Five Key Retirement Questions for Expats in Spain
If 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.
Expat Financial Advice Crucial During Brexit Critical Phase
Attempts to find a roadmap for Britain's post-Brexit future may currently feel interminable, but expats in the EU are beginning to make contingencies, or so it appears. A survey commissioned by an international money transfer platform has found that 34% of British expats are currently in the process of applying for citizenship or permanent residency in another country.
Uncertainty regarding the ongoing effect of Brexit is the chief motivation, and the impact on citizenship could be greater still; a further 23 percent of the adults polled during the survey (carried out by YouGov plc from 18-04-19 to 02-05-19) said they would seek citizenship for themselves and their family in the event of a hard Brexit.
Nightmare for Swiss Based Financial Advisers and their EU clients?
The Malta Association of Retirement Scheme Practioners (MARSP) have been attempting to persuade the Malta Financial Services Authority (MFSA) that Switzerland has the relevant regulatory authorisation, supervision and enforcement in line with the EU in order for Swiss Based Advisors to continue to be able to service their EU clients post changes to Malta Pension Legislation – which has seen many clients having to seek an alternative, appropriately licenced, EU based Financial Adviser.
What’s Your Retirement Income Outlook?
The pension freedoms of 2014 radically altered the way many expats are now able to access their retirement funds. The changes, which came into force in April 2015, ended the age of annuity-by-default and allowed people to take multiple tax-free sums, have flexible options regarding income drawdown and provided more scope for expat pensions and transfers into schemes such as SIPPs and QROPS.
However, although these changes have been empowering, they do place a greater emphasis on the need for trusted expat financial advice, particularly for those who wish to maintain the same standard of living they have enjoyed while working once they are retired and have to live entirely of the retirement income generated by their pensions and other assets.
PM Johnson Could Halt the Threat of No-Deal Litigation
Boris Johnson's elevation to Prime Minister of the United Kingdom has again raised the spectre of a potential no-deal Brexit.
Against this background, it is looking increasingly plausible that predictions of legal action against the UK government by British expats in the EU could become a reality unless the PM takes action. Even in the days before Johnson's win over Jeremy Hunt in the Conservative Party leadership election, it was warned that expats in Europe could take legal action and sue for loss of rights.
Conservative MP Alberto Costa warned Boris Johnson in a letter dated 20th July 2019*, that unless he was able to tackle the many issues facing expats, his government could be overwhelmed by legal action.
Blacktower’s Nexus Fund Reaches £100m Milestone
London – July 2019: Leading wealth management provider, Blacktower Financial Management Group has announced value of £100m under its Nexus Global Solutions Portfolio. Launched in 2013 and managed by industry heavyweight, Quilter Cheviot, the funds, Nexus Global Dynamic Portfolio and Nexus Global Solutions Portfolio, were originally conceived by Blacktower Group as means to provide its clients with access to award-winning investment DFM solutions. The Nexus Solutions Portfolio is managed by David Miller, Investment Director of Quilter Cheviot.
Self-Employed Neglecting Their Retirement Plans
If you work for yourself and do not take sufficient steps to invest for later life, you risk an uncertain financial future and may even court the possibility of running out of money at some point in your retirement.
Increasing numbers of successful individuals are forging their own path in life and forsaking conventional career routes, along with conventional pension payment schemes, in favour of the freedoms and innovations of self-employment.
Unfortunately, some freelancers and business owners are so focused on their work at hand that they neglect the necessity of pension planning – an approach that may prove detrimental in the long-run.
Financial Advice or Financial Information?
Regulation is essential in the financial services sector. Not only does it help you ensure that you are receiving financial advice from a professional with a minimum level of expertise, it also enables you to have confidence that you are dealing with someone who is legitimate, rather than a fraudster
Sadly, the cases in which people have lost their money are proof positive that some people are not what they seem.
Regulation is crucial because it provides a framework for outlining the kind of services and advice you might receive; bringing a level of consistency, predictability and reliability to the financial services sector.