What are Theresa Mays plans for Expats?

What are Theresa Mays plans for Expats?

Little is known about the agenda for Theresa May’s policies. With the unknown always comes concern, especially when many British Expats feel disheartened with the vote to leave EU. Current law states that any Expat who has lived outside of Britain for more than 15 years cannot vote. Unfortunately for many, this means the democracy system; by which the UK operate, could possibly take away certain benefits that many retirees were counting on to live out their retirement.

Free trade agreements with Commonwealth

Previous restriction by the EU meant that the Britain could not sign their own trade deals with other countries. Following the exit vote, Australia have called for a free trade deal with Britain as well as a new “Australian-style points-based immigration system that would put an annual cap on visas with about one-third going to skilled. Ms May said: “I have been very clear that this Government will make a success of our exit from the European Union. (taken from the telegraph http://www.independent.co.uk/news/uk/politics/brexit-australia-free-trade-eu-a7141136.html). About a dozen other non-EU countries have also asked for a trade deal. This could become very lucrative for Britain.

Pension worries

Many Expats will be counting on their state pension to contribute to their retirement plan. Currently the UK state pension, including Expats living in Europe, provide ‘triple locked’ guaranteed increases. Triple lock means that state pensions will increase by whatever is the highest of inflation, average earnings or 2.5%. Many non-EU countries no longer have this benefit so why should European resident if the UK no longer remains in the EU?

EHIC Card

Many travellers within Europe rely on the trusted EHIC card each year, the former E111 card. Currently, British Residents who have a EHIC card can travel to any European Economic Area (EEA) with the right to access state provided health care during their temporary stay. Switzerland currently has an agreement in place to allow the EHIC card to be used even though they are outside of the EEA. Europe may not be so kind with Britain although time will tell. If the EHIC gets remitted, Expats will need to buy private health care insurance which could become very costly.

Whether you are a UK resident or a non-UK resident, the Brexit vote could have positive or negative consequences. To find out more please contact us today……….