British Expats Against The Uncertainty of Brexit
CurrencyFair has conducted research of British Expats worries coming into the final leg (apparently) of Brexit. The survey revealed that UK expats living in the EU do not hold a positive outlook on Brexit, so as a consequence of this bleak outlook they are starting to take action, with such things as future-proofing their finances, seeking citizenship and moving investments abroad.
Brexit uncertainty has made almost 35% of British expats seek citizenship for another country, this is including permanent residence as well.
The reasons behind these actions are many, with the main reason being citizenship rights being under threat from the brexit deadline and ‘No Deal’
Back in the UK the economic outlook of the populus is not overflowing with confidence either. People of the UK are acknowledging the possibility of an economic downturn due to Brexit, with over half the people surveyed saying they are aware of the risk of a recession in the event of a no-deal.
Yet even armed with this knowledge, respondents of the survey have not started to prepare for the possible financial downturn that Brexit could lead to. Just under half of residents surveyed don’t have a plan for a hard Brexit.
This way of thinking has lead to only a minority of expats acting towards avoiding financial dismay. This appears to be a common thinking for those British Expats living overseas, now they are preparing long-term security of their finances as a result of Brexit. Around 20% of UK expats that participated in the survey are planning to move their savings out of the UK if no-deal Brexit happens, with most simply planning on moving the funds abroad.
Along with the financial woes that a no deal Brexit will bring, unfortunately there are other worries. Expats are still in the dark with things such as EU Healthcare, with over 50% voicing concerns of lack of information as well as a rise of misinformation as we draw closer to a general election.
The way of thinking seems to be clear (ironically) British expats are simply looking for clarity so they can manage the financial risks associated with Brexit, they want a clear vision about their future to live and work in the UK will be secured.