It is no news to most that on the 23rd of June 2016 it was announced that the UK had made the decision to leave the EU, and after four years of back and forth it seems as though the necessary steps are being made to action the process of the UK finally leaving the European Union. Over the past four years, the Brexit decision has continued to make an impact on a number of industries, including the property market.
The impact of Brexit is expected to continue to impact the property market, both in the UK and abroad, for at least another few years until the dust begins to settle. However, what is the truth behind all of the headlines? And how has Brexit really impacted international movers? This article dives into the data and research of moving overseas after Brexit, and offer some practical tips for those who are considering it.
The impact of Brexit on international movers
If you are a Briton looking to invest in property or make a move to Europe or internationally after Brexit, the move and its potential processes and implications must be carefully considered. Experts have predicted, and are already beginning to see, that the property market overseas is set to have many ups and downs over the next five years. This is during the period of time that the ramifications of Brexit will become clear, many of which it is too soon to currently predict.
While Brexit negotiations and debates continue to happen, the Association of International Property Professionals is ensuring that British residents who own property in foreign countries are not left out of the governments Brexit considerations. There is estimated to be over one million British residents who own foreign property, and it is vital that their rights and protections are included in Brexit discussions.
Some of the potential changes that could be made during Brexit and have implications on European movers include:
• Visas
Brexit may mean that visas will need to be attained before visiting some European countries. This could provide an added expense for international movers, and could also lead to more time spent conducting and waiting on admin.
• Tax
Brexit will involve renegotiations of the current tax harmonization treaties in order for those with property in other countries to avoid being taxed twice. This will also be an opportunity for some of the EU’s financially hard-pressed countries to increase their taxes on foreign property owners.
• Passports
The media has been very public with the news that UK nationals will need to be issued with new passports after Brexit, distancing the country even further from the rest of Europe and the EU.
• Currency
If the UK’s economy is to improve after Brexit and the pound rises against the Euro, this is unlikely to affect the current currency controls that restrict the amounts that can be transferred between bank accounts in different countries.
• Migration
During Brexit discussions, one of the most debated topics has been freedom of movement. UK nationals will be viewed as even more foreign throughout Europe, and UK nationals may be treated in their European host countries with much more suspicion.
Has the amount of international movers and European movers increased after Brexit?
Since the Brexit referendum came to a conclusion, online searches in the UK for emigrating to Canada, New Zealand and Australia have dramatically increased. It is likely that the prospect of no longer being in the EU is what spurred more UK citizens to consider moving abroad, however it could also be the deciding factor for those that were already considering a move anyway. Furthermore, a survey from Halo Financial found that 62% of foreign property buyers said that Brexit was not the deciding factor in their decision to make the investment.
Despite more showing an interest in moving overseas since Brexit, the currency movements of the UK triggered by Brexit have had a negative impact on the ability of Britons to be able to afford property. The destinations that these short term currency changes have impacted buying rates the most include the most popular locations in Europe, as well as several locations in the USA.
Tips for European movers and international movers post-Brexit
1. Have a safety net
Especially in these more turbulent times, it has never been more important for international movers to have a safety net. It is great to have a plan to move abroad that you can get excited about, however planning a fall-back option also ensures you will be prepared for if things go horribly wrong.
2. Stay flexible
From visa application to mortgages, there can be so many processes throughout your move that will require you to be flexible. Visa applications can famously come with a number of delays. One way to stay flexible is to stay at your job for as long as possible throughout the applications process.
3. Consider renting before buying
Buying a property somewhere that you have yet to live is a daunting prospect and big commitment. Renting allows you to get to know your new country a bit better before deciding exactly where you want to lay your roots. There are a number of estate agents that specialize in helping expats rent, they can also offer valuable information to help you through the processes.
4. Compare health insurance plans
The healthcare in your new country may be incredibly different to what you are used to in the UK. Reach out to expat-tailored services operating in the country you are moving to and ask about the best options for expat healthcare.
5. Find the ideal overseas moving company
The overseas moving company you choose will make all the difference to the moving process. Instead of putting all of your old belongings in storage, overseas moving companies allow you to take everything you love with you to your new home. A good quality overseas moving company will help make your move as smooth as possible, delivering all of your items to your new home as soon as possible and for a great price.
Contact us to find out more about moving overseas.
