UK Expats & Brexit – Planning for Financial Security
With around 5.5 million UK nationals living permanently abroad, the upcoming end of the Brexit Transition Period on 31st December 2020 is a serious concern for almost 10% of British citizens. And, perhaps, with good reason – taxes are a fundamental part of life, and even more crucial when navigating international tax residencies and complex regimes. Many EU countries adopt structures which are a world away from the familiar HMRC system. For example, you may find that income tax is a federal tax and does not include other taxes on that same income, which are payable to local municipalities or provinces. Let’s explore what Brexit means for UK nationals living overseas, and why planning is the crucial factor in securing your future. How Brexit Will Impact UK Expats The first point to note is that, if you are an existing expat living legally in a European country, and have established residency or permanent residency status, your right to live in that country