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Expats can appeal EU Referendum Act decision

With the referendum due to be held on June 23, the expats’ appeal is being expedited and it is anticipated that a decision will be reached in the next few weeks. The government is wary of a successful appeal, with parliament recently warning that giving all expats the right to vote would be a “complex and daunting task”.

However, such a task would seem slight when compared to the business of the UK renegotiating its trade treaties should Brexit go ahead – something experts predict would take as long as a decade.

Yet, it is important not to forget the individual lives of those involved. For example, those with expat regular savings, pensions and wealth management plans would have to make considerable changes in order to adapt to a Brexit. In addition, there is the considerable issue of EU nationals currently living in the UK.

“It is estimated that 2 million Brits live in other EU countries…Take elderly people who have lived for 10 years in Spain. After five years, they acquired a right of permanent residence as citizens of the union and that includes access to the Spanish healthcare system,” Prof Derrick Wyatt QC, emeritus professor of law at Oxford University told a parliamentary committee.

“If we leave, what do we do about vested rights? Do we recognise rights to permanent residents that have arisen? What transitional rights do we give somebody who has been working for four years in the UK and has children at school and so forth?”

As the expats’ appeal goes ahead it is hoped that the issue can be sorted out quickly and British expats abroad are, at the very least, given a voice with which to show their feelings on Brexit.

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.

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New Spanish Will Laws from 17th of August

Blacktower Financial Management

Many of our clients will have beside their property and / or bank accounts here in Spain still assets abroad.  This could be a property in the “home” country, a share portfolio in Luxembourg, an offshore bank account etc.

Most would have a Will covering these assets in their home country and without specific mention of the asset will have laid out their wishes in the form of for example “spouse to spouse on first death and on second death to the children” which would apply to all their assets.  

Should the person have not bothered taking on a Spanish Will then the heirs would have to go through the extra work and costs involved in relying on a UK or foreign will for the disposal of the Spanish assets.  The Will would have to be translated and apostiled adding delays and extra costs at a difficult time for the heirs.

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Retirement in Europe After Brexit For many UK nationals, retiring to Europe has long been the dream — warmer weather, a slower pace of life, and an enviable standard of living. But since Brexit, the landscape has changed. Freedom of movement no longer applies, meaning British retirees must now meet each country’s individual visa and […]

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