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.

Other News

How to be financially prepared for 2023?

This past year has proved precisely how unpredictable the economy can be, and how quickly the changes can impact investments and our day-to-day lives This turbulence can be deeply disruptive, not only to our finances but also to our quality of life and mental health,  especially when you are in the process of trying to […]

Read More

Done & Dusted

The much talked about UK election is now well and truly behind us, how can the opinion polls have been so wrong you may be asking yourself, it had most investors worried about a hung parliament or even a Labour victory which we were led to believe would send the markets crashing down around us.

Well now you can let out a sigh of relief, or can you, the result was taken well by the UK equity markets and in the short term should provide businesses with a stable political and legislative background in which to invest for the future.

However it is debatable as to whether the UK election results will have any impact on interest rates, the Bank of England voted last week to keep the base rate at 0.50%. Official figures at the end of the last month showed the total size of the economy increased by just 0.3 per cent in the first quarter of 2015. That was half the 0.6 per cent growth rate seen in the previous quarter and the worst performance since late 2012 – raising fears that the recovery is running out of steam.

Read More

Select your country

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