Premier FX collapse – What to do next for customers

As we hurtle towards the EU referendum and are being deluged with information about the whys and wherefores of Brexit or Bremain, Blacktower takes a look at what matters to us: the UK expats whose futures, whatever the outcome of the vote, are very much determined by the quality of their expat financial advice.

Just how many British expats are there in Europe?

Well, data published by the Office of National Statistics shows – although not completely reliably, we feel – that there are around 1.2 million British expats within the EU (some estimates put this figure as high as 2 million).

The vast majority of these live in tried, tested and sun-drenched destinations such as Spain and France. But before you start thinking that expats just move away purely in search of a sunnier climate, think again; the third most popular destination is Ireland (150 days of rainfall a year compared to the UK’s 133).

Many expats earn more abroad than they would at home, have lower tax liability and a range of investment options. However, despite these advantages, some fail to adequately account for one essential aspect of wealth management: expat regular savings.

Unfortunately, for those in this situation it can take a catastrophic event such as the loss of a job, ill-health, an accident or an unexpected liability or capital expense to make them realise there is an expat regular savings shaped void in their financial planning.