Ahh the word we all love to hate. However, it is a serious business in terms of your finances as a resident of Spain. So if the UK does leave the EU on or before October 31st with a 'hard' Brexit this year, here are some of the main points to consider and how to protect yourself from the adverse affects.
So, in a post Brexit world it is quite possible that freedom of services and capital movement will no longer exist between the EU and the UK. This will have an effect on existing portfolios where UK domiciled funds are used within Spanish compliant structures. You can identify these funds by their International Securities Identification Number (ISIN). All UK funds start with 'GB'. So what is the big deal? Well, post Brexit these funds will be seen as non EU and therefore non compliant within a Spanish bond which may then lose its tax efficiency. If you would like a review of your portfolio please give us a call.
There is a high possibility that your current adviser will no longer be able to service YOU after Brexit, if they passport in from the UK or Gibraltar. We however are authorised to do business in Spain and the EU no matter what happens after October 31st. Furthermore many advisery firms do not hold the requisite MIFID 2 EU license to give investment advice and due to recent changes in the law will no longer be able to advise you. We hold all the right licenses to give investment advice EU wide.