In Focus News & Insights

Concerns that the triple lock system is on its last legs are not new. But while the triple lock's future has looked tenuous for a while, it has managed to survive the deal between the Conservative Party and the Democratic Union Party.

The Tories had previously planned to get rid of the triple lock – a mechanism to ensure the state pension rises either by the rate of inflation, wage growth, or by 2.5% (whichever is highest) every year – in 2020, replacing it with a double lock (which would remove the 2.5% element). But losing a parliamentary majority has caused the party to make a U-turn (probably because the DUP were strong supporters of the system staying put), and there was no mention of the triple-lock's abolition in the Queen's Speech.

New figures from the Office for National Statistics (ONS) have shown that the number of British expats living in Spain vastly outnumbers Spaniards living in the UK. What's more, the number of Britons over 65 years old living in Spain has more than doubled in the past decade.

The purpose of the ONS's report, which is the first in what is intended to be a series, was to collect accurate, up-to-date information on the citizens most likely to be affected by Brexit. It was produced in partnership with the Instituto Nacional de Estadistica (the Spanish National Statistics Institute).

My recent meetings with clients have largely revolved around transferring pensions out of the UK into Qualifying Recognised Overseas Pensions (QROPS to you and me). Without exception, all of my new clients have been scared to discuss their UK pensions with a Financial Adviser in Spain because of headlines like the one above (Financial Times – March 10, 2017).

As we are aware, in November 2012 the Spanish authorities approved a new law that obliged any person, permanent establishment or company who is resident of Spain (regardless of nationality ) to declare all assets they hold outside Spain worth more than €50,000 (per Asset Class). These Assets have to be reported on the Modelo 720.

Very recently, Theresa May unveiled her "fair and serious" plans concerning Brexit and the rights of expats affected by it, but it has not been met with approval by either EU citizens in the UK or British expats living in EU member countries. British expats fear that Theresa May's proposal may have ramifications for their own residency rights. Both groups have wished for all matters concerning their legal status to be settled early on in Brexit talks, but, so far, it seems the attempts made to progress matters have only caused further confusion.

Here is a brief resume of what is exactly available in the market place for expat investors and the rates you can expect to receive.  Getting the best income possible from your investments is crucial in the current economic climate.

As an expat the way you pay tax and how your regular savings may grow could be very different to how it is at home in the UK, which is why all expats need to be fully aware of the financial systems of their chosen country of residence.

For instance, if you have moved to the Netherlands for work, or you're considering a move in the near future, changes to a beneficial tax break could be on the horizon meaning your entitlement to tax-free income is cut.