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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

How to learn a language when moving to a new country

Open bookOne of the biggest concerns for prospective expats moving overseas is how easy it will be to fit in with the locals. Moving to a foreign country can be intimidating, especially when travelling to a place with a vastly different culture to home.

It’s understandable to want to make a good impression in the community, and the most effective way is to learn a language.

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Suitability Key to Expat Retirement Transfers

YesExpat retirement transfers have the potential to play a critical, and beneficial, part of an expat’s financial planning. However, this is only if the process is undertaken in a considered fashion with reliable, regulated and trustworthy advice that investigates all of the options, including the possibility of a QROPS or SIPPs transfer.

The Financial Conduct Authority (FCA) knows this better than anybody and has recently flagged its concern that too many firms are providing unsuitable pension transfer advice. This followed the publishing of a report in which the FCA found less than half of all pension transfer advice was fit for purpose.

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