The Effects, The Currencies, The Opportunities, The Risk… Many of the words being used to describe the possible ‘Life After Brexit in Spain’
Life After Brexit in Spain
With Article 50 being triggered, the countdown officially begins to the UK’s exit from the European Union. If you are looking to live in Spain or buy a property there, you are likely to have many questions on how you could be affected.
Our Partners at Smart Currency have created a handy Brochure to help answer many questions!
The latest information on how British expats could be affected:
What is Article 50?
If you’re new to what’s going – we’re about to leave Europe (EU) and all that’s going to happen now is Theresa May will send the email or phone the president of the European Union to inform him that we’re triggering Article 50.
Triggering Article 50, formally notifying the intention to withdraw from the EU (the market), after that – the treaties that govern membership no longer apply to Britain. Then the terms of exit will be then negotiated between Britain’s 27 counterparts – those 27 counterparts will each have a right to veto over the conditions.
The road that is laid out after the exit from the European Union is very unclear, as no European state has ever left the Union before, and the rules of exit are brief.
Buying in Spain after Brexit is a common question; from buyers, sellers, renters, holiday makers and even entrepreneurs.
When will it be triggered?
Well that is the million-dollar question, however many predict it will be announced at the next Conservative Party Conference, as Theresa May intends on triggering this notification by the end of March 2017, although many predict it will be on the 28th of this month (March 2017).
The Current Market
Buyers are still looking to buy! – although this isn’t only coming from the UK, a craze has started up elsewhere. Buyers are beginning to show up from all over Europe – some countries that have been very quiet in the Spanish market for years are becoming interested once again!
Belgians, Swedes and Norwegians are beginning to enter the market at an incredible rate – Developers along the eastern coastline of Spain report that they have had a substantial increase in enquiries and sales from Belgians and Norwegians. That’s not all, Russian and Lithuanian buyers are now eyeing up the market in Spain for potential investments.