A final Brexit deal may come up sooner than we expect, and it is important to make sure that you review your own personal financial situation. Not only that, but you may want to check out where you stand on health as well. Will you need a Expat Health Insurance to stay in the country that you are in?
None of us really know what is going to happen after a final Brexit, so it could be a good idea to be prepared. After all, you do not want to end up out of pocket and not being able to afford your expat lifestyle which you have come to love. But, what factors should you take a look at?
Expat Income and Foreign Currency Exchange rate
Do you currently have income from overseas? If you currently have income from an overseas country like UK, you may want to remember that foreign exchange rates are likely to have an effect on your income. In fact, this week it was predicted that Pound Sterling would fall during and after the Brexit process. Many expats around the world have already been effected by the fall of Sterling. It could be a good idea to check out Currency Transfer Companies to see if they can offer you a better exchange rate.
In Trust or a Limited Company
If you have assets in the UK and abroad, you may want to speak to your independent financial adviser. It is very likely that cross border tax agreements will change in the near future. You want to make sure that you will not lose access to your assets, or end up paying too much income tax. There are several ways in which to deal with the situation. Considering open an offshore company, or setting up a trust may be the best way forward if you plan to spend your future in more than one country.
Pensions
What will happen to UK State Pensions? Those on just UK State Pensions may end up suffering the most. The problem is that the UK government could perhaps even make a decision that you cannot have any pension increases in line with the any new agreement. At first you may think that it will not matter a lot, but if the value of Sterling drops as well, you may find that it can cost your dearly.
Set Up Some Savings
At the moment, you may not be getting much interest on your savings, but it is still a good idea to save money. You can think about it as your own personal little slush fund that you can go to when you need some money. If health agreements change, you may find that you will have to pay for some or all of the costs of your medication even though you have transferred your rights.
Expat Health Insurance
If you are an expat living in Spain, it could be a good idea to take a look at expat health insurance. Generally, the age you join a company, is the age that you stay. Companies such as ASSA have easy to understand policies and ASSA agents are often based locally. It is one of the better companies in the health insurance market place today, and you should perhaps ask for a quote.
Will Brexit make life easier for expats? Some say that nothing will change, but other financial advisers find that hard to believe. When it all comes down to it, it is better to be prepared and make sure that you are happy with your own financial situation. Complete your own expat review. It is better to know what areas may cause of concern. If so, you can do something about them, speak to a financial adviser or follow your gut instinct.