What the Brexit may mean for all of us?
Despite the announcement that Britain will decide it’s European fate (or future!) on June 23rd, there’s now a plethora of questions being asked by potential purchasers (and even current owners) as to the ‘status’ of their investment or potential purchase should Britain decide to leave the EU by referendum.
In order to try and clarify the position, we’ve teamed up with independent correspondents from The Economist and taken lead from Sky News to create an informational ‘starter for ten’. As more information becomes available, we’ll bring you more information via this site and our LinkedIN page.
In 2006, there were 36,000 British Expatriates registered in Portugal. Since that time, its estimated that an additional 4,000 have made their home here, predominantly in the Algarve and Madeira. Whilst this appears to be a large figure, the actual community is dwarfed by the million+ living elsewhere on the Iberian Peninsula.
With such a large community financially contributing to the local economy, it’s highly unlikely that any UK EU exit would affect the current status quo of those choosing to live in the sun.
The UK Government would need to weigh-up the pro’s and con’s of free-flowing international trade across the countries within Europe and this includes the livelihood of Britons living abroad and those Europeans living in then UK. Not one (reasoned) commentator believes that any Brexit would force people back to their homeland!
There are of course other considerations which would be part of any re-negotiation, including tax transparency, reciprocal healthcare, border control and roaming charges. Whilst it’s impossible to predict the outcome for these or a myriad of other European protocols, it’s likely that any renegotiation would take a minimum of two and up to ten years, so plenty of time to prepare and plan for contingencies.
Finally, we think it’s worth remembering that we’re not living in a Dictatorship and that scare stories of mass-repatriation or wholesale Citizenship testing are simply fictitious! This has been backed by a recent survey stating that “over 70%” of British purchasers would not let the referendum “stand in their way” of a prospective foreign-home purchase.
We firmly believe the opportunity provided by a recovering property market in the Algarve is as present today as it was before the referendum announcement.
Whatever the outcome, intra-european budget flights will still depart and arrive at Faro airport, Britons will still need to exchange pounds for Euro and the cost of living here will still be lower than in then UK! (The sun will also continue to shine for over 3000 hours every year too!)
As the campaigns progress, we’re all bound to be on a see-saw of varying media coverage. We’ll aim to break through the words and provide you with a clear source of information and consistent viewpoint - live from the Algarve.
Robert and Ana