Friday Brexit Briefing: 5 Step Checklist To Review for Your Brexit

5 Step Checklist To Review for Your Brexit

EU Brexit for Expats is a weekly Friday blog for Expats Living and Working Abroad in the UK and in Europe who are affected by the changes in Europe.

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From ProACT Sam Orgill, 

ProACT Partnership Expatriate Advice

www.proactpartnership.com/register

5 Step Checklist To Review for Your Brexit- EU Brexit for Working Expats

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6% of 170,000 BRITISH retail workers are EU citizens.

Theresa May has confirmed theirwork and residential rights will be the same as BRITISH citizens after Brexit.

British Expats Living and Working Abroad in the EU will be hoping for a similar commitment from the EU.

Fundamental Issue

The EUs situation currently is largely centred in the 2007/8 expansion to include Eastern Europe. As a result economic migrants moved from low pay to richer Northern European countries like Britain.

Forget Lobby and self interestgroups. Let’s examine the facts on the macro economic impact.

There is a minimum wage these EU workers are paid.

If they leave , then BRITISH citizens could take up those role. If they can afford too based upon any UK benefit entitlement for health, disability and family needs. That is a BRITISH government issue , not a Brexit issue.

Technically the UK economy is at full employment , although at 4.3% unemployed. Statistically that represents those in transition through personal, work, career or health reasons. 

Productivity Pay Growth

The good news after EU Brexit is that wages may well rise. Why ? Because productivity will rise as business invests, with fewer low paid employees and as a result pay will rise.

There is a strong argument that, post the 2007/8 expansion of the EU to include the poorer Eastern and SouthernEuropean countries, which allowed low wage migrant workers to into wealthy Northern European companies, investment in productivity has lagged behind as companies choose low paid low skilled workers and as a result we have seen salary growth fall to low historic levels.

Sticky Situation

10 years later this is causing stagnation in BRITISH and other big EU countries, caused by a squeezed spending power of consumers due to below inflation wage increases over this period.

Productivitygrowth should lead to more consumer spending and rising personal wealth.

That would feel good for British workers.Managed well the UK could become an economic successin the next 10 years.

Economic Reality

This is thedriver for EU brexit by the UK people.

The EU powers know this and knowthe same stress exists in other EU countries.If they can have enough time -30 years? - they will succeed in their ambition for an EU state with similarwealth across the continent.

Is this what is behind the EU awkward approach and blocking tactics in EU negotiations. Probably.Make it painful for the UK to discourage others jumping ship.

Not forgetting that there is already a common social insurance and state pension pot across the EU.This is at the heart of the money demands from the EU to top up the EU workers rights.

British Expats need a good and fair resolution of this issue so as not to have a negative impact on themselves.

Departing at Gate 44

EU Brexit will happen in March 2019 only 18 months away. By March 2018 the die will be cast. Essentially by then the terms of leaving must be agreed to give a year for the legal ratifications and reorganisations to be put in place.

That means a dynamic and exciting 6 months ahead as an increasingly public game of thrones is acted out.

5 Step Checklist To Review for Your Brexit

Expats Living and Working Abroad in the UK and Europe should look forward to Brexit now.

  1. MEDICAL Review your medical arrangements. If you have an EU based right to cross border national health care , get it in place now as this option may be removed during the preparation for Brexit from March 18
  2. VISA Bring your residency status up to date. If you have a right to EU residency rights to be Living and Working Abroad in the EU , then get you residency permit up to date. Again this right might be removed from as early as March 18. But with a valid residency Permit under the UK proposals your residency will remain until March 2021 at least.
  3. TAX RETURN. Bring your tax returns up to date. If your tax returns are. It up to date this could affect your right to stay, or leave you with back tax when moving back to your home country.
  4. CITIZENSHIP. Consider duel citizenship. Once you stay in any country for a period of time, especially Europe, you can acquire the right to apply for citizenship of your EU country of residency. What are your rights and could applying now help you ?
  5. BREXIT PLAN. Review and make your own Brexit plan. Consider the options for you, your family and your business and work. Make your own Brexit Plan. 

Sam Orgill

ProACT Partnership Expatriate Advice

ProACTSam Orgill

ProACT Partnership - Tax Saving Expat Experts

www.proactpartnership.com

info@proactpartnership.com

TEL: +357 26 819 424

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