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. There are no such guarantees, however, 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 they plan now with an alternative provider who can support them.
When you are tax resident in France you are living under French rules and regulations and while UK-based advisers may be experts on the ins and outs of 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 have access to solutions that could offer you significant benefits as 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benefits once you are living in France and their growth should be declared to the French tax authorities annually, if withdrawn or not. Once they cease to be EU/EEA assets from 2021 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 can offer you advantages such as tax-efficiency, multi-currency, and estate planning flexibility, so please explore your options.
As the end of the Brexit transition period draws ever 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 and have been planning for Brexit for some time. We have arrangements already in place which enable us to continue to service our clients, whatever the outcome of the Brexit negotiations, we are fully Brexit ready and in a position to continue to provide regulated advice for France based clients from 2021 and beyond.
So, secure your financial peace of mind by talking to an experienced, locally based adviser, as soon as possible before the 2020 Brexit deadline.
How do you make the next step?
To see if we can help you, we offer a free initial financial consultation, in these travel restricted days, currently conducted either by phone or video together.
We work out where you are today, where you want to be in the future, and following our discussions together, then create Report & Recommendations -to help get you there.
Everything is conducted together in English & is based on French rules & regulations.
What will we discuss?
As part of your Free initial Financial Consultation, we will:
- Get to know each other, it is not a sales call, it is just to see if we can help you.
- Answer your financial questions.
- Provide clarity and confidence about your financial situation.
- Provide simple, practical advice on what your next steps might be.
- By the end, you should feel more financially organised and in control.
There’s no cost and no small print – just a free opportunity for you to experience our services from the comfort of your own home.
To arrange a free chat, then just send us an email with your best contact number and time of day to chat together, and we’ll be back in touch to arrange this with you.
