News & Insights

Brits Urged to Take Up German Citizenship

Furthermore, a spokesperson with the group said that even individuals who think they are not eligible should make enquiries, given that the process is only likely to become harder in the future. As it stands, to qualify for German citizenship an applicant must have lived for at least eight years in the country, speak the language, have no criminal record and, crucially, be able to pass a citizenship test.

However, if a person has been in Germany for fewer than eight years, but has strong ties with the country and is married or in a long-term relationship with a German citizen, there may be some leeway when it comes to the otherwise strict rules.

“We’ve been exchanging a lot of information on how to become a German citizen, what the requirements are and encouraging people to take up this option,” said the spokesperson.

According to Germany’s Federal Office of Statistics, last year 7,493 British people achieved German citizenship – a record number – 162% more than in 2016; a rise experts believe is directly attributable to concerns around Brexit.

Blacktower Financial Management

Blacktower Financial Management operates from numerous locations across Europe, including Germany. We specialise in all areas of expat wealth management and financial advice including assistance with SIPP and QROPS expat transfers and dealing with Brexit.

For more information about how we can help you successfully manage your wealth in Germany and the ramifications of becoming, or not becoming a Germany citizen, contact our financial services team in Germany today.

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Expat financial services providers should consider MARD

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As such, any provider of expat financial services should know that H.M. Revenue and Customs (HMRC) now has improved scope for the recovery of tax from UK expatriates.

This is due in no small part to the “Mutual Assistance in the Recovery of Debt” (MARD) agreements the UK has in place with various countries. These agreements operate across the EU and have been in place since 2012, allowing HMRC to recover taxes that are owed. Other countries signatory to MARD agreements include Norway, New Zealand and South Africa.

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Details of McGregor’s estate opportunity to remember Cayman Islands work

It has been revealed that Harvey McGregor, the lawyer who innovated Grand Cayman as a tax planning centre for high net worth individuals, inspiring the growth of the financial services community in the Caribbean islands, has left an estate worth £1.4 million to his long-term partner.

McGregor had such a profound impact on the Cayman Islands wealth management sector that it is now home to the world’s fifth largest banking sector while also at the forefront of the expat financial services industry; with both Blacktower and Rothschilds having offices in the British Overseas Territory. It is also ranked as the world’s second leading tax planning destination, behind only Luxembourg and, in testament to the work of McGregor, has the highest standard of living in all of the Caribbean.

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