Theresa May has put off the vote on Brexit until March 12th, and so the uncertainty continues. Will there be a transition period, or will people moving here afterwards need to follow the visa route? And what about us already here – what is Brexit’s effect on expats in France? How can you prepare and get more certainty around your status?
It is still early days and nothing is going to change for at least two years. Indeed, things may not change at all but that would be looking too far into the future – what we’re all wondering is how this will impact those living in France.
Most expats woke up on the morning of June 24th to something of a shock: even though the polls showed that the EU referendum vote was going to be a close run thing, deep down most of us thought that we would remain in the EU. France Property Guide considers the impact of this decision on the 320,000 or so expats in France and on future buyers in France. There were 28 member states in the EU, France being one of them. This number will be decreasing to 27 when the much-discussed Brexit eventually takes place.
Our expert Independent Financial Advisor partners in France believe that the tax system is likely to remain very similar to the current structure in the event of Brexit. This is because: a). Cross border taxation of income and capital (such as French property rental income, proceeds of property sales, UK residents inheriting French property, and all UK sourced income for French residents) is subject to existing Double Tax Treaties, which are set up completely independently from the EU and therefore do not fall under EU regulation. The UK leaving the EU will not automatically change this system