Millions of expats urged to get finances ‘Brexit ready’

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01 Jun, 2020

Millions of expats urged to get finances ‘Brexit ready’

Millions of Britons living overseas should get their finances ‘Brexit ready’, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The warning from Nigel Green, chief executive and founder of deVere Group comes as the fourth round of negotiations between the UK and the EU begin today (Monday).

Mr Green notes: “This will be a critical week. Talks about securing a post-Brexit relationship are restarting, with negotiations between the two sides - which are at loggerheads - expected to last until Friday.

“The British government insists that it will not extend the transition period beyond the end of the year, despite the coronavirus pandemic.

“Meanwhile, the EU has warned that Britain is heading towards a no-deal Brexit unless Boris Johnson honours the promises he made when he signed last year’s withdrawal agreement. He has according to the EU taken ‘three steps back’ from his original commitments.”

He continues: “A no-deal Brexit could disproportionately negatively impact the finances of millions of expats.

“The pound would fall further, meaning another hit for those who receive British pensions or income in pounds as the cost of living would be considerably higher in real terms.

“Also, unless there is considerable post-Brexit collaboration between the UK and EU there is a risk that existing payments from British companies, including pension and insurance companies, to those living within the European Economic Area (EEA) could be disrupted or even made impossible. This would be a major inconvenience to many UK expats.”

Against this backdrop, Mr Green suggests it would be sensible for Britons living overseas to “consider reviewing their personal financial strategies.” This will help best position them not only to mitigate the risks of a no-deal Brexit, but also enable them to take advantage of potential opportunities that may arise.

The deVere CEO concludes: “As the UK Government campaign says the country needs to  ‘Get Brexit Ready’, it might be prudent to do the same with your finances.”