There are also concerns that British expats will not have their State Pension uprated in the event of a no deal. This is because for this to happen, deals would have to be made on a country-by-country basis and is only possible if host countries reciprocate.
Planning is Everything
Impending probable Brexit and all the uncertainty accompanying it should not be enough to dissuade anyone from emigrating or indeed to prompt expats to return home.
By properly planning their expat pensions, both state and private, expats can ensure that they have contingencies in place.
Although nothing is guaranteed at this stage it is difficult to envisage a situation in which expats in EU member states lose their rights to residency and healthcare.
As ever, decisions about where to reside should be made purely on an individual basis, by weighing up the costs and risks involved and how these align with your ultimate goals. These considerations were important even before Brexit raised its head, so no one should panic yet. But if you believe that you might be looking to relocate back to the UK, it is wise to have an exit plan just in case.
Blacktower Financial Management
Blacktower Financial Management works to help its clients clarify their personal financial positions and to create long-term strategies for realising their goals.
Our service can help you wherever you are and whatever your wealth planning concerns—from expat pensions to inheritance planning and cross-border tax planning, we have it covered. Contact your local office today for more information.
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.
According to HM Revenue and Customs (HMRC) there has been little change in the market for Qualifying Recognised Overseas Pension Scheme (QROPS)s in the two weeks ending August 2016.
Expat pension needs are one of the major reasons behind the £15.3 billion the Financial Conduct Authority (FCA) say was was taken from pensions during 2016/17.