Yes, in all probability the pension pot billions that have already been transferred into various pension schemes by more than 120,000 expats since 2006 will probably be safe, but for those who have not yet made a decision regarding expat retirement transfers, there will almost certainly be another period of limbo.
The reality is that there is so much to be covered in the Brexit agreement that it will be no surprise if pension transfers are not resolved until some time after the March deadline, most likely in one of the budgets following the UK’s official departure from the EU.
And it is difficult to predict just what the government might decide is the best way to manage expat-retirement transfers post-Brexit. Some experts believe that they will remain in place but with additional charges, others believe that new schemes will arise to meet the altered landscape. Whatever the case, it seems that taking advice and planning now is the only way current expats can ensure they do not become stuck in limbo.
Of course, financial advisers cannot see into the future and anyone who tells you they know what will happen is really just speculating. So what we suggest is that you discuss your wealth management with a financial adviser as soon as possible, so that you have a clearer picture of where you stand right now.
Blacktower financial advisers work across Europe and beyond and have been helping expats manage their retirement planning and investment portfolios for more than 30 years. While none of us has experienced Brexit before, we understand our respective jurisdictions thoroughly and comprehensively, so you can be assured that whether you are an expat planning your retirement in France, Spain, Portugal or in any one of our serviced countries or regions, we will be happy to discuss your plans and support you as you negotiate the next few years.
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.
Located at the Southern tip of the Iberian Peninsula, the British overseas territory of Gibraltar looks South over the confluence of the Mediterranean Sea and the Atlantic Ocean. This small but strategically important isthmus of land, is home to over 32,000 people in just 6.7 km2 (2.6 miles2) of land. As a British crown dependency, the laws and language are those of the United Kingdom, but Spanish is also widely spoken along with the hybridised form of the two known as Llanito. Due to its location and close links with the UK, Gibraltar has long been a favoured destination by British expats looking for sunnier climes and an attractive tax regime. Although it’s not quite as well-known as some other offshore territories such as Monaco and the Cayman Islands, Gibraltar tax rates make it a very attractive choice for anyone looking to relocate within easy striking distance of the UK and Western Europe.