BREXIT – Don’t mention the “B” Word

in Business · 14-03-2019 11:11:00 · 0 Comments

Whilst the world continues to wait, with its patience well and truly stretched, I thought it useful to highlight some of the essential facts posted by the UK Government on their Living in Portugal – GOV.UK portal. Information can be found in this useful portal, of which I will highlight some relevant issues to dispel any myths.

Visas and residency

The UK and EU have agreed the full legal text of the “draft” Withdrawal Agreement in principle. The agreement on citizens’ rights will allow UK nationals to stay in their Member State of residence after the UK leaves the EU on 29 March 2019.


The Portuguese government has publicly confirmed its intention to protect the rights of UK nationals registered as resident in Portugal in any EU exit scenario.

Healthcare


If the UK leaves the EU without a deal on 29 March 2019, your access to healthcare is likely to change. The NHS has more information about healthcare for UK nationals living in and visiting Portugal.

Money and tax


The UK has a double-taxation agreement with Portugal to ensure people do not pay tax on the same income in both countries. The UK’s exit from the European Union will not change existing double taxation arrangements for UK nationals living in Portugal. Individual taxpayer queries regarding double taxation relief should be directed to the relevant tax authority.


Pensions


The UK government will continue to pay state pension, child benefits, and disability benefits to eligible UK nationals in the EU after the UK’s exit from the EU.

Passports


The rules for travel to most countries in Europe change if the UK leaves the EU with no deal. If your adult passport was issued over 9 years ago, you may be affected.

Benefits


Many income-related benefits such as Pension Credit and Housing Benefit can’t be paid if you’re abroad for more than 4 weeks.

This article is intended to provide a general review of certain topics and its purpose is to inform but NOT to recommend or support any specific investments or course of action.


Raoul Ruiz Martinez is a resident and independent consultant for Finesco Financial Services Ltd., Glasgow and advises clients on private financial matters in both the UK and throughout Europe under the MiFID regulation. Finesco Financial Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Some of the services provided are not regulated by the FCA because they are not included within the Financial Services and Markets Act 2000. Raoul has a weekly radio feature (Raoul’s Rant) on the Owen Gee Solid Gold Sunday Morning Show on KissFM Portugal.



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