Most British expats in Germany decide to stay
New figures published by the Office for National Statistics (ONS) have given a more accurate idea of the number of Britons living in Germany (and vice versa) and also show that many UK expats in Germany have made the decision that they will stay.
The report was compiled as part as a series and published as a response to the need for data on the British lives that will be most affected by Brexit. It included statistics on where British expats live and work, how long they've lived there, and what sort of employment they most often take on.
Final Salary Pensions – To transfer or not to transfer, that is the question?
Recent pension transfers I have been involved with include British Airways and BT, amongst others, and these have prompted me to consider their perceived “gold-plated” image and whether clients may be better off transferring out to a Self-Invested Pension Plan (SIPP), perhaps, or a Qualifying Recognised Overseas Pension Scheme (QROPS).
If you are contemplating your pension planning, ask your pension trustees to send you a Cash Equivalent Transfer Value (CETV) and you may be shocked by the size of the sum involved. The British Airways Scheme recently offered over £500,000 transfer value to a member whose pension entitlement would be £20833 at retirement. That’s 24 times the income.
Moving to Portugal – Important matters to consider
Portugal offers an attractive regime of taxation to European Nationals considering a move here.
The regime is entitled (NHR) which stands for Non-Habitual Residents. Uncommon with other EU nations, a flat rate of taxation at 20% is applied to income derived in Portugal and a near total exemption for international income. For most European nationals, the NHR regime offers a simple and efficient residency programme.
The absence of wealth, inheritance and gift tax, coupled with a residency permit which allows free movement within the Schengen area, makes NHR extremely popular.
Inheritance Tax and The “Special Defence Contribution”
Back in 2015, the introduction of the non-domiciled (non-dom) tax resident status as part of the Cyprus tax system paved the way for new opportunities around tax planning and savings, as well as opening the door for potential inheritance tax benefits. The opportunity is, however, not that straight forward, as the tax agrement requires careful individual attention.
New tax changes could cause problems for expat landlords
When you move abroad to a popular expat destination, whether that's to France, Italy, Spain, or Grand Cayman, good wealth management is key to ensuring you'll enjoy your life abroad to the fullest.
Proper financial planning should ensure you have enough saved for retirement, but some people are always looking for ways to boost their pension pots. One of the key methods used by many expat retirees to accomplish this is by owning a UK property and renting it out.
However, expats who rely on rental profits from buy-to-let properties back home for a steady stream of income may face issues thanks to new tax changes, which apply to all landlords letting out UK property regardless of where in the world they themselves reside.
British expats settling in the Spain after Brexit
If you're an expat living in the EU, you've no doubt Brexit on the mind since the referendum in 2016, worrying about what the future may hold. So, it's reassuring that the British negotiating team managed to secure rights of residency for existing UK expats, as part of the Withdrawal Agreement.
Is time almost up for the 15-year voting rule?
If you're a British expat who has lived outside the UK for at least 15 years, then current legislation denies you the ability to vote in parliamentary elections and referendums.
It's a policy that, suffice to say, has become very controversial given recent events. Long-term expats already feel that their fate was taken out of their hands when they were denied a vote in the EU referendum and this year's General Election, which was an election largely based around Brexit.
Potential loss of free movement for Britons high on Brexit talks agenda
As Brexit negotiations continue, the freedom of movement that expats in Europe will be entitled to is still unclear.
While many expats are worried about whether they'll have trouble staying in their destination of choice in a post-Brexit world, it now appears that they may also be in a difficult situation if they ever plan to move anywhere else.