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To Brexit or not to Brexit, that is the question

400 years of Shakespeare and we are still pondering over the question! 

I recently returned from London – more specifically the City of London – and was rather surprised to find out that the financial ‘experts’ were still in a state of flux, arguing over the theoretical economical fall out, on the day after of the fast approaching in/out referendum. I came to the conclusion, after pouring through reams of editorial columns from “would be” financial gurus, that the prognosis relating to the likely impact on the FTSE100 on the 24th of June – the day after – was that the general consensus converged on a simple equation; if the in campaign wins the day, there would be an immediate 5% appreciation. Conversely, if the out campaign has it, the FTSE100 would suffer a dramatic 10% loss.

Cocktail, art & forum events in Antibes & Monaco

We'd like to thank everybody who attended our fantastic Cocktail, Art & Forum events on the 19th of April, held at the Hotel Juana in Antibes and Hotel Novotel in Monaco.

Blacktower sponsored NORCECA beach volleyball tournament

Blacktower's Regional Manager for Cayman Brandon S Ure was lucky enough to attend the 2016 NORCECA (the North, Central America and Caribbean Volleyball Confederation) Beach Volleyball Tournament at Grand Cayman's beautiful seven mile public beach. The event – of which Blacktower Financial Management was a sponsors – involved 15 countries in male and female divisions; teams from Belize, Canada, Costa Rica, Curacao, El Salvador, Guadeloupe, Honduras, Jamaica, Mexico, Nicaragua, St. Kitts, Trinadad and Tobago, USA and the Virgin Islands all competed. 

Britons stash over £1bn at home as interest rates on savings dwindle

I read an interesting report this week that brought a smile to my face.  It appears that over seven million Britons stash cash away in their homes, with around £1.3 billion languishing in spots such as piggy banks, teapots and even freezers. Drawn by the convenience of having cash to hand and dismayed by dismal interest rates, British adults are squirrelling away sizeable sums at home, it has been reported. 

Only 27 per cent said they were happy with the interest rates accruing on their savings, with many adults saying their children now save more in bank accounts than they do. On average, people said they would need to be able to generate at least £120 in additional interest a year to be persuaded to move their money.

How safe is your pension?

We have all read in the press recently about the demise of BHS, but the most worrying part of the story is how this will impact UK taxpayers and BHS pensions. UK taxpayers will have to cover the statutory redundancy pay of the company’s 11,000 staff. Based on previous failures, such as Comet, city experts believe the bill will top £40 million.

At the same time, every worker in the UK who is a member of a company pension scheme will have to help fill a black hole estimated at £571million in the BHS pension scheme. This is because the Pension Protection Fund, which steps in when businesses collapse, gets its money through a levy imposed on all company schemes. 

Expats with regular savings encouraged by new buy-to-let offerings

Good news for UK expats with regular savings; lenders are introducing more buy-to-let mortgages specially designed to provide for the needs and circumstances of British expats. Until now there has been a shortage of viable deals, despite the fact that demand has been, and continues to be, strong.

Surprisingly, it is not expats from traditional destinations such as France and Spain who are likely to be the main customers of the buy-to-let deals. The United Arab Emirates and Dubai are reported to be the major markets for UK expat buy-to-let mortgages.

However, the mortgages will not be available to all expats. For example, expats resident in Australia, South Africa, Kenya and 89 other countries will be ineligible to borrow from the main provider, Skipton, and as such will have to look elsewhere before using their expat regular savings to make a buy-to-let investment.

Expat financial services could help arrest income decline

New research has indicated that the income of British expats has fallen by 11% since 2005, meaning that there is now extra imperative for Brits abroad to benefit from the advice of the providers of expat financial services.

According to the study, the majority of expat pensioners live in countries within the Eurozone. As such it is possible that, for some, living and financial arrangements could be at risk in the event of Brexit, particularly as the value of their pensions has fallen by more than 4% over the past year.

A state of uncertain uncertainty

A very good friend of mine told me the story that just when you think everything is working well for you, that man with the spade pops out from his hiding place and smacks you right in the face. Now, I'm not talking about what happens in Glasgow when you’re walking home from the pub on a Saturday night (and I'm Glaswegian so I'm allowed to joke about things like that); I'm talking about 2016 and what faces each and every one of us this year – uncertainty.  In fact, it could almost be classed as uncertain uncertainty. The key issue for British expats is obviously the UK referendum on 23rd June when the vote will be taken as to whether or not the UK will stay in the European Union.  

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