Guide to Post-Brexit: How Brexit Impacts the UK Citizens
The United Kingdom has voted to leave the European Union in a referendum. There are many questions about what this means for UK citizens and how it will affect them. Learn more about the answers at http://www.europeanfinancialreview.com/the-risk-of-brexit-britain-and-europe-in-2015/. This article overviews Brexit’s implications on UK nationals living in Europe, traveling around Europe, investing in Europe, or doing business with Europeans. It also discusses some key points you should know about when considering your financial future post-Brexit.
Overview of Brexit
The term “Brexit” is a portmanteau of British and exit. It refers to the United Kingdom’s decision to leave the European Union, made in a referendum on June 23, 2016. The vote to leave was narrow – 51.89% voted for Brexit vs. 48.11% who voted against it – but the decision has far-reaching implications for the UK and the EU.
The referendum was not legally binding, so it is up to the UK government to decide when and how to invoke Article 50 of the Lisbon Treaty – the formal process by which a country leaves the EU. Prime Minister Theresa May had said that she would do this before the end of March 2017.
How Brexit Affects the UK Citizens in General
Brexit has far-reaching implications for the UK, but it will also affect its citizens in several areas. Here are some of the critical points you should know about when considering your financial future post-Brexit.
Residency Rights
The rights to live and work in Europe have been taken away from any citizen who was not already a resident in the EU before the referendum. It means that people who have moved from elsewhere in Europe or outside of Europe may remain, but those moving into the UK now will not be allowed to stay.
Trade Agreements
It is uncertain how trade agreements between Britain and other countries will change after Brexit making it harder for businesses doing business both in the UK and with other countries to plan for their future.
Travel Restrictions
Some non-EU citizens who had hoped to visit Europe using the European Health Insurance Card (EHIC) will not be able to do so anymore. However, likely, travel between EU member states will still allow free movement of people within the EU.
How to Run a Business After the Brexit
Now, what if you want to run a business after Brexit? There are some things you should take into account. The first thing to do is make sure that your business is registered in the UK. You will also want to consider whether it would be better to base your company within the EU, as this may give you more access to potential customers and investors.
Additionally, if you have contracts with European companies, you will ensure that they are still valid after Brexit. Finally, it is essential to keep in mind that there may be some restrictions on how you can do business with Europeans post-Brexit, so be sure to stay up-to-date on the latest regulations.…