If you're an expat living in the EU, you've no doubt Brexit on the mind since the referendum in 2016, worrying about what the future may hold. So, it's reassuring that the British negotiating team managed to secure rights of residency for existing UK expats, as part of the Withdrawal Agreement.
If you're a British expat who has lived outside the UK for at least 15 years, then current legislation denies you the ability to vote in parliamentary elections and referendums.
It's a policy that, suffice to say, has become very controversial given recent events. Long-term expats already feel that their fate was taken out of their hands when they were denied a vote in the EU referendum and this year's General Election, which was an election largely based around Brexit.
As Brexit negotiations continue, the freedom of movement that expats in Europe will be entitled to is still unclear.
While many expats are worried about whether they’ll have trouble staying in their destination of choice in a post-Brexit world, it now appears that they may also be in a difficult situation if they ever plan to move anywhere else.
It’s hardly a new revelation to state that Brexit has caused uncertainty for British expats. Until the EU and British government reach a final agreement in Brussels, the lives of many expatriates are certainly in a state of limbo.
Depending on how negotiations unfold, Britons who are living abroad may need to move back to their home country. But trends in the housing market, in both the UK and EU countries, suggest they could run into financial difficulty if they haven’t made sufficient wealth management plans for the future.
When relocating to Spain, finding and buying your new home is sure to be at the top of your list of priorities. And there’s a wealth of great areas and regions to choose from.
Of course, reliable financial advice is one of the most effective ways to make sure your money is in order so that you can property search in confidence and it always helps to have your finances in place beforehand, especially if you’re considering one of the popular or pricier locations on the Spanish coast.
As we are aware, in November 2012 the Spanish authorities approved a new law that obliged any person, permanent establishment or company who is resident of Spain (regardless of nationality ) to declare all assets they hold outside Spain worth more than €50,000 (per Asset Class). These Assets have to be reported on the Modelo 720.
As an expat the way you pay tax and how your regular savings may grow could be very different to how it is at home in the UK, which is why all expats need to be fully aware of the financial systems of their chosen country of residence.
For instance, if you have moved to the Netherlands for work, or you’re considering a move in the near future, changes to a beneficial tax break could be on the horizon meaning your entitlement to tax-free income is cut.
Remember saying “Ready or not here I come”?
Well, a substantial number of my generation have forgotten the rules.
I was quietly having a cappuccino in Starbucks in Cascais, minding my own business and reading the weekend Financial Times, but I couldn’t help myself from listening to the people on the table next to me, a loud elderly crowd speaking in English.
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