It is quite common for those retiring and relocating to Cyprus to retain the services of their financial adviser in the UK due to an existing relationship that they have. The reality however is that receiving financial advice whilst living in the UK is very different to the advice you need when you have moved abroad and UK advisers will not typically have the ‘local’ knowledge that you now need in Cyprus. Financial advice is not just about investments, it is being able to advise on an individual’s circumstances and having the tax and residency knowledge is crucial before you can even discuss investment planning.
UK firms have become more and more reluctant to advise overseas clients for the above reason and now, with Brexit looming, this may well force them to have to cease their relationships with Cyprus residents anyway.
This does not however mean that you will be left out in the cold. Instead, you should look to source an adviser who is regulated in the EU. I always encourage new clients to speak to more than one firm as it important that you feel comfortable with your new adviser and what he or she can do for you.
We have been advising expats for over 30 years in countries across the EU and have a wealth of ‘local knowledge’ as well as international experience to ensure your financial planning requirements are properly addressed. I have personally been helping expats on the island for over 12 years. Another plus is that we also have a UK regulated business which means that should you ever decide to return to the UK then we can continue to help you. All in all, we have the solutions to help anyone concerned about the impact Brexit may or may not have.
Increasing 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.