Euro vs Pound – Brexit Impact

When I first meet a client it takes time for us to get to know each other, and every single person is different with different needs. However, at the root of those needs is usually the desire to find out how best to keep all those hard earned savings, investments and pensions as tax efficient as possible.

Once you have left the UK and become resident in France, the ISAs and other tax efficient savings you may hold in the UK are no longer tax-free and you need to give careful consideration about how you deal with this.  With the new Common Reporting Standards that were introduced recently we can no longer bury our heads in the sand and think that the French taxman will not know about the assets you have left in the UK and will not look to tax you accordingly.

How is the outcome of the Brexit process likely to affect your purchasing power as a British citizen living as an expat in Europe?

This question should have priority in your checklist of expat wealth management concerns right now as British expat retirees in Europe are facing the reality of trying to cope with steeper rises in living costs than what is being experienced by their UK-based equivalents.

The revelation comes in the form of a data release from international technology-led services and payments specialist Equiniti. The firm found that British retirees who live in Europe have seen currency shifts contributing to a 14% rise in their cost of living – nearly double the UK’s domestic inflation rate of 7%.*