EU Citizens Remain Confident in Face of Brexit
EU Citizens See an Area of Stability in the Midst of Brexit
It seems like each day there are new headlines about UK Prime Minister Theresa May and the ongoing Brexit negotiations, agreements and pending issues. While there continues to be considerable concern about the final outcome of Brexit, one thing seems certain. EU citizens are feeling confident that their interests will be protected. This is obviously of particularly important for EU citizens already living within the UK.
As tensions continue to swirl around the Prime Minister May and the proposed Brexit agreement, so far, the draft agreement has been greeted by a wave of resignations from May’s cabinet. It seems likely that Prime Minister May could face a no-confidence vote although it is unclear as to whether or not she will be able to withstand that.
In light of the negotiation and raging headlines, it is no surprise that the value of the pound sterling and UK markets have suffered recently. The market uncertainty is likely to continue for the time being. Even if the current Brexit proposal is acceptable, many details will still need to be worked out. In addition, the long-term impact to the UK’s economy is still to be decided.
In spite of all the apparent doom and gloom, there is still good news for EU citizens. While the current Brexit proposals contain few assurances for UK citizens, EU citizens have little reason to be concerned. Under the current Brexit plans, EU citizens who wish to continue living in the UK must registered for settled status before June 2021. They will be able to register starting March 2019.
Currently, there seems to be three options for the future of Brexit. On 25 November a special summit will be held in Brussels where leaders from 27 EU member states will vote on whether to accept the UK proposal. Then the UK House of Commons will have to vote on the deal or Prime Minister May might instead receive a no-confidence vote. Options right now appear to be approval of the current UK proposal, the no-deal Brexit going into effect, or a new UK government being formed and requesting more time to create a different Brexit proposal. There also continues to be talks of holding a new vote on Brexit, particularly since more information has come to light about the foreign attempts to influence the Brexit vote. Regardless, the 29 March 2019 Brexit deadline continues to approach rapidly.
While all the Brexit options all include good protections for EU citizens, there is less certainty for citizens of the UK. That’s why many are deciding to use their Irish heritage to acquire EU citizenship. Another popular but lesser-known solution for UK citizens who are concerned about continued access to the EU is to obtain dual citizenship prior to Brexit. The Citizenship by Investment Programs (CIP’s) offered by certain countries can provide visa-free travel to the EU.
The good news is, regardless of what happens with Brexit, EU citizens can remain comfortable that their interests will continue to be protected. Many are taking advantage of this fact and applying for the Cyprus Investment Scheme (Citizenship by investment program), as a gateway program, enabling them to acquire a Cyprus passport in only 180 days, and move to the UK as an EU citizen, enjoying all EU freedoms to live, work or study in the UK, Germany, France, Spain or Switzerland or any of the 28 EU countries, as well as travel visa free to 171 countries worldwide.
Both Cyprus and Malta CIPs are proving highly attractive as gateway programs, for those wishing to settle or educate their children in the UK.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, EU & the Caribbean.
For further information on UK Tier 1 Investor Visa, Cyprus citizenship by investment or any other residence & citizenship programs or to discuss your personal circumstances in a private consultation, please contact Astons at info@astons.com or call +44 207 292 2977.
