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Sweden Prepared to Manage Brexit in All Eventualities

The exit agreement reached between the European Council and Britain on 25 November has already done much to allay concerns regarding rights of residency, pension benefits, healthcare, and social security, as well as the transferability of certain professional qualifications.

This means that UK citizens living in Sweden – as well as Swedes living in the UK – should be able to work, live, study and retire in their adopted country of residence – and this includes Brits settling in Sweden before the end of 2020’s transition period, while the same applies to Swedes in Britain.

The Swedish government has said that it is busy working out an efficient way for Britons who have a right of residence in Sweden under EU law, to be able to remain in Sweden on terms similar to those they already enjoy – this is in line with the European Commission’s communication on emergency preparedness that was issued on 19 December 2018.

Furthermore, the Swedish government has already indicated that it is preparing a scheme that will easily allow Britons in the country to apply for either temporary or permanent residence.

Making it easier for UK citizens in Sweden in the event of a no-deal

A Swedish government memorandum, published on 11 January 2019 and updated on 25 February, examined the issue of contingencies for British citizens in Sweden in the event of a no-deal Brexit.

The memorandum proposed that British citizens and their families are to be exempt from the requirements for residence and work permits for a time-limited period during which they will have time to adapt and to apply for the right to stay. The memorandum further proposed legislative
amendments to make the application process easier.

The new regulations are due to be made law on 30 March 2019 with any amendments ratified by 1 July 2019.

Blacktower FM in Sweden

Blacktower works to ensure that our clients receive the financial products and services that are best suited to them wherever they are in the world and whatever their situation.

Our office in Stockholm, Sweden, works to assist the wealth management, tax and pension planning of expats in the country who are looking to make the most of their cross-border financial interests – this includes help negotiating the uncertainties of Brexit.

Contact Blacktower’s international financial advisers in Sweden today for more information.

Other News

Modelo 720 (Overseas Asset Declaration) It’s that time of year again

Spanish FlagIf you are resident in Spain (if you live here more than 183 days in a calendar year, the Spanish tax authorities and in turn the UK HMRC will class you as Spanish resident) and held assets outside Spain as at 29 December 2017 worth over Euro 50,000, and you haven’t already declared them on a Modelo 720, you need to so by the end of March.

You may ask why should you bother, well unless you want a huge fine and possibly tax audit (they can legally go back to 2012) it is in your best interests to do it.

Some of you may still be under the impression that the reporting of assets is not a legal requirement; if this is the case then sadly I have to tell you, you are mistaken. On 15 February 2017, the European Commission accepted that Spain has the right to require residents to declare overseas assets. While the Commission disagrees with the severity of punishments for late or inaccurate submissions, the requirement to submit the Modelo 720 form is not under challenge. The EU and the UK say it is a legal requirement.

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Expat exodus causing a major problem for British universities

Water flowing down a plugholeWhen an expat moves from their homeland to a new destination, either for work or education, they become a potentially valuable addition to that country. Such expats may go on to become an integral part of the country, which is why the rights of EU expats living in Britain has been one of the hot topics during Brexit negotiations.

Theresa May’s pre-election refusal to guarantee the rights of migrant workers appeared to have a negative impact on many UK job sectors employing top flight individuals. It’s a problem the media highlighted as a Brexit ‘brain drain’.

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