How EU Brexit Affects Expat Property Business & Pensions
In Part 2, ProACT Sam discusses in depth issues for Family and Business Living and Working Abroad with the looming EU Brexit for Expats early in 2019.
Residency Rights in Transition for Expats
Residency - Transition Agreements Known
The UK Withdrawal Treaty is largely agreed in principle. EU Expats in the UK and UK Expats in the EU will have their right protected during the transition period, without change, until the end of December 2020.
That requires that they are legally registered by that date in their country of residence.
At this point EU citizens could have much tougher UK migration rules from March 2019. The UK already have these rules in place for non EU workers and students.
Each EU country has different migration policies. UK Expats should consider their lifestyle needs for family, business, property and pensions and take advantage of their EU citizenship in the 9 months remaining.
The Residency Elements of Uncertainty for Expats can be tackled now, using the existing EU Citizen rights. UK Brits will lose those rights after Brexit, while EU citizens will have tougher rules of entry to the UK including higher income requirements and levy charged to employers of 3rd Country nationals.
3 Residency Options For EU & UK Expats to Secure their Future
There are 3 options for Expats Living and Working Abroad in the EU.
- Register to Live and Work in your EU country of choice before EU Brexit date on 29/3/2019. This will allow you to register to live in that country as an EU Citizen with rights of free movement of people, services and goods. The requirements of income and capital and healthcare to register to live and work in that country are generally much lower un EU rules than those for Expats from 3rd non EU countries. British Expats with be 3rd Country nationals after Brexit under the EU legal approach
- Once registered in that country, UK Expats could consider an EU Permanent Residency that allows them unrestricted residency and travel between their home country and the EU country of residence. EU permanent residency can only be applied for under the EU rules, different rules apply for Expats from 3rd Countries. Permanent residency allows for 10 years of residency and free movement between overseas property and tax residence and home country.
- Duel Citizenship. Duel citizenship doesn’t mean giving up you nationality, it means you retain nationality and citizenship, but also acquire a new, second citizenship. Not all countries allow duel citizenship, for example Austria and Netherlands and Germany. Those that do including UK, Ireland and Cyprus could allow an British Expat to retain EU Citizenship through their second citizenship. Conversely EU Expats will be allow to acquire a UK settled status after 5 years living and working in the UK , subject to being resident before Brexit. UK Expats in Cyprus can apply for Cyprus Citizenship by residency after 7 years in Cyprus, this starts when registering as an EU resident in 1. above, and is covered within the 10 years that a Permanent Residency certificate.
Consider your Family, Business and Overseas Property needs, and your lifestyle objectives. Taking action before EU Brexit will give Expats the maximum options for living and working abroad in the EU and UK in the coming years. The greatest flexibility is on offer today before Brexit.
Contact ProACT Expat Experts for a Free Review of the options available to your family and business before EU Brexit.