How are British expats affected by Brexit?

How are British expats affected by Brexit?

How UK Expats are affected by Brexit

According to the United Nations, 1.3 million Britons live in Europe and the Brexit ultimatum is causing unrest. The referendum has worried large flocks of British expats, because of the uncertainty and lack of clarity which surrounds the departure from Europe.

So what are the possible implications for expats living on the continent? 

Former attorney general, Dominic Grieve QC, expressed that Brexit would result in British citizens “becoming illegal immigrants overnight. If Britain doesn’t maintain some form of free movement after Brexit.”

Additional anxiety circles the idea that EU states will be angered by the Brexit decision. Therefore they could put pressure on British expats in revenge. UK retirees living in Spain, could be forced into paying for their own healthcare, or be cut from access to healthcare altogether.

A shared hope is that expats will be able to secure their continued right to work, reside and own property in EU states. In addition to access to public services, such as medical treatment. Unfortunately for Britons in Europe, these rights can not be guaranteed yet.

Is it all doom and gloom for UK citizens who live in Europe? 

Britain will remain in the EU for at least another year, while the terms of the UK’s exit are negotiated under article 50. This means that any British expats will still be entitled to the same rights as any other EU citizen, while the discussions are ongoing.

The BBC reported that UK expats will be able to maintain the ownership of their properties in Europe. The problems are most likely to be associated with alterations in inheritance and tax laws.

Who will be affected?

Pensioners account for the greatest numbers of British expats living within EU countries. Many of the demographic rely on their pension incomes to enjoy life in the Mediterranean sunshine. Any fluctuations in currency could jeopardise the pension totals.

Another fear is that state pensions will lose the current protection they receive from being within the European Economic Area. The decision could potentially be made to freeze pensions, like expats currently residing in Canada.

What do we know for sure?

The future of how British expats will be impacted by Brexit is still largely unknown. But we believe that an increasing number of indicators will start to develop as the negotiations continue.

In the meantime, if you are an expat pensioner, there is a strong chance that you could be entitled to a pot full of unclaimed money. According to findmylostpension.com, a quarter of unclaimed UK pensions belong to expats. The valuations range from £2,000 to £30,000 per year, and there are tax-free lump sums of up to £40,000.

If you would like to search for any lost assets. Monimine.com allows you to search for unclaimed money for free. If the details you enter, match with the records we have acquired from financial institutions, we can reunite you with your money.

Josh Cousens – Monimine. 

Monimine logo

Unclaimed Money: What do you have in common with Beyoncé & Robert De Niro?

Unclaimed Money: What do you have in common with Beyoncé & Robert De Niro?

celebs with unclaimed money

I’m willing to bet that you never thought you had much in common with Beyoncé, Scarlett Johansson, Robert De Niro, or Denzel Washington? They are just a few of the A-list celebrities who have been uncovered as having unclaimed money. The New York Post explained that, even way back in 1999, an expected $700,000 in lost assets were owed to a long list of the rich and the famous. 

The reasons for their money going missing are exactly the same. The assets have been lost through insurance pay-outs, dividends, uncashed cheques, abandoned bank accounts and unknown inheritances. If a Hollywood superstar can lose track of their finances, so can you. It proves how easy it can be for money to sneak through the gaps, become side-lined and forgotten about.

Although we may not be in line for a windfall the same size as some of these superstars. There is every chance that you might have a pot of money owed to you. In many cases, the rightful beneficiary doesn’t have a clue about the funds that are owed to them.

The United States unclaimed money issue is equally as ambiguous to the UK’s. CNBC states that there is more than $40 billion of lost assets across the pond. The problem needs to be addressed – lost money is being left hidden in the deep crevices of financial accounts, and staying there.

Would it not be perfect, if you could enter your details into the computer and be told if you’re entitled to any unclaimed funds? And wouldn’t it be even better, if you didn’t have to pay to find out?

If you would like to determine whether you could be sitting on a pile of unclaimed cash, visit monimine.com. Using unique, digital software, we are able to cross check your details with the leading financial institutions. If a match is found, we can reconnect you with any unclaimed money that is rightfully yours. What’s more is that we won’t charge you a penny.

Start your search today – monimine.com 

Josh Cousens – Monimine. 

Monimine logo

Probate, like herding cats? No longer.

Here’s a challenge for you…

Write your Will. (morbid I know)

Now instead of writing vaguely about your estate, try and define everything you own, then divvy it out.

Tough, isn’t it? Have you remembered your stocks & shares? life assurance? All your pension pots?

Typically, most people write about jewellery in more detail than they do their financial assets. Now think, if you can’t remember where your accounts are, how do you expect someone else to? I know, for my father, I have absolutely no idea what he owns, or where. It’s just not dinner-time entertainment talk (see also ‘Very British Problems’). So, usually, we never find out until the day comes when you must shuffle through desk draws finding pieces of paper and following the trails like a never-ending kite string.

How, in any way, is this a 21st century option? Why do I, as a grief stricken individual, have to pull financial accounts as if I were pulling teeth? This is the last thing I want to be doing at that time. Anyone who has been in this position will know what I’m talking about; there are simply other, more important, things to be doing.

What’s more, I’m probably going to miss half of his accounts because:

A.     I don’t know what shares he owns,

B.     I certainly don’t know how his company pension works (I don’t really know if he had pensions from old jobs… maybe?),

C.     And, his savings and/or current accounts might as well be locked in a box-room at the Vatican’s secret archives. I’ve got the same chance of seeing them too.

You know, that’s fine. I’m happy to not know what my his financial situation is, it’s his prerogative tokeep it personal. But, I know he would blow a gasket if it didn’t go where he wanted when his time comes.

As well as being a means to deal with unclaimed assets, Monimine is an incredibly simple way of staying in-touch with your finances. Where an individual moves to a new house, if they securely log into the Monimine system, they can update their address. Monimine will then notify all the relevant institutions about the move, and your accounts should never become dormant again!

Hugely important to us, is to provide a service to those left behind. Where a spouse or family member dies, you can register this with Monimine. Monimine will then verify whether this is true using government registers (getting rid of the fraud issue) and then notify the necessary institutions. We no longer see it suitable for a widower to have to trawl up the high street notifying each institution individually (an incredibly emotionally draining process). I’m sure there will be many out there who agree, this service is hugely beneficial, and long overdue.

If you’re interested, please have a look at our site www.monimine.com, we’re 100% free to the public and will never use your data for anything other than to unite you with your assets, or keep your financial service providers up to date.

Cheers,

Andy.

What to do with the multiple policies in your pension plan?

What to do with the multiple policies in your pension plan?

multiple policies in pension plan

It’s becoming increasingly rare for an individual to remain in the same job for the duration of their career. Because of this, a growing number of people are possessing multiple policies in their pension plan. The accumulation of a new pension policy from each job can become difficult to keep track of. Aegon cited that one in five people have lost track of some of their pension savings.

The introduction of auto-enrolment pensions are a large contributor towards individuals acquiring multiple policies. Legislation has made it compulsory for employers to automatically enrol their workers into a pension scheme. The number of small pension pots within an individual’s plan have increased significantly because of this. The Department for Work & Pensions say that the number of people in workplace pension schemes has already surpassed the five million mark.

If you are in a similar situation, with a handful of policies in your pension plan – you have two options. You can either; keep your policies separate, or you can consolidate them into one plan. Aegon revealed that 67% of people would prefer to combine their multiple pension policies.

Both options have their pros and cons, and can vary massively depending on circumstances. We would advise speaking with an independent financial advisor, who will be able to recommend the best course of action for you take.

Making the right choice can make the difference in a higher income pension, or even an earlier retirement date. So it is essential that you are clued up and are sure you’re making the right decision. The best option will contrast from one person to the next, because of the different rules, guarantees and rights associated with each pension policy.

The convenience of having all of your pension policies under one roof allows you a peace of mind. You know that you won’t have to rack your brains to think about where your remaining policy is. However, downsides can include loss of employer contributions, bonus eligibility and you could be hit with an exit penalty.

Each person will face their own factors with their pension plan. Speak with a financial advisor to find a solution that best suits you. If you think that you may have some outstanding assets in a pension policy, Monimine allows you to search for them for free. Start your search today at monimine.com.

Josh Cousens – Monimine.

Monimine logo

How to save money on this year’s summer holiday

How to save money on this year’s summer holiday

How to save money on summer holiday

This week may have had a shadow cast over it, by gloom, grey clouds and rain. But August is traditionally the nation’s favourite time of year to flock to the sunny continent on a summer holiday. Finances can be tight, and any extra spending money never goes a miss when the holiday is around the corner. So here are five ways to save money on this year’s summer trip:

  • Exchange Rate Investigation

The devaluation of the pound has made it especially important to research where you get your holiday money. Although the minor contrasts may not seem like much in smaller figures, those numbers will start to rack up when you take out enough money for the week. Spending five minutes online, looking at the most competitive rates will bulk out your wallet/purse for the week.

  • Hand Luggage

Depending on the duration of your stay, by sticking to hand luggage you can save yourself a fortune. Squeezing your summer wardrobe into your overhead bag will prevent you spending extra storing it downstairs. When only beachwear essentials are needed, you shouldn’t have any problems sticking under the limit.

  • Activity Analysis

There is nothing worse than arriving at the gates and discovering that’s is too pricey. Another bit of prior research will give you an inkling into the costings of how much the activities will set you back. You might even stumble across some deals or money off vouchers.

  • Picnics

Everybody loves to sample the delicacies of foreign cuisine, but eating out can become costly. Enjoying a picnic on the beach, by the pool or at your favourite hillside can cut back costs. It doesn’t stop you from savouring the regional titbits. Local markets will have an array of native options on offer. What’s more is that you will be able to save money, and you will be revelling in a stunning al-fresco spot.

  • Local Transport

Ferrying around the city in taxi’s all week can be overlooked – the overall cost will soon add up. Although public transport may not be as convenient, or luxurious, it’s a much more cost-effective way of getting about. Buses, trains, trams and the rest are all genuine ways of embracing local cultures and saving a few pennies whilst you’re at it.

So now you’re all set for your holiday, and have some tricks up your sleeve to save a few extra quid.

Another way of finding some spending money is to find out whether you are entitled to any lost assets. You could be sitting on your own pot of gold and not even know it. Monimine allows you to search for unclaimed money for free – we won’t charge you a penny. Start your search today at monimine.com … you never know you could be upgrading that plane ticket to first class.

Josh Cousens – Monimine.