What Brexit means for British property purchasers in Europe

Following the announcement of the UK’s decision to leave the European Union, there has been much uncertainty about what this means for Brits looking to buy property in Spain, Portugal, Italy, France or elsewhere in Europe.

The Portugal Prime Minister, António Costa, has however seemingly set the tone in an interview following today’s announcement. He said that it “is a sad day for Europe”, but confirmed his belief that the strong alliance between Portugal and the UK will “carry on.”

The Portuguese Prime Minister went on to say that 
“We have the oldest alliance in the world with the United Kingdom and it will carry on long after what will be the departure of the UK from the European Union”.

He also provided assurances that Portugal “will do everything to ensure all the rights of the British citizens who live, visit or invest in Portugal.”

This sentiment echoes Portugal’s commitment in recent times to encourage foreign investment in to Portugal with the introduction of the Golden Visa and the attractive Non Habitual Residents tax regime.

The Spanish Prime Minister, Mariano Rajoy, also spoke out today to confirm that with regard to UK citizens in Spain: “The rights to move freely, to work, pay taxes and get pensions, to invest, vote, or being elected in the local elections of the place where they live will not be affected at least during the next two years”.

Both the words of the Spanish and Portuguese Prime Ministers have provided some reassurance and an indication that European countries such as Spain, Italy, and Portugal will not wish to turn their back on the valuable economic benefit that property investors from the UK provide to these european countries with regard to both house purchases and tourism.

If you are looking to buy property in Spain or Portugal or anywhere else in Europe, please contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers.co.uk to discuss how we can assist you.

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