However, British expats already living in the EU are unlikely to be affected as it is probable that the government will succeed in ensuring that reciprocal agreements protect their right to reside within the EU.
As it stands, non-EU nationals wishing to live in EU countries have to provide documentation in relation to their expat regular savings, income and pensions in order to receive EU residency visas, so it is possible that British nationals will have to do the same.
“It is likely there would be a system of long-term permits and residency. We want what is in the best interests of the British people but this will form part of the discussion,” a Home Office spokesperson told media.
However, there is still the possibility that Prime Minister Theresa May and her government might be able to achieve a more favourable deal with EU negotiators; in such a situation British nationals may be subject to exemptions on various EU residency visa rules.
The EU Commission, supported by France and Germany, has already indicated that it might introduce a visa waiver for British nationals, albeit for a fee of around £10.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
We have all had different experiences in the past years, but 2020 will forever be the year that this generation will never forget.
The start of a new decade, and with it the beginning of a new era for Britain and its citizens in the form of Brexit, represents the perfect time to review your wealth management plans. From taking a look at the suitability of your asset allocation and your pension savings to reviewing your tax and estate planning, now is an especially pertinent time to develop a clear path into the future.