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EU Brexit fears stalk UK expat communities
| Published: | 8 Mar at 6 PM |
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Fears of a massive shake-up for expat Brits in the EU’s favourite destinations are dominating discussions about the political and personal ramifications of a Brexit ‘yes’ vote.
Should the result of the June 23 referendum see the rug being pulled from under the feet of those who’ve chosen the good life over staying in the UK, a forced and unwelcome return to the home country may be the only available option. Panic reactions aside, the fallout of Britain’s leaving the EU could result in pensions chaos, non-available health services and even the risk of no longer being entitled to stay in the chosen country All this, plus the projected certainty of a massive drop in the pound sterling, is now making life in the sun less than comfortable for long-term expats.
Whatever the result of the referendum, one thing is certain and is happening right now. The value of sterling against the euro and the dollar is dropping due to uncertainty about the effect of a UK exit on both the world’s and the Eurozone’s economies. The decline is set to continue, with the Bank of England already offering emergency cash loans to major UK banks in order to avert a financial crisis. Most Brits overseas will be hit hard by the decline in exchange rates, with UK state pensioners especially vulnerable. Those living in non-EU countries, where UK pensions remain frozen at the rate paid when recipients left their home country are especially vulnerable.
Expat retirees with savings invested will be at risk due to the expected financial chaos following a Brexit ‘out’ vote. Share trading is projected to be volatile, with experts predicting a difficult market for a number of years. The right to live and work in any EU country and the right to access public services such as healthcare will no longer be guaranteed, bringing bad news to as many as three million expats in the Mediterranean hotspots of Spain, Italy and France.
British expats across the world are being encouraged to claim their right to vote on June 23, provided they have lived overseas for less than 15 years. A common expat compliant is that the UK government is deaf to their needs, but voting to stay in the EU may be the only way to ensure expat life in the Eurozone remains open to British citizens.
Should the result of the June 23 referendum see the rug being pulled from under the feet of those who’ve chosen the good life over staying in the UK, a forced and unwelcome return to the home country may be the only available option. Panic reactions aside, the fallout of Britain’s leaving the EU could result in pensions chaos, non-available health services and even the risk of no longer being entitled to stay in the chosen country All this, plus the projected certainty of a massive drop in the pound sterling, is now making life in the sun less than comfortable for long-term expats.
Whatever the result of the referendum, one thing is certain and is happening right now. The value of sterling against the euro and the dollar is dropping due to uncertainty about the effect of a UK exit on both the world’s and the Eurozone’s economies. The decline is set to continue, with the Bank of England already offering emergency cash loans to major UK banks in order to avert a financial crisis. Most Brits overseas will be hit hard by the decline in exchange rates, with UK state pensioners especially vulnerable. Those living in non-EU countries, where UK pensions remain frozen at the rate paid when recipients left their home country are especially vulnerable.
Expat retirees with savings invested will be at risk due to the expected financial chaos following a Brexit ‘out’ vote. Share trading is projected to be volatile, with experts predicting a difficult market for a number of years. The right to live and work in any EU country and the right to access public services such as healthcare will no longer be guaranteed, bringing bad news to as many as three million expats in the Mediterranean hotspots of Spain, Italy and France.
British expats across the world are being encouraged to claim their right to vote on June 23, provided they have lived overseas for less than 15 years. A common expat compliant is that the UK government is deaf to their needs, but voting to stay in the EU may be the only way to ensure expat life in the Eurozone remains open to British citizens.
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