QROPS Advice: Survey: the good life ‘turns sour’ for many expat Britons

Expatriate Britons are struggling to cope with the mostly weakening pound in a number of key offshore markets, a survey by foreign exchange provider Moneycorp has found, with those in Spain described as suffering the most. Émigrés in Australia and
New Zealand, however, appeared “relatively unaffected by the weakening pound”, the survey noted. It also found expats “hit hard” by problems in many foreign property markets.
The findings echo those of other recent surveys, as well as the recent comments of
many financial advisers with expatriate clients. The survey was conducted in October and November for Moneycorp by consultancy Vanson Bourne. It sought the opinions of some 250 Europe based UK expats, and another 250 British expats from Canada, Australia and New Zealand.
Expats living in these last two countries appeared to be faring better than some other Brits living far from home. “Less than a quarter of British expats in Australia
(23%) and New Zealand (24%) said their spending power had decreased,” Moneycorp said.

Other findings of the survey:
■ More than four in five (85%) Spanish expats say the value of sterling has impacted them financially, with three quarters (79%) saying that their spending power has decreased as a result.
■ Britons living in Germany and Italy are also being significantly impacted by the fall in sterling, as 67% and 66% of expats in these countries, respectively, reported
feeling the pinch.
■ In France, the story is similar, with nearly half reporting they are being
impacted by the fall in sterling; the figure in the
US was 61%.

BY HELEN BURGGRAF