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
It’s not hard to see why Portugal is such a desirable destination for people wishing to move overseas in their retirement. The warm climate, reasonable living costs, and tax benefits for retirees mean it’s regularly voted as a top global place in which to live out one’s later years.
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