Brexit makes expats move to 'shore up' finances
More than a third of British expatriates have taken action to protect their finances ahead of possible disruption caused by the end of the Brexit transition on December 31, according to the head of one of the world’s largest independent financial advisory and fintech organisations.
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Not surprisingly, added Mr Green, the expats most active in trying to "Brexit-proof" their finances were those living in the countries remaining in the European Union. “If there is a no-deal Brexit, which is looking increasingly likely, their pensions, insurance and healthcare could be adversely affected overnight," he said, pointing out that Prime Minister Boris Johnson had warned that Britons should “get ready for changes” in his latest update on trade negotiations with the EU.Mr Green, whose company operates in 100 nations, added that it was worrying that so many expats had yet to seek advice on their finances because of Brexit.“With five and a half months left before the UK is out of the EU, it’s a concern that more UK expats have not yet sought to create, grow and safeguard their financial assets in a post-Brexit world,” he said.“If expats fail to plan for all Brexit eventualities by not considering all cross- border financial options now, they could be compromising their longer-term financial security.”The firm described the official estimate of five million Brits living overseas as an underestimate. "The real figure is universally acknowledged to be considerably higher as many expats do not register themselves in their new countries of residence with the relevant authorities."
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