Specialist expat financial adviser Blevins Franks has predicted a 54% rise in UK client enquiries about moving to Europe this year.
It had 13,000 enquiries about escaping to Europe last year but reckons the number will top 20,000 in 2026.
It said it has been hearing from mature Britons alarmed by taxes – actual and potential – on pensions, inheritance, wealth and property. They are mainly looking at retirement to sunny southern Europe.
The firm warned that the rising exodus creates significant challenges for Financial Planners and advisers trying to counsel clients about whether they would be better off tax-wise in the UK or elsewhere.
It pointed out that when abroad, a client’s financial position can fundamentally change. Local tax rules, succession laws and regulation affect pensions, investments, estate planning and wealth transfer.
Overseas rules can also legally limit the advice a UK firm is allowed to provide once the client becomes EU-resident, the firm added.
It recently launched European Client Solutions (ECS) to help advisers remove the challenges and liabilities from their books, while ensuring clients continue to receive appropriate advice.
The firm said the service allows UK advisers to introduce clients living in France, Spain, Portugal, Cyprus or Malta to Blevins Franks’ local cross-border specialists.
James Roberts, Blevins Franks’ chief executive, said: “This is about achieving the best possible outcomes for clients by connecting them with our established teams of in-country experts."
At a glance: Taxes on retirees in sunny southern Europe
Pension | Inheritance | Wealth/Property | |
France | May only be liable for a fixed tax rate of 7.5% if taken before becoming resident | Can leave 100,000 euros to each child free of tax. Savings schemes can reduce or eliminate succession taxes | Property over 1.3m euros attracts tax of 0.5% to 1.5% after 800,000 euros allowance |
Spain | Tax varies across regions. Wrappers can reduce tax on savings income | Most Spanish regions have virtually eliminated inheritance tax for spouses and children | Benign regime. In Madrid and Andalucia, only a couple’s wealth over 8m euros is taxed |
Portugal | Highly tax-efficient plans to hold personal pension benefits | Direct family members exempt from inheritance (‘stamp’) tax | Tax on property value, only at 0.7% over 1.2m euros for couples, 1% over 1m, 1.5% over 2m |
Source: Blevins Franks