ChiFRA

Understandably during the global health emergency, normal life paused while priorities shifted. With all that’s been going on, it is easy to forget that the Brexit transition period is due to end in just a few months, on 31^st December 2020.

Reassuringly, we know that if you are lawfully settled in Spain before then, you will be able to enjoy uninterrupted residence rights. But with no certainty on what form Brexit will take from 2021 – or whether the UK will even leave with a deal – there are still many unknowns.

Perhaps one of the biggest is what will happen to UK pension rules for expatriates. Looking at it from the UK government’s point of view, it could be potentially quite lucrative, for example, to tap into overseas pension transfers once they shed their EU obligations.

If you are retired or planning to retire in Spain, this is the time to review your pension options – before the rules potentially change.

Aside from the devastating human impact, the coronavirus pandemic has affected economies and businesses everywhere, making this a highly volatile time for global markets. While this can be extremely unsettling for investors, this is not the time to act on impulse.

Whatever is happening around us, the most sensible approach is to invest for the long-term. History has repeatedly shown that ‘time in’ rather than ‘timing’ the market usually offers the best rewards

These have been challenging times, but hopefully as the restrictions are lifted, we can start to enjoy more freedoms and adjust to the ‘new normal’.  Many people will still be at home more than usual though and continue looking for positive ways to spend this time. While home improvements, baking or learning a new skill are usually top of the list, this is also a good opportunity to tend to your financial wellbeing.

With the Brexit clock still ticking, expatriates in particular can benefit from using this time to fine tune their tax, pensions and estate planning. Here are some key considerations.