Contact

News & Insights

Could No-Deal Brexit Make British Pensions for Expats Illegal?

Following a question from committee chairman Hilary Benn in which she sought to confirm the situation, ABI director general Huw Evans said it was a “perfectly plausible risk in the future if no agreement is reached in some countries of the EU” that “pensioners couldn’t be paid their pension”.

Evans offered some reassurance saying that expats’ financial advice in the event of a no-deal Brexit would depend on where they resided. ‘It’s important to note here to avoid panic that each country of the EU has slightly different arrangements around this.”

He advised that each country would have to address the issue separately to ensure that it was satisfactorily resolved.

The comments come in the wake of a difficult period for British Prime Minister Theresa May who has sought to defend her Chequers plan in the face of resignations from her cabinet, numerous reports of internal infighting and near constant press reports of setbacks and troubles.

So it’s worth remembering that although financial advice for expats worried about Brexit is a good idea in the current environment, there is certainly less cause for panic than many believe to be the case.

In her blog, Rosemary Sheppard suggested that there will be some simple solutions to any potential problems arising out of Brexit in relation to expat pension rights.

Blacktower Director and General manager in Gibraltar Robert Mancera comments, “At the end of the day, Hard Brexit or not, common sense will need to prevail. Most EU countries have DTTs (Double Tax Treaties) with the UK and I can’t see these falling away as a result of Brexit. Therefore pension income received into the EU from the UK, I anticipate, would be taxed as it is today.”

Expat financial advice from Blacktower

Blacktower Financial Management offers expat financial advice to help you protect, preserve and grow your wealth.

Our service is based on expertise, strong relationships and a close understanding of you and your investment objectives. For more information about how we can help you successfully manage your wealth during the uncertainty of Brexit, contact us today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Could the Dutch tax break for expats be changing?

Amsterdam CanalAs 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.

Read More

Number of Expats looking for buy-to-let property increases

Buy to LetFor expats, when it comes to money, planning ahead is essential so that your financial future remains stable.

There are several effective ways to get prepared, which include everything from taking out a suitable life insurance policy for expats, moving your pension into an overseas scheme so that you get tax advantages on your retirement savings, and making smart decisions on investment opportunities so they will provide worthwhile returns in the future.

One major investment opportunity that increasing numbers of British expats are keen to be a part of is the buying of UK property to then rent out to tenants – AKA buy-to-let.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.