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Recently, a number of UK financial institutions have changed their stance regarding clients who live outside of the UK. Companies, including Aviva, have stopped allowing online access for clients, causing confusion.
Read more on Aviva’s impact on policy for French residents.
Due to Brexit, some companies no longer have a European licence for financial and insurance services and, as a result, are unable to continue serving offshore clients. Even some banks, such as Barclays, have been in the headlines for sending letters stating they will close bank accounts for non-residents.
This situation is understandably causing concern and confusion for many. There are now several online accounts that offer multi-currency options, which may be a solution for those who are tech-savvy and want to retain a way of holding sterling in the future—especially those with pension income.
When it comes to pensions that are in drawdown or not yet in payment, having an advisor based in France can help. We can review and assess your current arrangements and compare alternatives that might offer greater flexibility.
Many people today want a degree of control over their pension funds and currency, but there are still many pension policies held by French tax residents that are too inflexible for modern-day living.
Please note that Beacon Global Wealth Management are not tax advisors or accountants.
If you would like further details or to have a confidential discussion about your own personal situation, please do not hesitate to contact us.
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.
