Slow Painful Withdrawal - EU Brexit for Expats
ProACT Sam examines the steps forward for Expats in the published draft Brexit Withdrawn Treaty.
We have lots more noise. Lots of Politics. Pleads of vested interests.
What do we know about the new Brexit Withdrawal Treaty, what has changed ?
There is no such thing as no deal. As we have highlighted in our ProACT Living and Working Abroad vlogs, blogs and podcasts over the last few months.
When we see this published withdrawal treaty, we see one with contentious issues within it as part of the negotiation compromises. Any negotiation is successful if you find a third way that doesn’t compromise either party.
Clearly this deal is not acceptable to many in the UK causing the outrages. Possibly it may be rejected within the EU by member states.
Big employer companies with EU exports may be more content with the long term customs and trade deal allowed for in this deal.
Big employer companies like Peugeot Vauxhall, BMW mini, Santander Abbey, Sabadell TSB bank, Alliance Boots, can be happy with such the draft withdrawal treaty as the UK will remain in the EU for as long as it takes the EU to agree a trade deal with the UK.
(Yes I have chosen large big business employers in the UK who are based in France, Germany and Spain).
Big business benefits from the EU free trade zone. The EU do not charge customs tariffs within the EU.
They charge high tariffs on imports from around the world.
Royal Mail, G4S, Tesco, compass group, the biggest UK employers don’t export that much. The EU trade deal is not directly relevant.
If you examine the largest British companies in the UK stock market they are global companies or largely trading within the EU.
Trade and customs deals are important to big business because of the scale and costs involve.
Brexit for Families and Small Businesses
Most people are employed in a small business , a family business , contractors and small medium business.
These businesses invest in overseas property, as holiday homes, or choose to work as overseas contractors, or create branches or work from an offshore location. They may send children to overseas education or retire overseas.
Around the world family relocate abroad to better their family, career or the adventure of developing a business overseas.
These Expats are impacted by Brexit as it impacts and changes the status, cost, expenses and requirements for their tax, immigration, medical, Wills, Inheritance, Property or Business.
Withdrawal Treaty Includes
Right to Remain
Social insurance agreements
Tax remains sovereign
UK law aligned to EU at the outset
A transitional period to Dec 2020 and beyond
The transitional period is solely for the UK to stay in the EU Customs union while a new UK-EU trade agreement is made. With no such period then trade would go on , but with different rules , international trade rules.
This is the fear created around ‘no deal brexit’. A sudden quick change to new rules.
The transitional period does give every person the reassurance and appearance of maintaining a status quo. In practice there is change with or without a transitional period, just more gradual with a transitional period.
Contact us, ProACT EU Brexit for Expats Experts, for a free review and guidance.