Investing Abroad - How Does Brexit Affect You?

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With 'Brexit' set for 29th March 2019, financial experts are recommending that investors interested in buying property overseas should be formatting and implementing their investment plans as soon as possible.

Anyone who has lived in a different EU country from that of their birth for five years or more is considered to be resident there. They have a legal right to remain even in the event of a 'hard Brexit.' 

 

For those not yet established in the their new country of residence, Property Investor Today suggests, "if you are planning on basing your residency rights on the UK’s former membership of the EU, or even if this would simply be your preferred Plan A, then you would ideally want to be established in your new home by the time that Brexit actually happens, or at a stretch, by 31st December 2020." This is the 'proposed end of Brexit transition period,' but not guaranteed.

 

How Brexit Will Affect Residency?

 

It is expected that after Brexit UK nationals will still be able to live in other EU countries. Most countries are keen to welcome people from abroad, to boost their country's economy. Since the recession, Portugal has been welcoming foreign investment with open arms. This alone should be comforting for British citizens, as Portugal won’t want to give up their investments. More importantly (as mentioned in our previous article BREXIT: What Does It Mean For You?, Portugal and the United Kingdom are the oldest alliance, ratified at the treaty of Windsor in 1386. Portugal has had a double taxation agreement with the UK since 1968, long before the EU existed. So, even a ‘hard-Brexit’ would not halt current relations between UK and Portugal.

 

The likely outcome is that UK nationals would have to undergo a formal immigration process as they already do to enter and reside in many other countries.

 

For more information on investing in the Algarve, the attractive tax schemes and advantages of owning a Portuguese property please contact us today to discuss your situation. We offer no obligation specialist advice.

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