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France steps in to safeguard UK expat rights
| Published: | 5 Oct at 6 PM |
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A French government bill introduced last Wednesday gives hope for UK expats’ residency rights.
The bill seeks to clarify France’s position should there be a no-deal Brexit by giving the government the power to reduce its impact on French customs procedures and cross-channel trains as well as the essential reassurance necessary to put UK expat minds at rest about their continued residence in the country.
According to the French European Affairs minister, the government wants to create the best possible scenario for British expat residents by working in reciprocity on their status in France and the status of French expatriates living in the UK. Minister Loiseau believes a no-deal outcome would be preferable to a bad deal which harms French companies, noting the recent plans by French budget minister Gerard Darmanin to hire 700 extra customs officials and put in place extra facilities for border control. Darmanin is warning Brexit will result in negative consequences for all involved, including an increase in customs checks at the border from one to four which is likely to result in massive queues at the Channel ports.
Calming news is also on the cards for UK-based asset managers concerned about not being able to manage EU-listed funds should a hard Brexit become a reality. Earlier this week, the chairman of France’s financial markets watchdog said it’s possible cooperation agreements known as memoradums of understanding (MOU) will be put in place, thus allowing the practice before the end of March next year. Asset managers based in London operate funds listed in Dublin and Luxembourg valued at over a trillion euros on behalf of customers all across the EU bloc.
The bill seeks to clarify France’s position should there be a no-deal Brexit by giving the government the power to reduce its impact on French customs procedures and cross-channel trains as well as the essential reassurance necessary to put UK expat minds at rest about their continued residence in the country.
According to the French European Affairs minister, the government wants to create the best possible scenario for British expat residents by working in reciprocity on their status in France and the status of French expatriates living in the UK. Minister Loiseau believes a no-deal outcome would be preferable to a bad deal which harms French companies, noting the recent plans by French budget minister Gerard Darmanin to hire 700 extra customs officials and put in place extra facilities for border control. Darmanin is warning Brexit will result in negative consequences for all involved, including an increase in customs checks at the border from one to four which is likely to result in massive queues at the Channel ports.
Calming news is also on the cards for UK-based asset managers concerned about not being able to manage EU-listed funds should a hard Brexit become a reality. Earlier this week, the chairman of France’s financial markets watchdog said it’s possible cooperation agreements known as memoradums of understanding (MOU) will be put in place, thus allowing the practice before the end of March next year. Asset managers based in London operate funds listed in Dublin and Luxembourg valued at over a trillion euros on behalf of customers all across the EU bloc.
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