Brit expats protect finances ahead of Brexit
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.”
AUTHOR
Laura Dew
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
