Advice for residents in France with investments in the UK

Written by on October 31, 2020 in Financial

An update for UK expats already France tax resident (or moving to France) and with investments that are UK based from Paul Flintham at Beacon Global Wealth, financial advisors who specialise in advising expats in France.

Citizens’ rights for UK nationals legally settled in France by the 31st of December 2020 are protected. An online site to enable UK expats to apply for French residence opened in October 2020. You can find the details here on the French government website in English: https://contacts-demarches.interieur.gouv.fr/brexit/brexit-residence-permit-application/

There are no such guarantees, however, in the area of financial services. This may affect whether you can continue to use UK-based financial products and advisors as residents of France. There have been several news stories that French resident expats have received notice from UK banks and Investment firms advising them of a withdrawal of services. Some expats have been advised to seek  an alternative provider who can support them.

If you have UK-based savings and investments, you already lose their UK tax benefits once you are living in France, and their growth should be declared to the French tax authorities annually. Once these financial products and services cease to be EU/EEA assets from 2021, it’s possible that they could attract a higher tax bill, in either or even in both countries.

However, as a resident of France, you can have access to locally compliant alternatives. These can offer you advantages such as tax-efficiency, multi-currency, and estate planning flexibility. It costs nothing to consider your options and it may well be to your advantage to do so.

Beacon Global Wealth Management have been planning for Brexit readiness and are in a position to continue to provide regulated advice for France based clients from 2021 and beyond. They will be happy to offer a free of charge initial consultation either by phone or video

You can get in touch with them at: info @ bgwealthmanagement.net

beaconglobalwealth.com

The information on this page is intended only as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page. Please note, we are not tax advisers.

The financial advisers trading under Beacon Wealth Management are members of Nexus Global (IFA Network). Nexus Global is a division within Blacktower Financial Management (International) Limited (BFMI). All approved individual members of Nexus Global are Appointed Representatives of BFMI. BFMI is licensed and regulated by the Gibraltar Financial Services Commission and bound by their rules under licence numbers  (IDD) FSC00805B and (MIFID) FSC1122MIF

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