Residence and money issues affect Britons moving from Gulf to the EU

Date Posted:Thu, 27th May 2021

Residence and money issues affect Britons moving from Gulf to the EU

What does the post-Brexit landscape look like for UK nationals who want to live in the EU? How are their personal finances affected?

 

When the Brexit transition period ended on 31 December 2020, the UK joined the likes of Australia and the USA in becoming a ‘third country’, with UK nationals losing the automatic right to study, work and live in the EU. 

Fortunately, Britons who can prove they were legally settled in an EU country as at 31 December 2020 can maintain citizens’ rights protections under the Withdrawal Agreement.

These rights will only apply to your country of residence. To gain full EU citizenship as a UK national – unlocking the freedom to live and work in any EU country – you need to become a full citizen of your resident country, possible after ten years’ residence.  

Coronavirus restrictions aside, UK nationals who don’t have EU residence or citizenship can currently still travel to the EU without a visa – but there are new limitations. Now, non-residents will only be allowed to spend 90 days in any 180-day period there. This affects Britons with holiday homes in the EU.

With freedom of movement pre-Brexit, Britons did not always need to meet stringent requirements to become EU resident and could apply once already there. Now, those wanting to live in an EU country have to meet the common, legal immigration requirements required of all third states and provide the correct documentation in advance of arriving.

To apply successfully you will need to demonstrate you have ‘sufficient’ annual income to support yourself and any dependents without relying on the state, as well medical insurance with the required minimum coverage.

Unless they already have arrangements in place to work in the relevant EU country, UK banks, advisers and other financial providers may no longer be able to legally service EU residents. This is because Brexit dissolved automatic ‘passporting’ rights for UK financial services in the EU.

So if you go to live in the EU and have a UK-based adviser check they can still support you. If you have UK bank accounts or other investments, you may be restricted from making changes, such as moving funds or applying for new services, or they may be closed altogether. And in some cases, you may find that UK assets and investments attract a higher tax bill in your country of residence now they are non-EU/EEA assets. 

Please refer to www.retiringtoeurope.com and www.blevinsfranks.com for the latest on how Brexit affects Britons moving to Europe.
Jason Porter is a Director of specialist expat financial advisers Blevins Franks and head of the company’s new European Emigration Advisory Service.