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What Does Brexit Mean For People Buying Property in Europe?

It’s safe to say that Brexit is going to have huge implications for anyone in the UK who is planning to buy property elsewhere in Europe. When the UK eventually leaves the European Union, buying property in Europe is likely to become a great deal more difficult. Though Britons can currently buy property in Europe with relative ease and simplicity, this is likely to change in a big way the moment Brexit is put into action. The process is sure to become a lot more difficult, a lot more time consuming and a lot more costly. This is why it’s important to consider whether you’d be better off buying property before the UK officially leaves the EU.

Should You Buy Property in Europe Before Brexit?

You should never rush into buying a property abroad as there’s a lot to consider, such as cost and investment. However, if you have been thinking about buying property in Europe, you may want to get things moving. Once the UK leaves the EU, buying property in Europe won’t be quite as easy. So, it’s best to complete the process as soon as possible. If you are legally a resident of another EU country once the UK leaves, you will retain all of your EU rights. For example, if you buy property in France and then register as a legal resident, you will retain all of your EU rights once the UK leave.

The main problem that those with property elsewhere in Europe will face is the restrictions on how long you can visit at a time. Once the UK leaves the EU, you won’t be able to benefit from the long stays you are currently entitled to. You may even find that you’re limited to visits of a few months at a time, that coming and going throughout the year is restricted, and that you’ll be applying for an awful lot of visas. If you’re a registered as an EU resident elsewhere via buying property, this won’t be a problem. 

Though buying property abroad isn’t the only way to retain your EU rights, it is one of them and it’s one that a lot of people are taking advantage of. If you were planning to buy property in Europe anyway, doing it and registering with the local government before Brexit goes through will mean that you are able to retain the EU rights that you would otherwise lose.


 

Nov 6, 2018 | 133 Page Views

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