Careers At Abbey Wealth

Are You Living In The EU, Supported By A UK-Based Adviser?

Are you taking financial advice from a UK-based adviser but currently living in Spain, Portugal, France, Cyprus, Malta or another EU country?

With the UK leaving the EU are you aware that if you have a UK pension/pensions you need to make sure that it’s managed by someone who can legally practice in the country where you are a tax resident by July 1st, 2021?

Under previous rules, UK-based financial businesses could ‘passport’ out of the UK and into Europe – ‘Passporting’ enables cross-border transactions between EU member states through shared financial regulation but this no longer applies post-Brexit.

You may understandably wish to continue using your UK adviser, despite now living in the EU. However, you need to make sure they can legally continue to advise you now that the Brexit transition period has ended.

Many UK pension companies will no longer be able to give advice to those living outside of the UK, meaning you could have difficulties accessing, managing and securing your pension moving forward.

A local adviser has the advantage of knowing the local regulations, so is able to make sure you are adhering to the rules in addition to being as tax efficient as possible.

For example:

  • Fully understand the intricacies of the tax regime and how it interacts with UK taxation
  • Have in-depth knowledge of the local residence, domicile, tax, succession law and reporting rules
  • Understand and have access to tax-efficient solutions that offer significant benefits to EU residents

When asked what their pensions are invested in, what the annual returns are and when they last reviewed this, more often than not people aren’t sure or can’t remember. One of the reasons for this is that being outside of the UK makes all this all the more difficult to manage, and even more so now after Brexit.

People are usually unclear on:

  • What they are invested in and whether the strategy is appropriate given the stage of life they are at now
  • How investment decisions are made, who makes them and when
  • The costs of management, what they are and are they efficient
  • How to access the pensions, particularly doing it tax efficiently living in an EU country
  • How to consolidate multiple pensions, reducing costs and creating greater annual gains

If you have several different pension pots, there are potential advantages if you consolidate them into one. Our first step would be to locate your pensions and then evaluate what you have, how they work, what your options are and then have these managed effectively. We’ll be able to plan for when you want to access them integrating with your tax situation and lifestyle.

We can help you achieve all this, giving ongoing advice and moving forward making sure you access your pension tax efficiently, adapting to your life as it changes along the way.

It has never been more important to ensure your financial affairs are both compliant and suitable for your life abroad.

Our advisers are regulated, authorised and have the experience and knowledge to advise on all aspects of financial planning post-Brexit.

Get in touch to find out how we can help you.

Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Individuals should seek personalised advice.

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