Why British expats in France should review their finances post Brexit
Following the UK ’ s departure from the European Union in 2021 , Jennie Poate , head of operations at Beacon Global Wealth , financial advisors for expats in France , advises on changes that may affect some people .
How has Brexit affected banking and finance services for expats
in France ?
There have been occasions where UK financial institutions have changed how they treat clients who live outside of the UK and companies . For instance some banks notifying clients that they can no longer hold accounts , and
The changes brought about by Brexit mean that some companies no longer have a European licence for financial and insurance services . Essentially they are no longer able to support offshore clients . Even the big banks such as Barclays have been in the headlines for sending letters saying they will close bank accounts for non-residents .
This caused causing concern and upset for many people . There are though on line bank accounts which offer multicurrency accounts which may provide a simple solution for those who are tech savvy and want to maintain a sterling account – those with pension income for example . ( Ed ’ s note : for instance Revolut and Transferwise ).
Pensions post Brexit for expats in France
Some Brits with pensions in the UK are having issues , for instance Aviva not allowing online access for clients .
When it comes to pensions that are in drawdown or not yet in payment , a France-based advisor who is qualified to advise on both the UK and French finances can help you asses your current arrangements and compare alternatives which might hold greater flexibility .
If you would like a no-obligation , free consultation , contact Jennie Poate , head of operations at Beacon Global Wealth .
Please be aware that Beacon Global Wealth management are not tax advisors or accountants .
The information on these pages based on current regulations is intended only as an introduction only and is not designed to offer solutions or advice . Beacon Global Wealth management are not tax advisors or accountants . Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page .
The financial advisers trading under Beacon Wealth Management are members of Nexus Global ( IFA Network ). Nexus Global is a division within Blacktower Financial Management ( International ) Limited ( BFMI ). All approved individual members of Nexus Global are Appointed Representatives of BFMI . BFMI is licenced and regulated by the Gibraltar Financial Services Commission and bound by their rules under licence number FSC00805B