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Expats may be required to produce regular savings proof

However, British expats already living in the EU are unlikely to be affected as it is probable that the government will succeed in ensuring that reciprocal agreements protect their right to reside within the EU.

As it stands, non-EU nationals wishing to live in EU countries have to provide documentation in relation to their expat regular savings, income and pensions in order to receive EU residency visas, so it is possible that British nationals will have to do the same.

“It is likely there would be a system of long-term permits and residency. We want what is in the best interests of the British people but this will form part of the discussion,” a Home Office spokesperson told media.

However, there is still the possibility that Prime Minister Theresa May and her government might be able to achieve a more favourable deal with EU negotiators; in such a situation British nationals may be subject to exemptions on various EU residency visa rules.

The EU Commission, supported by France and Germany, has already indicated that it might introduce a visa waiver for British nationals, albeit for a fee of around £10.

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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Savings important to expats on frozen pensions

Although having solid expat regular savings is important no matter what the financial climate, it is good to see that recent efforts by campaigners to end the freeze on state pensions currently endured by more than half a million retired expats abroad may be gaining momentum.

As it stands around 550,000 retired Brits abroad have to rely on their expat regular savings to top up a state pension which was frozen at £67.50 a week; nearly a full £40 less than the sum received by other pensioners.

The unfairness of their situation is compounded by the fact that the Government has struck individual deals with certain nations ensuring the full, unfrozen pension, but has left the expat residents of another 150 countries stuck with the year 2000-level pension.

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