The Challenge called Brexit
On 23 June 2016 the majority of the Brits decided they wanted the UK to withdraw from the European Union – also known as Brexit, and the country is now scheduled to leave the EU by the end of March 2019.
UK Expats across the EU have been worried about their legal rights: can they acquire permanent residency in the country they reside in, will they be able to reunite with their families, do they need to return to the UK?
And what will be the financial implications of Brexit? The Pound was given a lift after it seems that Brexit will do less harm to the UK economy as initially anticipated, but possible further exchange rate possibilities will continue to be a source of worry.
Time will tell, as 31 March 2019 approaches. Brits should stay updated about the Brexit process and consult with a financial advisor to help them manage their wealth and minimize the implications of Brexit as much as possible.
Read this article about Brexit:
QROPS
Approximately 300,000 to 500,000 Brits leave the United Kingdom every year for a new job or to start a new life elsewhere. If you live overseas yourself or when you are thinking of moving abroad then you may consider transferring to a QROPS (Qualifying Recognized Overseas Pension Scheme). A QROPS is an overseas pension scheme that meets certain requirements set by Her Majesty’s Revenue and Customs (HRMC) and is the result of the EUs human rights requirement of the freedom of capital movement.
The benefits of transferring your UK pension into a QROPS include increased tax efficiency, investment freedom and other wealth growth opportunities but also flexibility and a way of simplifying one’s individual’s retirement plan.
There are many different QROPS out there, and there simply isn’t one QROPS that meets everyone’s requirements. Contact us to set up a free initial consultation with a qualified financial advisor to discuss your current UK pension, and to discuss the options of transferring your fund into a suitable QROPS for you.
More about QROPS and British Pensions in this article:
