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If you are already France tax residents (or moving to France) and you take financial advice from the UK or your investments are still UK-based, what do you need to think about as the end of the Brexit transition period approaches?
Reassuringly, citizens’ rights for UK nationals legally settled in France by the 31st of December 2020 are protected, and you can now apply for a France resident’s card online. However, there are no such guarantees in the area of financial services, which could affect whether you can continue to receive UK-based advice and services as residents of France.
We have already been contacted by France residents whose UK banks and investment firms have advised them they will be withdrawing services and recommending that they plan now with an alternative provider who can support them.
When you are a tax resident in France, you are living under French rules and regulations. While UK-based advisers may be experts on the system for UK residents, it is unlikely that they have the same in-depth knowledge of French regulations—and why should they?
All of our financial advisers have an in-depth knowledge of these regulations and access to solutions that could offer significant benefits for France residents.
If you are holding on to UK savings and investments, be aware that they already lose their UK tax benefits once you are living in France, and their growth must be declared to the French tax authorities annually, whether withdrawn or not. From 2021, when they cease to be EU/EEA assets, they could potentially attract a higher tax bill in either or even both countries.
As a resident of France, you can have access to locally compliant alternatives that offer advantages such as tax efficiency, multi-currency options, and estate planning flexibility. So, please explore your options.
As the end of the Brexit transition period draws nearer, it has never been more important to ensure your financial affairs are both compliant and suitable for your life in France.
At Beacon Global Wealth Management, we are committed to providing all our France-based clients with a high-quality service well into the future. We have been planning for Brexit for some time and have arrangements in place that enable us to continue servicing our clients—whatever the outcome of the Brexit negotiations. We are fully Brexit ready and in a position to continue providing regulated advice for France-based clients from 2021 and beyond.
Secure your financial peace of mind by talking to an experienced, locally based adviser as soon as possible before the 2020 Brexit deadline.
To see if we can help you, we offer a free initial financial consultation, currently conducted by phone or video in these travel-restricted times.
We will discuss where you are today, where you want to be in the future, and following our discussions, create a Report & Recommendations to help get you there.
Everything is conducted in English and is based on French rules & regulations.
As part of your Free Initial Financial Consultation, we will:
By the end, you should feel more financially organized and in control. There’s no cost and no small print—just a free opportunity to experience our services from the comfort of your own home.
To arrange a free chat, just send us an email with your best contact number and time of day to chat, and we’ll be in touch to arrange this with you.
Before you engage us, we’ll get to know you to make sure we’re a good fit in terms of understanding what is most important to you.
After our discovery call, we will summarise our understanding of your current situation and the key objectives which will ensure we're aligned with your goals.
Once you’re happy that we’re right for you, we’ll provide our recommendations and implement them for you. But there’s never any pressure from us to proceed – that’s just not our style.
We will implement your plan, constantly monitor and report on the performance to ensure your private wealth is optimised and aligned with your goals and working for you. Additionally, we’ll provide you with regular statements and a half yearly review to ensure that you remain up to date with any investment or tax changes and that we continue deliver for the long term.
