How Can EU Expats Plan for a Bright Future Post-Brexit?

Contributed by Expatriate Healthcare, 12 September, 2016

After the referendum which took place in June 2016, the news that the United Kingdom will leave the European Union took the world by surprise. The immediate affect has been felt by many British expats, and expats living in the UK. Many are fearing for their future and are anxious to learn how to minimise potential challenges to remain living abroad, even if the next two years of discussions and negotiations don't go in everyone's favour.

Invest in Property

Currently, and until decisions are made in 2018, Britain is part of the European Union. Nothing will change for expats during this period of negotiation. Although nothing has been declared officially, general consensus believes that for those Brits and EU citizens who own property in either the UK or an EU country, chances are they will be able to continue doing so.

If you are currently residing in an EU country, and you fear you could be a victim of any Brexit fallout, moving from the rental sector may be an idea. Investing in a property is a big ask, but, if you had planned on spending the rest of your life in this country, it may be an intelligent choice to invest if your funds will allow. This is not a guarantee, but rumours would suggest that this would help solidify futures.

Investigate Permits, Visas and Citizenships

Before families and individuals assume their expat futures will be over in two years, consider ways in which you could remain in the country you are living in. Most countries will have residence permits and work visas for Non-EU citizens, and this a route many expats will have to take if they are determined to stay in their current home.

For those who have lived in EU countries for a number of years, permanent residency or applying for citizenship may be an ideal way to go. Most countries allow you to apply for citizenship if you have lived there, un-interrupted, for five to eight years. Countries such as France, Belgium, Estonia and Latvia state five years. At the highest end of the scale is the Czech Republic, Greece, Italy, Lithuania and Luxembourg; all ten years.

Investigating all the permits and visas the country you are living in has to offer can help save any potential worry in the future. Citizenships are very much permanent, so before committing to becoming a fully-fledged resident of a country, see if they offer dual citizenship.

Become an Expert

Alongside having no criminal record, many EU countries welcome highly skilled Non-EU workers with open arms. Often referred to as 'experts in their fields', these extraordinary expats are coveted by countries for supplying professional superiority that cannot be provided by nationals. Given that no decisions will be cemented for the next two years, there is no reason why you cannot climb the professional ladder at your current employment position and become undeniably indispensable.

Term Life Insurance

For Brits and other European citizens living in EU countries with families, investing assured expat life insurance can be beneficial for the future. Although not directly affected by the Brexit vote, providing your family with protection in the event of your death is a strongly suggested precautionary idea. In the event of a fatal illness or accident, your family would be protected for the cover term, regardless of what country they are in. For Brits living in EU countries, and for expats living in the UK, this can be one less thing to worry about. The uncertainty of how Brexit will unfold will not be fully apparent for many years yet, but having expat life insurance will ensure your family is safe in the event of your passing, regardless of the political outcome of the EU Referendum result.

Have a Backup Plan

Many EU citizens are stuck in a post-Brexit limbo, unsure as to whether they will be able to remain in the country that they call home. Considering the number of Brits in EU countries, and the number of foreigners in the UK, there are a lot of confused people, with no guarantee that they will be able to stay. Negotiations are said to take two years but expats should have a contingency plan ready to go if, after this period, there is a mass exodus. Over this time span, the UK will enter negotiations with EU member states and the results of these new deals will determine who is staying and who will need to find a home elsewhere.

Tags: Europe | Invest | Citizenship | individuals | Insurance | Lithuania | Czech Republic | France | Greece | Italy | Belgium | Estonia | Latvia | Luxembourg | United Kingdom | insurance |



Articles Archive