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Expat financial management should be part of EU debate

One financial advisor with an interest in expat wealth management told British press, “A fundamental EU rule is you should only pay social security contributions in one country. If you are UK tax resident, but work for an employer in mainland Europe, you will normally pay social security contributions in that country instead of UK National Insurance. Without renegotiation, Brexit could result in dispute between nations as to where the social security liability lies, or worse, a liability in both nations,”

It is not just expat wealth management and healthcare that form the chief concerns of British expats in Europe; there are also worries about the cultural and lifestyle impact that any proposed Brexit might have.

And expats are not alone in feeling concerned about the impact of leaving the EU. Last week the pound took a dramatic nosedive in its value against the Euro, with most saying the fall came as a result of Boris Johnson, Mayor of London, voicing his strong backing of the “Yes to Brexit” vote.

To compound worries, long-term expats may not be able to have their say in the vote as there is a fifteen year rule in place under which UK expats who have lived outside the EU for fifteen years or more are not allowed to participate in a referendum. However, those in this position are not without power. They can still make their views known among family and friends and by sharing them over social media.

If you are concerned about how Brexit could affect you, or your loved ones living abroad, contact Blacktower to discuss the ramifications of a “Yes” vote on expat wealth management.

Other News

Investing in the future – Ecommerce

SmartphoneThere is no doubt that ecommerce is one of the most exciting investment sectors that exists today. Every aspect of our lives is affected by ecommerce. It is fast, high profile, and the numbers are breathtaking:

  • Amazon processed nearly $89 billion in sales from 240 million customers;
  • Visa and MasterCard have over 1,600 million credit cards in circulation;
  • Apple and Google are now worth more than many entire countries.

Amazing as those number are, they pale into insignificance when you consider that the total ecommerce market was estimated to be $1.6 trillion in 2015. However, 20 years ago it didn’t exist, but it is forecast to grow to $3.5 trillion per annum by 2019.

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Petition to abolish “unfair” expat retirement transfer tax takes shape

The Houses of ParliamentAs it stands, its been nearly a year that expat retirement transfers of pensions have incurred a charge when moving to or between Qualifying Recognised Offshore Pension Schemes (QROPS), with only expats living within the European Union or a select group of 13 other countries immune to this charge.

However, British expats across the world have recently joined forces to question the fairness of the charge and to lobby parliament for its removal.

It’s easy to see why they have taken this course of action – the charge for overseas expat retirement transfers comes in at 25% of the value of the pension fund; plainly a crippling and punitive amount for people who have already worked hard and paid their taxes in order to prudently fund their retirement.

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