News & Insights

Expats expected to seek HMRC QROPS transfers amid Brexit uncertainty

That said, there is certainly no harm in thinking about QROPS now, particularly in light of the spiralling pound and the need to consider the impact on foreign currency exchange rates – British expats should take whatever steps are necessary to preserve both their spending power and their existing retirement financial plans. And for those who have been thinking about becoming expats, with the future of freedom of movement in doubt, now is the time to do it – whether you are thinking of moving to Spain, France, Portugal or elsewhere in the EU.

One thing is for certain; with the economic uncertainty created by Brexit there is likely to be a both a massive surge in expat numbers and a dramatically increased demand for HMRC QROPS. This is because QROPS provides an opportunity for expats to transfer their pensions to a reliable and secure scheme outside of the UK but in English. QROPS investors also benefit from flexible investment opportunities, flexible taxation options and the, current, ability to withdraw a lump sum of up to 30%.

Other News

Save or borrow?

The value of having expat regular savings has been underlined by a recent survey which showed that the typical 55-year-old borrows £6,785 against the value of their home in order to take a holiday, with others borrowing an average of £58,850 in order to buy a holiday property.

“With an average spend approaching £7,000 for holidays, travel is a popular choice for those unlocking cash from their homes, often alongside other uses to improve their lifestyle in retirement,” said Dean Mirfin, technical director at Key Retirement, the firm behind the survey.

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Five Key Retirement Questions for Expats in Spain

Woman sitting on a benchIf you live in Spain, or are thinking of moving to Spain for your retirement, it is essential that you seek expat financial advice in order to give you the best possible chance of successfully protecting and growing your wealth.

Blacktower Financial Management has offices in Barcelona as well as Costa Del Sol, Costa Blanca, Costa Calida and on the Balearic Island of Mallorca. From these branches, our team members can help expat retirees throughout Spain take care of their wealth management and retirement investment needs.

In this guide we take a look at some key questions for expats in Spain.

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