Mr Costa said that the only way to guard against this possibility would be for the rights of EU citizens living in the UK to be enshrined into British legislation before the deadline of October 31. He said that by doing this the government could inspire reciprocity from EU nations who would, in all likelihood, then be moved to protect the rights of British expats abroad.
“No peacetime British government has ever abrogated the rights enjoyed by over a million of its own citizens overnight,” he wrote**. “As a former UK government lawyer I can reasonably foresee an enormous unprecedented amount of litigation raised by British citizens. This would undoubtedly result in a severe challenge to the stability of your government.”
The letter includes details of Mr Costa’s discussions with Michel Barnier, the EU’s chief negotiator, as part of a cross-party Parliamentary Emergency Task Force on Citizens’ Rights. All MPs taking part called on Brussels to protect the rights of citizens in the event of a no-deal.*
Mr Costa said that the problems of a no-deal could provoke many expat wealth management problems and as such the UK government should undertake to protect expats from financial losses caused by loss of access to European healthcare or pensions.
On 25 July, Sky News reported that Prime Minister Johnson was to announce to parliament that one of his first priorities as PM will be to pass a law which enshrines the rights’ of EU citizens to stay in the UK if there is no-deal. Mr Costa told Sky News that this “is what EU countries have been looking for in order to give reciprocal rights of British citizens in Europe”. ***
A steadying hand through turbulent times
Whatever the outcomes of Mr Johnson’s leadership over the next few months Blacktower Financial Management is on hand to help you clarify and secure your personal financial position. We have spent the last two years providing help and guidance for expats during Brexit and will continue to do so for the foreseeable future.
We provide wealth, portfolio, investment and pensions management to British expats all over the EU and can also assist with inheritance planning and cross-border tax considerations. Contact your local office today for more information.
* https://twitter.com/AlbertoCostaMP/status/1152615335192870913/photo/1 Images of letter sent to Boris Johnson appearing on Twitter. Accessed 25-07-19
** https://twitter.com/AlbertoCostaMP/status/1152615335192870913/photo/2 Accessed 25-07-19
*** https://news.sky.com/story/boris-johnson-to-enshrine-eu-citizens-rights-in-preparation-for-no-deal-11770128 Accessed 25-07-19
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.
The later part of the 20th century saw its fair share of financial bubbles. There was the property bubble, stock market bubbles, and then the dot com bubble of 2000, just to name a few. In each instance, people paid exorbitant amounts for things that shouldn’t have been worth anything like the going price. But this is nothing new – look back at the Dutch in the 17th century when already pricey tulip bulbs experienced a twentyfold price explosion in just a single month.
One of the biggest concerns for prospective expats moving overseas is how easy it will be to fit in with the locals. Moving to a foreign country can be intimidating, especially when travelling to a place with a vastly different culture to home.