“We want to build the financial capital of the future,” said the PM. “In a word, now is the time to come to France.”
As many consumers of expat financial services in France already know, the French tax regime allows for tax deductions for non-salary benefits – for example, assistance for education fees.
The government also indicated that it would try to create more favourable working conditions for British wealth management firms looking to operate in France.
However, one potential stumbling block is the issue of freedom of movement; France agrees with other EU countries that British financial firms should be allowed to retain free access to EU markets only if Britain remains committed to the principle.
Following on from last week’s blog on pension passporting, written by Rosemary Sheppard, Blacktower IFA in France, The Independent newspaper has now warned that British expats abroad could have their cash flow placed in peril by a no-deal Brexit.
While the talks around Brexit and expat pensions are certainly newsworthy, the reporting of pension payments becoming “illegal”, as stated in The Independent’s headline, is pretty implausible.
The story, published on July 25 2018, said the Association of British Insurers (ABI) had told parliament’s Exiting the European Union select committee of the “plausible” risk that payments from British bank accounts could become unviable.
If you’ve moved abroad to live as an expat, have you attempted to learn the language? If you do decide to make the effort, then you’ll be learning an extremely valuable skill, one that, as recent research has shown, many Britons are intent on achieving.
In fact, a new poll has suggested that one in five are planning to pick up a new language in 2018.
The survey was conducted by the British Council, the UK’s international organisation for cultural relations and educational opportunities, which questioned 2,109 UK adults. The British Council is hoping that more Brits pick up a second language because it will help the UK to remain “globally competitive post-Brexit”, according to British Council schools advisor Vicky Gough.