Brexit: what will happen next

The referendum made the 26th of June 2016 quite an historic day. Since then, basically nothing has changed but understandably people who have already bought a property in the EU or are planning to buy have questions about the possible impact of the result on their lifestyle.

This is what we know so far.

The UK has two years to prepare the country for the exit from the EU and nothing will change until then. During this period the UK remains a member of the EU with all their rights and privileges intact.

If you are currently resident in a EU country or plan to become so in the next two years, it is highly likely you will retain the rights you have acquired to reside in that country. While the host country is under no obligation to provide services such as healthcare, it is again likely the UK will reach an agreement with other EU countries for a mutual arrangement.

If you are currently planning to buy a holiday home in the EU, then you are likely to be keeping a close eye on the exchange rate. Although Sterling has collapsed, it is still strong against Euro and it still makes overseas property in most areas very good value. If you are afraid this rate may worsen, then you can speak to a specialist currency broker and forward fix the rate you get.

Post Brexit it would be possible for a country to impose additional or higher taxes on British owners. What is unlikely is that an EU country would impose anything overly-draconian that would deter British buyers.

We believe the appetite for Brits to own property in the EU and around the world remains unchanged. It could get more expensive and slightly more complicated than before but if people from outside the EU are already buying, there will be no restrictions on you also.

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