Blacktower Financial Management has offices serving expat clients right across the EU, including Gibraltar, France, Germany and Spain. As such we are determined to ensure that we are fully aware of what the terms of any Brexit might look like and to ensure that we fully address the full implications of final negotiations.
In the meantime, our priority remains serving your finances and ensuring your peace of mind.
Blacktower remains committed to helping clients achieve their investment objectives.
Our wealth management solutions are strategic and based on our knowledge of both EU and UK law together with regulations and controls which exist in other jurisdictions.
Whatever the future holds in terms of Brexit, we will retain our access to the best banks, the most beneficial fund management solutions and the most tax efficient investments. Where specialist advice is required, we will continue to serve our clients.
Blacktower will continue to provide advice and services in relation to saving schemes from the leading offshore and onshore product providers; this includes help with education fee planning and international pension planning.
QROPS and SIPPs transfers
Brexit is unlikely to change the way that Blacktower's clients transfer their UK registered pension schemes.
QROPS and SIPPs will continue to represent flexible, diverse and tax-efficient ways for people to consolidate and optimise their pensions.
The rate of tax you pay as a UK expat is determined by the double tax treaty between the UK and your country of residence rather than EU rules. This means that your rate of taxation in your country of residence is unlikely to be affected by the decision to Brexit.
Operating in a robust and resilient market
It is worth remembering that until the time when the negotiations are concluded and enacted – a process that is likely to take at least two years – the UK remains a full and active member of the EU and that Blacktower's financial advisors and wealth management specialists will continue to take full advantage of this in relation to the way they advise clients of their pensions, taxation, residency status and investment options.
Fortunately, the government, led by Prime Minister Theresa May, has said that it will seek to do everything reasonable in its power to "guarantee the legal status" of UK expats living in the EU.
UK expats should also be reassured by the fact that as it stands Brexit will not diminish a person's right to make QROPS and SIPPs transfers.
It is also worth remembering that for all the talk of doom and gloom that accompanied the outcome of the June 23 referendum, the markets have shown every sign of robustness and resilience.
"The FTSE 250 is a far better barometer of UK economic activity than FTSE 100 and many of the stocks that were hit hardest such as the house builders Persimmon, Taylor Wimpey and Barratt made substantial gains as the new May government started to restore some stability," John Westwood, Blacktower's Group Managing Director at Gibraltar Head Office recently wrote; and the FTSE 100 has also shown real recovery powers.
Many of Blacktower's clients are UK expats who own property inside the EU; in reality it is unlikely that their lives will be drastically changed by Brexit. However, it is important that May negotiates the best possible deals in relation to inheritance and tax laws.
Expats working in the EU will also hope that May can successfully ensure they do not lose the right to continue doing so; some have suggested that they will have to apply for "Blue Cards".
Advice for expats in the EU
Most of the financial products that Blacktower's clients benefit from are based in locations such as Gibraltar, Luxembourg, Malta, and Ireland, so, all in all, our clients can remain confident of their future prospects under Brexit.
If you have any questions or are looking for advice, please contact us today.