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09 Feb, 2012 - deVere expects expats to show resilience this year
deVere expects expats to show resilience this year
Expats will buck the trend of economic doom and gloom this year, with more opportunities to maximise their wealth, deVere Group’s chief executive has said.
Despite predictions for one of the bleakest years on record, Nigel Green said expats will be resilient to the tough economic conditions - provided they get good financial advice.
He said: “Around the world economies are expected to shrink, taxes are set to rise, the markets are to become even more volatile, and pension payouts rates will be the worst that will ever exist.
“However, British expats will be able to maximise their wealth as never before this year. There are a raft of ways that they can acquire a far greater disposable income than their friends and family in the UK and their counterparts in their country of residence.”
For instance, a European Union Retirement Benefits Scheme, is a popular method used by deVere Group’s clients to get the most from their money.
Mr Green said: “Modifications in EU legislation allow pension holders to move substantial funds to different member states when they retire. This means they are able to transfer their accrued pensions to a significantly more tax-efficient jurisdiction.
“The scheme is particularly useful for those expats who move from country to country during their lives.”
The scheme also allows a tax-free, lump-sum withdrawal of up to 30 per cent, depending on where the client lives. Similarly, there is greater currency flexibility and more scope with the fund’s investments.
Mr Green added: “If they get expert, independent advice, expats should be in store for very prosperous time ahead.”
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