Investments News & Insights

It's hardly a new revelation to state that Brexit has caused uncertainty for British expats. Until the EU and British government reach a final agreement in Brussels, the lives of many expatriates are certainly in a state of limbo.

Depending on how negotiations unfold, Britons who are living abroad may need to move back to their home country. But trends in the housing market, in both the UK and EU countries, suggest they could run into financial difficulty if they haven't made sufficient wealth management plans for the future.

When relocating to Spain, finding and buying your new home is sure to be at the top of your list of priorities. And there's a wealth of great areas and regions to choose from.

Of course, reliable financial advice is one of the most effective ways to make sure your money is in order so that you can property search in confidence and it always helps to have your finances in place beforehand, especially if you're considering one of the popular or pricier locations on the Spanish coast.

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.

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.

Remember saying “Ready or not here I come”?

Well, a substantial number of my generation have forgotten the rules.

I was quietly having a cappuccino in Starbucks in Cascais, minding my own business and reading the weekend Financial Times, but I couldn’t help myself from listening to the people on the table next to me, a loud elderly crowd speaking in English.

In the first quarter of 2017, Spain's Gross Domestic Product (GPD) grew by 0.8 per cent, according to preliminary figures from the Spanish Statistical Institute (INE), which was marginally higher than the previous three months' growth of 0.7 per cent.

The was a larger expansion than many had predicted, causing the Prime Minister, Mariano Rajoy, to update the country's economic growth forecast for 2017 from 2.5 per cent to 2.7 per cent.

"Recent data for the first quarter of the year, as well as national and international forecasts, have pushed us to revise our growth forecast," the Prime Minister said.

Italy has introduced a new 'non-dom' tax incentive which may see many wealthy British expats relocating to its shores, as well as convincing rich Italian expats to return. The new measure was approved by the Italian parliament in December as part of Italy's Finance Bill 2017.

It ensures that foreign residents will be exempt from Italian tax on all offshore income and gains for a flat-rate tax charge of €100,000 (about £84,000). For a further €25,000, the tax exemption can be extended to family members.

Norway is well-known for its high living costs. The Nordic country is one of Europe's most expensive countries in which to live, with property and food prices much higher than the UK.

But exactly how much more expensive is everyday living? According to figures from Numbeo, the cost of living is 48.5% higher than the United Kingdom, with rent almost 15% higher and consumer prices almost a third higher. And if you're a fast food fan, The Economist's Big Mac Index 2017 revealed that Norwegian's pay the second highest price in the world for the burger.