of its key aspects in a very positive light, which is why it’s no surprise that Germany has such a large expat community. Such information will be invaluable to those planning to relocate to Germany in the near future, as it gives them a better idea of the sort of lifestyle they can expect and what other expats’ experiences have been like.

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