It’s fair to say the UK is currently quaking under its landmark general election last night. But whatever you think of the new Prime Minister, it’s clear that Brexit will be happening.
The topic of Brexit has been a bit of a taboo over the last three years – but it’s real, it’s happening, and for any American moving to the UK, it needs to be considered.
So, let’s get down to the facts. How will Brexit impact you?
It was previously unclear how the exchange rate would be affected by the newly elected government, however, with the pound soaring at midnight, it’s good news for anyone heading home for Christmas and looking to cash in their pounds for dollars.
However, for those already working in the UK and being paid in USD (supposing the exchange rate sticks around), you may find your earnings won’t go as far over the holiday season.
For those moving to the UK, this will be something to consider, especially if you’re being paid in USD. However, the pound has a long history of instability, and with Brexit on the horizon, there is a chance it will fall again swiftly.
The impact on Americans with dual citizenship living in the UK will be determined by the type of dual citizenship you have. Those with US Italian or US Spain citizenship (etc) will have to apply to live in the UK the same way EU citizens will be required to apply post-Brexit, under a ‘Settlement Status’.
If you are planning to move to the UK under an EU passport which is non-UK, this will be one of the biggest aggravating factors in your move. In order to ensure your visa is legal, utilize all of the Government resources available to you.
Whilst it’s still uncertain, there are talks of Brexit resulting in stronger links between the UK and US – a citizenship path which until now, has been incredibly hard – if this is the case, the result of Brexit may be an easier visa process, which will work in favour of those looking to move across the pond in the future.
Many European and international businesses which once based themselves solely from the UK are making the move into Europe. Where the UK was once the middle-man for US-EU relations, the break in the market between the UK and EU as a result of Brexit is likely to mean more and more US companies trade directly with the larger EU market, rather than the UK.
If you are an American citizen determined to move to the UK, this may hinder your plans whilst companies try to find their footing in a time of uncertainty. However, there will be plenty more opportunities for Americans looking to make their way to other EU countries, as the movement of businesses will create both domestic and international jobs.
There have been no talks – and as far as we know, no reason – as to why the US/UK tax treaty would change. It currently affects a very minimal number of expats, however, if that is you, then Brexit is extremely unlikely to change it.
The two main categories of Americans who will be impacted by Brexit, are expats who are in the UK on an EU passport which is not UK, and those who work under companies who may relocate outside of the UK for economic stability. However, if you have secured your visa and are ready to go, the reality is Brexit will not impact you much more than it will the average UK citizen.
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