Has the 'Brexit' changed circumstances for Brits buying in Spain?

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Amid the aftermath of the Brexit vote, Edwards Estates speaks to Sebastien Coignac-Smith, a currency exchange specialist who deals with hundreds of individuals moving overseas on an annual basis. Below Sebastian discusses what have been the most frequent questions asked of him, by Brits, after the UK´s exit from the EU: 

The most commonly asked of these is “Will I still have the right to move to Spain?”

For the foreseeable future there will be no change to the rights for UK residents to move to Spain. With new Prime Minister Theresa May now in office, it seems a controlled and considered approach to the UK’s exit will be adopted. With the triggering of “Article 50” not expected until early 2017, and a 2 year period to follow thereafter, as the mechanisms are worked through, it is widely accepted that there will be no change at all to your right to live in Spain until at least 2019.

But what about after that?

With over 300,000 Brits resident in Spain, contributing millions to the economy and over 100,000 Spaniards currently making their livelihood in the UK. It would be an extremely surprising political move should the Spanish authorities decide to make it difficult for those who seek the sun splashed life to do so, as any policy change is likely to be reciprocated by those in Westminster.

Are people still moving to Spain?

In short yes. You may or may not be surprised to hear that we have seen no drop in the number of clients that we assist in moving to Spain, or other European destinations for that matter. Many UK citizens feel aggrieved by the decision to leave the EU, and many in the Real Estate industry are in fact reporting the early signs of a “Brexodus”. A significant number of UK residents are now “more committed than ever” to take the plunge and enjoy a new life in the sun.

Isn’t it now costing me more to move?

All things are relative. To have an accurate appraisal of the cost it is imperative to consider how exchange rates have moved over the past few years. If you are an individual who started to search for their property last summer when exchange rates were at an 8 year high, then naturally you will feel a little aggrieved right now. But what must be considered is that these were exceptional circumstances, and more ‘normal’ levels have now resumed. Remove 2015 from the equation and cast your mind back only a few years, Pound to Euro rates were in the low teens, and just a few years before that fears of parity where hitting the headlines.

With the cost of living in Spain substantially less than that in the UK, and house prices considerably lower, it could be argued that there has rarely been a more attractive time to purchase that escape plan in the sun, or up sticks and move all together.

Written by Sebastien Coignac-Smith - The Foremost Currency Group

For more information and a free no obligation consultation contact Sebastian below:

www.foremostcurrencygroup.co.uk                        +44 (0) 1442 892063                       scs@fcgworld.co.uk

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