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Spain support reciprocal agreement for expats

The Spanish secretary for the EU, Jorge Toledo, who is also Madrid’s leading negotiator on Brexit, spoke to The Times about the matter. He said Spain is “broadly in favour of retaining a reciprocal agreement on questions like healthcare and freedom of movement”.

Toledo added that they have the “amplest respect” for the rights of all expats but the conditions of these rights will be subject to negotiation.

The Spanish Prime Minister, Mariano Rajoy, shared a similar view back in February, telling AFP he was “absolutely convinced” expats won’t be affected by any decisions made.

There are roughly 900,000 British expats living in the EU, and around a third of them live in Spain. Securing the rights of British expats has been something that Prime Minister Theresa May has been focused on since the beginning of Brexit talks, and it is believed that the topic remains a priority in negotiations now that Article 50 has been triggered.

In May’s letter to the President of the European Council, Donald Tusk, she said any talks should “always put our citizens first”, adding that, for the many EU expats living in the UK and British expats living in the EU, “we should aim to strike an early agreement about their rights”.

The Prime Minister has also previously said that she won’t secure the rights of EU nationals living in Britain until she has confirmation that the rights of the British expats in EU member states will also be safeguarded.

The news should help reassure some expats who have been concerned what Brexit will mean for them. Although nothing has been promised as of yet, it seems as though the Spanish government has no intention of stripping any Britons, many of whom have lived in Spain for decades, of the rights they’re accustomed to.

But even though expats have so far received positive signs that their current lifestyles in sunny Spain will be protected, it’s still a time of great uncertainty. Brexit has meant that expat financial services have become increasingly important to those who want further reassurance that their money and well-being will be safe, regardless of the outcome of the negotiations.

With a Blacktower adviser, you’ll receive expert help finding the best solutions to protect every aspect of your finances, whether it’s help with your savings, wealth management, or pension pot. If you’re part of the large expat community living in the Costas, we have offices in Spain’s Costa del Sol and Costa Blanca, so get in contact today.

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What next for UK interest rates?

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The 9-0 vote to raise rates was accompanied by a quarterly Inflation Report, which showed that, despite August’s hike, the market outlook was for rates to go up more slowly over the next three years than previously expected and that no further move is expected until at least the middle of next year. The recent rate rise was widely expected as the Bank had not sent out any signals to dampen forecasts of a hike, unlike in the run-up to the May decision when a move up failed to happen. The question now is whether this is a one-off hike, or the start of a slow but steady rise in interest rates. A lot will depend on how the British economy fares over the rest of this year and into 2019, before the UK’s exit from the EU. If there is a marked slowdown then it is likely that rates will stall again. Even worse, a recession would most likely see a further interest rate cut. 

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Saving for Education – Now is the Time to Act

School signPrivate school education offers many benefits outside of the obvious statistical performance advantages. As much as anything it is about allowing for personal growth, developing confidence, providing opportunity and building beneficial networks and skills that will last and serve for a lifetime.

But it can be expensive, and this is why intelligent use of expat regular savings together with a holistic wealth management strategy can help both parents and grandparents make the necessary plans to ensure that their descendants are able to enjoy a first-class education with only the minimum of stress.

Of course, the cost of fee-paying schools varies depending on which school is attended, whether the pupil is a boarder and, indeed, whether the pupil is living in the same country as its parents. But regardless of whether the cost is just €5,000 a year for a single pupil or €60,000 a year for two pupils, meeting these costs is going to require you to optimise your expat regular savings towards your education fee planning needs.

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