Changes for Expats
Is life going to get more difficult for expats?
That, to me is the most important question. As an expat living in Europe at the moment you have the right to travel freely, to receive healthcare, to work, to set up a business, to receive your pension directly in the country that you live in and so on. When Brexit becomes a reality, this may change.
On a positive note, the offer made by the Prime Minister this week could go a long way to answering these questions. Facts are only time will tell, if the experts are to be believed expats will be fine if you have resided overseas for a period of time and that period again is a question.
How this will change and who the changes will apply to is yet to be seen.
What will the changes be?
Will Brits have to take out private medical insurance?
Will they be entitled to work in that country?
Will they be entitled to receive their pension paid directly to that country and will this increase over time or remain static?
We have already seen expats heading back to the UK, but this is as a result of another factor – the exchange rate. The simple fact is that if your income – whether it be a pension or otherwise – is in Sterling your money now doesn’t go as far as it used to in Europe and therefore many pensioners living in Europe are struggling. Ironically many of these people moved to Europe due to the lower cost of living.
Expats are still very active when it comes to buying or retaining a property in the UK with new and re-mortgages hitting record levels this year. It would seem the expat with all this uncertainty likes to hold onto or gain a foothold in the ever-profitable UK property market.
If you are an expat and require assistance with your new or re-mortgage do get in contact and one of our qualified advisers will be happy to assist.