Brexit: How will Article 50 affect expats?
03 April, 2017 08:00
Brexit: How will Article 50 affect expats?
The UK Government has declared Article 50, beginning the formal process of an EU exit. For the first time in history, a member state is filing for divorce which brings with it a significant level of uncertainty, not least for expats on both sides of the continent.
Article 50 is the mechanism by which an EU member state can withdraw its membership, which follows two years of negotiations before making its final departure. The UK is the first member state to declare Article 50, on March 29th, the UK Government has given notice to Donald Tusk - President of the European Council, making it one of the most historic events in European politics. (More)
Brexit and the implications on exchange rates
It’s a historic moment that will change the course of history for the people of the UK. For the last 43 years the UK has been a member of the EU which has shaped the way they trade, travel and interact with our neighbour economies. Since last Friday, this is all about to change.
The UK have made the decision to withdraw from the EU, undoing decades of economic, social and political foundations. Today is the first time in history any country might invoke article 50 of the Lisbon treaty, the UK is the first country ever willing to withdraw its membership from the EU.
David Cameron made his speech on Friday 24th and has announced he will be resigning in October.
With so much uncertainty ahead in terms of how political and economic uncertainties go, how will Sterling cope with such a huge change in direction?
Picture: Result of the referendum by regional voting areas.
Blue= Majority Leave votes;
Yellow= Majority Remain votes.
How the British EU Referendum could impact British expatriates abroad
On Thursday 23rd June 2016 the UK will vote either to remain in or leave the European Union. How will the EU Referendum impact the UK and what are the potential implications of a ‘Brexit’ for British expats. Despite all the talk from both the ‘leave’ and ‘stay’ camp it’s still not clear as to how expats will be affected, however this article offers insight into the possibilities, discussing factors such as healthcare, taxes and exchange rates. (More)
Cost of living accross the globe - update
We have updated all data for our tool providing indications of cost of living amongst our list of main expat destinations. (More)
Ways to Save Money as an Expat That You May Not Have Thought Of
For many people, living and working abroad is living the dream, trading in the unpredictable weather of the UK for sunnier climes and more exciting locales. It’s not surprising that having made it this far, many people immediately drop any ideas of saving a nest egg or putting some money aside for their holidays (why would you need holidays? You’re already there!).
Perhaps this is why surveys have shown that expats tend to spend their money rather than saving it up for a rainy day. However, while you’re carpeing the diem, it’s still a good idea to save money where you can, even if you are immediately going to take your saved money on a shopping spree. (More)
How to write properly the currency symbol abroad
English speakers are used to have the currency symbol written before the amount, with a dot to separate from the decimal points (e.g. $123.45). However it may vary according to the country you are in : the money symbol could be located after the figure, and the decimal separated by a comma. (More)
And the richest country is...
Switzerland! Unsurprisingly, in terms of disposable income Switzerland leads the world by a huge margin, with an average disposable income of $6300, which is 2 to 3 times that of its neighbours - Germany ($2850), France ($2,760) and Italy ($2,120). This is the result of a classification published on Movehub.com. (More)
Canada Loses Its Pennies
The New York Times reports, "In Canada, the Lowly Penny's Time to Shine Nears an End". Surprisingly, the penny costs more than a penny to make, prompting the abandonment.
"The government estimated that every penny costs it about 1.6 cents to produce. Eliminating the penny's production will reduce the government's costs by about 11 million Canadian dollars a year."
The Royal Canadian Mint will stop producing the littlest coin this fall, but Canadians will be allowed to use the penny indefinitely. The penny will die out on it's own as production of new coins ends. To compensate for the missing currency, cash transactions will be rounded to the nearest nickel (.05). (More)
New U.S. Law Concerning Reporting on Overseas Accounts
A new law that requires overseas financial institutions to report on accounts held by U.S. citizens may make opening accounts overseas more difficult for expats. (More)
French Pension Plans
This article is part of a series describing different pension systems around the world. You will find the other articles already published at the bottom.
French Social Security
Everyone working in France must contribute to the French Social Security system. Everyone is also entitled to benefit from social security without exception. This is called Couverture Maladie Universelle (CMU) or"health plan for everybody" with only .1 percent of people not covered.
Pensions are split into three levels:
- Retraite De Base or Minimum State Pension
- Retraite Complémentaire or Supplementary Pension
- Private Schemes
Most people rely on the mandatory plans and do not have voluntary or private pension scheme. (More)