4 Review Steps for Expats Planning for EU Brexit
Sam Orgill of ProACT Expatriate Advice considers what we know so far and recent developments in Brexit and the 4 areas of impact Expats should consider and review to protect Residency Rights, Tax on Income, securing Overseas Property, Medical Cover post Brexit.
1. The UK will EU Brexit on 29/3/2019 followed by a potential transition period of two years. During this time there should be no change in rights for living and working abroad in the EU for British in the EU or Expats living in the UK. After this time in 3.5 years you will have to have visa and residency rights as a non EU citizen. All these arrangements exists for non EU nationals, in each country. Review the requirements for the countries in which you are living and working. Take steps to secure residency or dual citizenship and retain rights to live and work in the UK and EU.
2. Tax agreements are not affected by EU Brexit. The tax arrangements will still be the same after EU Brexit. Be aware of new Automatic exchange of information rules impacting expats living and working and trading overseas. Review the tax liability you have in your country of tax residence. Be aware future residency and visa rights may have a minimum income requirement.
3. Protect your overseas property assets. EU countries have common laws for Wills and this may include force heirship that means unmarried partners and step children don’t benefit. There may also be capital gains taxes payable on sale of overseas property. Under automatic exchange of information overseas property could suffer inheritance tax up to 40%. Make a Will for overseas property and consider using a trust to protect you overseas assets.
4. Universal Medical Cover from a State Health scheme, is made available throughout the EEA (including EU counties) using EHIC cards, until the end of the transition period after Brexit. Even so the cover has limits and is not directly controlled by the EU. After Brexit Expats may need private medical cover, depending up how the UK and other EU countries react to bilateral health agreements after Brexit and transitions. Consider how you will cover your needs in the coming years. Private cover now could be a future cost saving.
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