News & Insights

Clients of expat financial services providers are using the nose-diving pound as an opportunity to invest in the UK buy-to-let property market, with lenders reporting an 80% increase in mortgage applications from British expats looking to make secure future financial provision.

It is a curious position: expats benefiting from economic uncertainty in their home country in order to invest in its property market at a time when the pound is approaching ten-year lows against many of its rival currencies. So, how easy is it?

As retirement draws near, many of us begin to think about how we want our hard-earned earthly possessions to be distributed amongst our nearest and dearest. Making a will, of course, is a good starting point, but you also might want to think about the slice of the pie that the taxman will take from our relatives’ inheritance.

A judge at a UK court has ruled that limitations in the law mean divorcing partners cannot make claims for the QROPS pensions of their British expat ex-partners.

This ruling relating to overseas QROPS pensions was reached in the High Court as part of the protracted and embittered divorce settlement of Amit and Ankita Goyal.

The couple divorced during the summer of 2013 and an earlier court hearing in October 2015 ruled that the husband should pay a financial settlement to his wife. However, it was not until the High Court decision in October 2016 that clarity was offered in respect of the husband's £87,000 India-based QROPS pension.

One of the most common questions asked of expat financial services firms is what should clients do with their pensions. Some wish to keep all their money in a UK-based pension, some will look to transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) and others will want to take a tax-free lump sum from their fund. In short, what an individual chooses to do will depend heavily on their personal circumstances together with any advice they receive from their expat financial services professional.

Plans have been released by Brussels to introduce a travel tax on post-Brexit UK travellers. British people will no longer be able to travel freely to Europe without paying a "travel tax" and being forced to fill out a form under plans unveiled by Brussels.  The US-style visa waiver scheme is one of the first concrete signs UK citizens will not be permitted the privileges they once had, to move across European borders unhindered.

The nose-diving post-Brexit pound is causing anxiety and practical financial problems both for British expats already in France and those who are planning to soon move there for their retirement, making it especially important that all concerned make positive and informed choices when seeking a QROPS transfer to France.

There can be no doubt that the pound's fall has been dramatic; in the months since June it has dropped 15% against the value of the euro, greatly reducing the financial leverage of some expats with a QROPS in France.

On 3rd of November, the High Court ruled that Theresa May’s plan to trigger Article 50 early next year without consulting Parliament would not be allowed.  This is a massive blow to Theresa May who had intended to use royal prerogative to move ahead without consulting parliament.

As an expat myself, I have been keeping a close eye on the news relating to the British people's decision to seek an exit from the EU. Our newspapers are filled to the brim day in and day out with commentary from the 'Brexiteers' and 'Remainers'. Everyone seems to have an opinion as to what will take place, how it will look and what actions you need to take – but the basic facts at this moment in time are that ‘we don’t know’ - it is all speculation.