As for where Britons chose to become citizens, a large proportion opted for Germany – an impressive 2,702 acquired a German passport (this was more than four times the 594 who did so the previous year), making up 41 percent of the overall number. However, many also decided to become Swedish, Dutch, and French citizens.
Although Eurostat is yet to release its figures for 2017, other research has suggested that the high number of citizenship acquisitions continued throughout last year, and all the evidence points to an even more significant increase.
For instance, the BBC reported on figures it obtained last year that examined citizenship applications in the 12 months before the referendum and the 12 months after. It found that all countries surveyed experienced more than twice as many applications from July 2016 to June 2017, than they did from July 2015 to June 2016.
At the start of 2018, the French Ministry of Interior also gave a more accurate picture of the situation in France, which included data for 2017. In 2015, 386 Britons filed applications to become French citizens. The number rose to 1,363 in 2016 and then to 3,173 in 2017. However, these figures cover all applications – the number of Britons successfully receiving French citizenship in 2017 was 1,518.
The different sets of figures have made it clear that Brexit has pushed many Britons to make a decision on their nationality and will likely continue to have an influence until the date the UK finally leaves the EU (March 2019). There is still a cloud of uncertainty looming over Brexit negotiations and how the outcome will affect UK expats, and it would appear that many view EU citizenship as the only certain way of retaining all their current rights, such as the right to live and travel in all EU member states.
Commenting on the Eurostat statistics, Jonathan Portes, Professor of Economics at King’s College London said that Brexit is likely to “make UK citizenship much less useful for working, living and travelling elsewhere in the EU” and added that he would be surprised if the upward trend didn’t continue.
Expats deciding to adopt the nationality of their chosen country has become a key issue recently, but there is much more for them to consider as part of their expat retirement planning, such as making sure their finances are robust enough to support them throughout retirement.
Blacktower’s financial advisers can provide expats with guidance concerning pension transfers into SIPPs and QROPS as well as wealth management and regular savings advice.
By speaking to one of our financial advisers, we can help you make your financial goals more attainable so that, whether you opt for EU citizenship or not, your money will be looked after.
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.
Lehman Brothers filed for bankruptcy on 15 September 2008. With $639 billion in assets and $619 billion in debt. Their bankruptcy filing was the largest in history and prompted an immediate fall in the FTSE 100 of 4%. It was the beginning of a slump that by Christmas of 2008 had resulted in 23% being wiped off the value of Britain’s top 100 companies. As a stock market crash, it ranks alongside the dotcom bubble and the shock of 1987. However, while living standards have flat-lined since that date, the stock market revival has been spectacular. Many investors were, however, spooked by the financial crisis of 2008 and liquidated their investment portfolios. Unfortunately as shown below – they lost out on the bull run of the next 10 years.
Pensions transfers for expats may become simpler if the Department for Work & Pensions follows through on plans to drop the requirement for consumers to receive accredited advice before making an expat pension transfer.