The survey included British residents of some of the most popular expat destinations, including Portugal, France, Germany and Spain. It found that more than half of British expats were concerned about their citizenship rights post-Brexit; it is also likely that many people may be motivated to seek citizenship because of concerns regarding their expat pensions and the provision of expat financial services post-Brexit.
Expat financial fears?
Of the survey respondents, 25 percent said they were making financial plans for a post-Brexit economic slump and were investigating the possibility of strategies such as moving their money out of the UK, selling UK assets or making an expat pension transfer.
In fact, 14 percent of respondents said they were already transferring to a new retirement plan, while the same number said they were switching to lower risk investment funds.
“Expats tend to be at the leading edge of the intersection between personal finance and current events, and their behaviour is a barometer for bigger trends and changes,” commented Paul Byrne, CEO of CurrencyFair.
He added that the research indicates Brexit could be forcing expats to seek citizenship abroad which they might not have done before the referendum. *
Expat financial advice crucial at critical times
Brexit should be no cause for panic. Impulsive or panic-driven financial decisions based on uncertainties created by political or economic events tend to be among the very worst that people can make.
Whatever the shape of Brexit and the deal we come away with, there is no substitute for experienced, regulated and licensed expat financial advice and the discipline these things impart.
Blacktower Financial Management has an intricate and practical knowledge of EU and UK law together with the various regulatory systems and controls which exist in other jurisdictions. We are able to access the most respected and established banks, the most experienced fund management solutions and can provide a number of tax efficient investment solutions.
Furthermore, because our financial products are based in locations such as Gibraltar, Luxembourg, Malta, and Ireland, our clients can remain confident of their prospects even under a no-deal Brexit.
Whatever the future may hold, we will continue to serve our clients. If you would like expat financial advice from our specialists, please contact us today.
*All figures are taken from CurrencyFair/YouGov survey: https://www.currencyfair.com/blog/the-brexit-breakup-yougov-survey Accessed 11-07-19
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.
The UK government has admitted there are not enough pension transfer specialist advisers to deal with demand, particularly in the case of more complex transfers into overseas pensions. This was the government’s response in March to a consultation launched two years ago, on whether the need to take financial advice, introduced with pension freedoms, created difficulties for overseas residents – residents such as those living in Cyprus wishing to transfer their pension savings from the UK to a qualifying recognised overseas pension scheme (QROPS).
Spanish property ownership is a fairly common part of many expat wealth management strategies. However, Spanish taxes have been known to present obstacles to some expats in this regard and the uptake of both home ownership and property investment in Spain has suffered as a result.