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Expat Financial Advice Crucial During Brexit Critical Phase

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

Other News

The ‘wheres’ and the whys of UK expats in Europe

As we hurtle towards the EU referendum and are being deluged with information about the whys and wherefores of Brexit or Bremain, Blacktower takes a look at what matters to us: the UK expats whose futures, whatever the outcome of the vote, are very much determined by the quality of their expat financial advice.

Just how many British expats are there in Europe?

Well, data published by the Office of National Statistics shows – although not completely reliably, we feel – that there are around 1.2 million British expats within the EU (some estimates put this figure as high as 2 million).

The vast majority of these live in tried, tested and sun-drenched destinations such as Spain and France. But before you start thinking that expats just move away purely in search of a sunnier climate, think again; the third most popular destination is Ireland (150 days of rainfall a year compared to the UK’s 133).

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Comparison website ‘misleading’ savers into buying low rates

A leading comparison website’s customers were directed to savings accounts that could leave them £500 worse off than the best possible rates, according to an investigation.

Savers who compared ISA’s and bonds on the site were not offered the best rates on the market. Thousands of savers who used the website to select a savings account were misled, costing them potentially up to £500 a year in lost interest, according to a recent investigation. Channel Four’s Dispatches said that the comparison website advertised poor-value savings. 

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