The news adds further anxiety at an uncertain time for British expats following Britain’s decision to leave the EU.
Prime Minister Theresa May has recently attempted to create an amnesty deal for British expats living in EU countries whereby all EU migrants living in the UK (of which there are 3.3 million) would be able to remain here as long as British expats (1.2million) were able to stay in their respective countries. The deal was blocked by Angela Merkel, the Chancellor of Germany, and Donald Tusk, the President of the European Council.
Tusk’s response, which seemed to be an attack on the whole Brexit decision, was to state that the matter could only be resolved once Article 50 had been started. He added that “the decision about triggering Article 50 belongs only to the UK, which we fully respect”.
Mrs. Merkel voiced a similar stance, rejecting the Prime Minister’s attempts to instigate any kind of deal for expats before the formal commencing of Article 50.
It would appear, as Donald Tusk mentioned, that the quicker Article 50 is invoked, the quicker this time of worry will be resolved.
At such an unnerving time, professional wealth management advice has never been more valuable.
To stay up-to-date with all the current changes to QROPS and how British expats are being affected by Brexit, as well as to receive expert financial advice on your situation, contact the Blacktower team today.
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.
According to HM Revenue and Customs (HMRC) there has been little change in the market for Qualifying Recognised Overseas Pension Scheme (QROPS)s in the two weeks ending August 2016.
During these unprecedented times the Corona Virus pandemic has impacted so many lives in so many ways. The fact that every country in the world is affected and having to take measure to help support their economy will have such profound long-term consequences that governments are forced to take actions never before seen. You have probably seen the headlines: Australia pumping $66Billion into their economy, Spain €200 Billion, UK £500 Billion, USA $2Trillion, the list goes on.