Brexit talks are in freeze due to coronavirus. Extension of the transition period is on the table
UK-EU talks on post-Brexit relations after the end of the transition period are in deep freeze, according to The Guardian. Sources close to the EU negotiations suggest that the transition period could be prolonged by a year or more.
The European Commission issued a comprehensive 400-page document on post-Brexit relations on 13 March 2020, and is waiting for the same document from London. At present, the UK has only produced four documents relating to trade, transport, aviation and nuclear relations. However, the documents indicate that the UK and EU positions are “in different galaxies”.
The Guardian has reported that the coronavirus pandemic has severely delayed talks. Several EU and UK negotiators have tested positive for coronavirus and are in self-isolation. There are discussions about prolonging the transition period for a year or more.
The UK has left the EU. However, until 31 December 2020, it must continue to obey EU rules and regulations during the transition period. The British Prime Minister Boris Johnson has stated that the UK will leave the EU by the end of 2020, regardless of whether an agreement is in place. He has further stated that if an agreement is not reached by June 2020, then the UK will begin preparations for a “no-deal Brexit”.
The extension of the transition period is good news for professional investors interested in moving to the UK with European passports. It gives investors more time to apply for citizenship in EU countries and legally move to the UK as EU citizens. Cyprus offers the most valuable Citizenship by Investment program, and has committed to fast-tracking all citizenship applications during coronavirus pandemic.
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