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 multi-currency 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.
www.beaconglobalwealth.com; jennie @ bgwealthmanagement.net
Please be aware that Beacon Global Wealth management are not tax advisors or accountants.
This communication is for informational purposes only based on our understanding of current legislation and practices which is subject to change and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice form a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.