Banks competing for ex-pat money

Expatriate Brits living in Germany have been advised to look into the possibility of becoming German citizens, as, amongst other things, naturalisation is likely to make the practicalities of Germany wealth management more straightforward.

Expat group British in Germany has said that British people living in the country should act quickly as it will likely be harder to achieve citizenship if the UK leaves the EU on March 29 2019 without a deal. In the event a deal is reached, Brits will have until 31 December 2020 to apply for dual citizenship, according to Germany’s foreign ministry.

Effectively, this means that if Brits want to be able to ensure dual citizenship, they must act quickly as a no deal scenario could mean they have to renounce their British citizenship if they wish to become German citizens. The sooner Brits attend the Ausländerbehörde (Foreigners’ Registration Office) for advice the better their chances of securing a favourable outcome.

The pensions tax relief Lifetime Allowance (LTA), otherwise known as the pension lifetime limit, should be an area of active concern for any expat with a high-value pension.

Despite this, far too many wealth management clients have insufficient knowledge of precisely what the pension lifetime limit is and they could be affected. In fact, significant numbers of expats may be unwittingly breaching the LTA pension limit, oblivious to the possible consequences.