Brit expats protect finances ahead of Brexit

Brexit/deVere-Group/Nigel-Green/

17 July 2020
| By Laura Dew |
image
image
expand image

Over a third of British expats have moved to ‘shore up’ their finances to mitigate the impact of Brexit. 

According to deVere Group, expats would be disproportionately affected by the Brexit changes which could affect foreign exchange and pensions overnight with those expats in the European Union being affected most. 

UK residents and expats were warned by Prime Minister Boris Johnson this week that changes regarding Brexit were in progress with issues over law enforcement, aviation, fishing and utilities yet to be decided. However, a no-deal Brexit would be a negative for expats, with over five million Britons living overseas.  

Chief executive Nigel Green said: “Expats can be expected to be disproportionately affected by Brexit as shifts in policies could affect foreign exchange, pensions and retirement planning, investments and tax planning, amongst other issues. 

“As such, and quite sensibly, they are looking to shore-up their financial planning strategies before the UK exits the bloc at the end of the year – especially as they can often use their expat status for their financial advantage. 

“If there is a no-deal Brexit, which is looking increasingly likely, their pensions, insurance and healthcare could be adversely affected overnight.” 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS