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| Buy a property in Bulgaria before Brexit to retain your EU rights |
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If you want to retain your European Union rights, you need to be a legal resident of an EU nation *before* the UK leaves. With the clock ticking down to March 2019, we know that many of our readers are feeling a little panicky. Don’t panic, act! Follow our checklist to buy a property abroad before Brexit and retain your EU rights.
Being “legally resident” doesn’t necessarily mean that you have to buy a property abroad to retain your EU rights. However, if you do, and you register with the local government, you are guaranteed to retain those rights.
To buy before March this year you need to be acting now. Start off by reading our “beat the Brexit deadline” checklist.
1. Book a viewing trip
If you haven’t already, you need to start searching for your property. The good news is that the buying process in popular European destinations, such as Bulgaria is relatively fast. So with the help of a handy estate agent and reliable independent lawyer, you could feasibly complete the purchase of your new home in just six to eight weeks after having an offer accepted, even quicker if circumstances allow.
What can take longer is finding the right property. And to do this you really need to jump on a flight as soon as possible and start viewing properties in the flesh. So if you’re still at the on-line research stage, unsure about where you want to be, you need to make some decisions! Brexit is only 3 months away…
Get organised!
2. Pick your agent
Once you have decided on a destination, you should only need to deal with one estate agency, two at the most. Why? The good agencies will go and find properties that match your requirements, including those that aren’t on their own books (in the event that you buy somewhere listed with another agency, they’ll share any commission). If you are ready to take the next step and do a viewing trip, one option is to call Century Homes team, who will save you time by matching you with an suitable estate agency.
3. Flexible moving dates
Crucially, prepare to be flexible. If you get a good enough offer in the UK sooner than you expected – and before you’ve bought abroad – and the buyer insists on a fast completion, go for it. There is always the option to rent in the UK or abroad while you search for your new place in the sun. If your overseas purchase isn’t dependent on the sale of your UK home and you plan to sell sometime in the future, beware there could be capital gains tax implications. This is because once you’ve moved into your new primary residence abroad, your UK home becomes a second home.
4. Speak to financal experts
Moving abroad before Brexit isn’t just about finding a new home. You also need to think about your financial affairs and how becoming a resident in a new jurisdiction with different tax rules could impact your personal wealth and income – and equally importantly, if there are ways to protect you from unnecessary taxation. The key to ensuring any savings, assets or investments, including pensions and ISAs, are structured in the most beneficial way possible is to speak to experts before you leave the UK. Financial planners and tax advisors always stress that re-structuring clients’ financial affairs is far harder to do once they have relocated and left the UK jurisdiction.
Similarly, don’t overlook your future currency requirements and the effects of exchange rate movement. You’ll be buying your new home in euros, which also will be become your new day-to-day currency, however right now all your savings, income and pensions are likely to be in pounds. So at some point you will need to exchange your pounds into euros and transfer them abroad, perhaps on a regular basis. Speak to currency specialist Smart Currency Exchange about your individual transfer requirements and solutions for minimising the impact of the exchange rate fluctuation.
5. Essential paperwork
Closer to your departure date, the usual organisations will need to be informed about your move abroad. These include the Inland Revenue, your bank, utilities providers, telecoms/ internet provider, doctor, DVLA, credit card providers and TV licensing. And you’ll need to think about organising a removals firm – start getting quotes a couple of months beforehand.
In terms of Brexit, an absolute must is contacting the Overseas Healthcare Team at the Department of Work and Pensions. If you are in receipt of a UK state pension, they will provide you with an S1 form which enables you to register for free reciprocal state healthcare as a resident in another EU country. Wherever you move to, this should be done as soon as possible, as should applying for residency and becoming a tax resident. Your aim is to be ‘in the system’ in your new country before Brexit occurs at the end of March 2019. |
| Wednesday, Jan 16, 2019 |
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| » RENTALS |
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| Office Space |
€ 770 |
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| Location: |
Veliko Tarnovo |
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