We have seen recently a number of UK financial institutions change their stance for clients who live outside of the UK and companies including the likes of Aviva not allowing online access for clients which is causing confusion.
Due to Brexit, some companies no longer have a European licence for financial and insurance services and therefore are unable to continue having offshore clients. Even some banks such as Barclays have been in the headlines for sending letters saying they will close bank accounts for non residents.
This is obviously causing concern and confusion for many. There are now a plethora of online accounts that offer multi currency and this may be a solution for those who are tech savvy and want to retain a way of holding sterling in the future; those with pension income for example.
When it comes to pensions that are in drawdown or not yet in payment, this is where having an advisor based in France can help. We can review and assess your current arrangements and compare alternatives which might hold greater flexibility. Most people these days want to have some degree of control over their pension funds and currency and there are many pension policies still held by French tax residents that simply are too inflexible for modern day living.
Please be aware 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, then please do not hesitate to contact us.