[Vlog & Podcast] End Game - May Be for Some
ProACT Sam of ProACT Partnership highlights in this weeks podcast and video blog 3 areas of concern for EU Brexit for Expats Living and Working Abroad following the UK governments decisions and whither they are going.
Cheque Mate
the UK government behind closed door conference to agree on a unified Brexit approach, came to a unanimous agreement. For whom is unclear. The UK have set out their position on many areas in the White Paper on Brexit, but with what is essentially a proposal for business.
Big business have there own interests at heart, they want to avoid the cost of change. But big business between UK and EU is only 12% of the UK economy. There are always winners and losers when there is change. Those with deep pockets can lobby for no change.
Trade Off
An agreement keeping the UK in the Customs Union, of the EU, ties the UK to the EU, whatever anyone says. EU law and negotiators will dictate UK trade going forward.
The UK already operates under World Trade Organisation (WTO) rules for most of its international trade. This could continue after Brexit and extend to the EU too. Scaremongering questions, of delays and losses, are actually the cries of vested interest to avoid change and expense in their world.
The EU has allot to lose from UK contributions to the EU, of course the EU would like the UK in not out. Whether the UK uses EU Custom Union or WTO rules, the world will go on, just in a different way. In the same way the UK trades with Canada, USA, Russia, China, India and Asia today, they could continue to do so with the EU post Brexit.
Residency
The same is true of residency. Before and after the EU Brexit, travel and relocation will be possible - but different Expats are Living and Working Abroad in USA, Middle East, Asia, China, India, Australia, Canada and more.
The EU is proud of its 4 freedoms - to move people, capital, goods and services around the EU - within a ring fenced EU zone, one that costs others to move in or out of.
EU Expats wanting to be Living and Working Abroad in the UK , or UK Expats Living and Working Abroad in the EU, should be legally resident as an EU citizen before EU Brexit date of 29/3/2019.
Then the current agreements allow those Expats to continue to move and live within the EU as EU citizens, including the UK until the end of the transition period in December 2020.
The Same but different.
Even better once legally resident in an EU country or the UK then in time it is possible to gain permanent residency or duel citizen ship, allowing EU Expats to continue to enjoy life in the UK or EU indefinitely.
Cyprus have agreed and allow any UK Expat who can show more than 5 years of Living and Working Abroad in Cyprus to obtain a 10 year permanent residency status immediately. Contact us if you want to find out how.
Tax Online
Cyprus is notoriously a paper based bureaucracy meaning any official process takes time, paper and money. Things change and the Cyprus tax authorise have made great strides to switch the whole tax system into a paperless system in 6 months- without fuss, without debate.
There is still much to do, but tax returns and payments are all online based.
Maybe the UK and EU could create an electronic customs border in 6 months. If they can track speeding, number plates, passports, face recognition... why not border and customs?
Cyprus Tax Changes
Expats Working in Cyprus have an online return for 2018 tax to be submitted by the end of July.
Cyprus Business have a Levy Tax to pay by the end of July also.
Online full 2017 returns are now due to a revised date the end of October 2018.
Tax should already be paid. Don’t be late or be dragged back into the old ways of a personal visit and payment.
Even in tax things can change. We must all embrace the change, not worry about retaining the status quo, but rather look forward to the adventure of Living and Working Abroad.
Free Review
The future for Expats will be the same , but different. With Brexit, residency rules and how we pay tax. Technology is the driver of this cultural revolution. The Expat world is changing, remaining the same, but different.
Take a Free review with ProACT’s Expat Experts to find out how EU Brexit will affect your Residency and Tax.
Listen to the Podcast on SoundCloud or Apple Podcasts.
Introducing the Guide
If you enjoyed the the vlog and podcast you can get your brand new guide for only £4.99: How EU Brexit Affects Expat Property, Business & Pensions, where ProACT Sam goes dives deeper to help you navigate the choppy Brexit waters ahead.