Key changes Brexit has brought along for Brits in the EU since 1. January 2021.
Key changes Brexit has brough along for Brits in the EU since 1. January 2021.
1.Brits become 'Non- EU' nationals
When the Brexit transition period ended on 31 December 2020, the United Kingdom similarly to Switzerland, Norway,Canada, Australia and the USA has become a 'third country', therefore British citizens do not have automatically the right any longer to work, live or study in any of the EU member states.
However, those British Nationals who were registered as residents prior to 31 December 2020 continue to enjoy EU citizens' rights under the Withdrawal Agreement. This is only valid in the country where the individual is registered.
2.Restrictions on staying in EU countries
Apart from Covid-19 travel restrictions, UK nationals not registered as residents in any of the EU countries or have no EU citizenship can travel to the EU without a visa but can only stay for 90 days in any 180-day period and is relevant for the entire Schengen zone and some EEA states. Cyprus is excluded from the Schengen area.
3.More demanding rules to gain EU residence
At the pre-Brexit times, Brits could apply for residency in any EU country even they have already lived in any particular country for a while. Now, British nationals are considered as citizens from “third states” and have to meet more stringent legal and immigration requirements, have the right documentation when arriving to their chosen country. One of the key requirements to become EU citizen is that you need to demonstrate that you have sufficient funds, you or your spouse are working; you have savings, you have pension or other means of income and medical insurance.
4.UK based financial services can not operate in EU
Unless relevant arrangements have been made for post Brexit operations, most UK banks, financial advisers and other financial providers may no longer be able to legally service EU residents.
Brits with EU residency might be restricted from moving funds across from their UK bank accounts or investments, or getting various financial services.
It also worth checking if there is any change to the tax applicable to your UK assets and investments in your country of residence, as they are classed as non-EU/EEA assets.
For any currency related matters, you can speak with our specialist team, for more details you can check the dedicated page Foreign currency