The 2016 Brexit ‘Vote Leave’ campaign was pretty divisive, but it ended up being a win, with 51.89% backing it during the referendum. Many folks who voted were all worried about border control and immigration. One big consequence was losing freedom of movement, which used to let British and EU nationals travel across borders without a visa. They could move, work, study in any EU member state they wanted to. People thought Brexit would mean fewer British expats heading to the EU, but the latest stats show the opposite is true — more than half a million UK nationals left in 2023. Chase Buchanan Wealth Management, a team of global financial advisers, had some thoughts to share about this unexpected trend.
When it comes to migration and immigration after Brexit, it’s a hot topic. A lot of clients we talk to want to set up shop or move to another country, and they’re always thinking about visas and living costs. With the 90-day rule in place, UK folks now need a visa to make their dreams happen. But even with this change, it seems like the number of expats moving to Europe hasn’t really dropped by much. In fact, Europe is still the top pick, with 39.6% of all movers in 2023 choosing Spain, France, Italy, Germany, or Ireland. Spain is the most popular spot, attracting 14.1% of UK expats. Even though getting a visa might be a bit more of a hassle now, living close to the UK with lower costs and taxes is still worth it for many.
The flow of people between the EU and the UK has actually increased in both directions. But EU immigration to the UK has gone down, with more Europeans leaving than coming in. This has caused some issues, especially in fields like healthcare and hospitality where European workers are crucial. UK universities are also seeing fewer applications from European students, who find it harder to get study visas and afford the rising living costs.
So, why are so many British expats still heading to Europe after Brexit? Well, some countries are now offering new visa options for people who can bring value to their economies. Digital nomad visas and long-stay visas are becoming more popular. These visas attract professionals with high skills and qualifications, allowing them to bring their families and maybe even become residents or citizens in a few years. Countries like Malta and Spain are giving tax breaks and lower income taxes to remote workers, making it an easy choice to live in a sunny place with fewer taxes.
Long-stay visas are also on the rise, inviting wealthy individuals, often retirees, to move with enough funds to support themselves without needing state help. With high taxes in the UK, rising living costs, and worries about the future, it’s no wonder that more expats are looking to move elsewhere.
For a lot of expats, living overseas is a dream come true, whether it’s about buying a home, starting a business, or working in a growing economy. Younger adults are now considering visas more than before, while retirees used to be the main group moving to Europe for a relaxed life by the sea. Many are unhappy with the high costs of living and lack of opportunities in the UK, which is pushing them to consider a move abroad.
If we look at the living costs in Europe compared to the UK, it’s clear why so many are choosing to relocate. Spain, for example, is much cheaper than Britain, with lower housing prices. France is also more affordable, with lower rental and property costs. Overall, living in Europe costs 50% less than in the UK, which easily covers the cost of a visa. With more visa options and lower travel costs, there’s been a big increase in the demand for financial planning services for expats looking to start fresh overseas.
In the end, Brexit may have changed a lot of things, but it hasn’t stopped British expats from seeking a new life in Europe. The desire to live abroad, find better opportunities, and enjoy a higher quality of life seems to outweigh the challenges of visas and taxes. And who can blame them? Living in a sunny place with lower costs and more opportunities sounds like a pretty good deal to me.
