Business First Family Business, Accounting, Finance, Investing, Marketing And Management
Brexit has changed the game for so many aspects of life for both Britons and Europeans alike. We have seen difficulties in the business community where supply problems are driving prices up, and some firms are even relocating parts of their operations to mainland Europe. Some of the impacts are on British individuals working in the EU or are aspiring to do so.
Longer Queues At Arrivals
The first thing we are going to notice is a prolonged process when disembarking the plane. In the past, UK citizens would have been able to use the fast-track lane where EU nationals can use an expedited immigration process. Brits are now not EU nationals and will have to use the Non-EU immigration lane, meaning a much more involved process that takes longer. From a financial perspective, this will likely lead to more business travelers, entrepreneurs, and corporations purchasing global entry or expedited travel programs. This way, they can clear customs with the same swift speed as they once did pre-Brexit. Of course, this will lead to an additional cost for multiple professionals that frequently travel.
Work Visas
Being outside the EU was desirable to those in the Leave camp, as the UK could take control of its borders and control immigration. But this restriction goes both ways. For a Brit to take up a job in an EU country, they will require a work permit or visa. Be sure to be aware of applying for the correct permit, as some are time-limited, and often the best way to get permanent residence is to consider citizenship. If you have parents or grandparents who are EU nationals, you may qualify automatically. From a financial outlook, this will cost business professionals entrepreneurs significant fees in visa issuance and renewal fees. Of course, there will additionally be costs associated with emergency rush visas, which can significantly impact the cost of business travel. Certainly, these changes in international business travel visas will impact professionals financially for years to come.
Benefits
Certain benefits are granted automatically to EU citizens when living and working in other EU states. This right has ended automatically for Brits working in the EU. You may still qualify if you have worked and paid taxes over a long enough period. Otherwise, you will lose the safety net of unemployment benefits and healthcare, among others. For this reason, it is essential to look at taking out health insurance for British ex-pats to ensure you are not left with a huge bill in the event of an emergency. This way, you can keep your finances in order, stay on top of your finances, and avoid going into debt. Of course, this will prove absolutely essential in order to improve your financial position, strength, and confidence.
Retirement
Brits retiring in European locations, especially in the South of Europe, has been a long tradition, but this was simpler in the days when the UK was in the EU. If you retired before Brexit and were already living in the country, you will be entitled to remain. If you are planning to move now or in the future, then you will need to apply for a visa, this will be assessed on various things such as your wealth. Ultimately, this could greatly impact how Brits save for retirement and manage their savings all together. For example, this will greatly change how much individuals save, as well as when they start retirement planning.
Studying
Previously, one sure route to an international study experience for British students was through the EU’s Erasmus scheme. Students from any EU country can study at a university in another EU state for a semester, free of charge. The British government has chosen to set up a scheme to facilitate student exchange placements called the Turing scheme, named after the famous code-cracking mathematician. The UK government claims the scheme will open opportunities for students to experience exchanges beyond Europe, while critics claim fewer students will benefit. Given current international and state travel restrictions, we will need to wait to see if the new scheme is successful. From a financial standpoint, the decline in foreign students could greatly impact the nation’s tourism revenue as a whole. Of course, this could easily result in significant increases in taxes to businesses, as well as individual taxpayers.
