According to a recent A Place in the Sun review 90% of Overseas Property Owners Unsure of Brexit Impact
- 90% of UK overseas property owners admit they are unsure how a Brexit will affect their overseas property
- 4 in 10 (42%) admit to having concerns about their overseas property purchase
- 7 in 10 said that leaving the EU would not prevent or postpone them from buying an overseas property
British overseas property owners admit they are not aware of how Britain leaving the EU will affect their current property purchase, according to new research undertaken on the announcement of the referendum date.
Currently, 2.2 million Brits live within the EU, outside of the UK, with a further 1 million owning a holiday home. Property investment overseas has seen a resurgence in the last two years, helped by a stronger pound and better value property.
More than 70% of Brits saying that Britain leaving the EU would not prevent or even postpone any future purchases.
Recent research revealed that three quarters of Brits would choose to buy a property abroad for a better way of life, 70% citing warmer climates. 26% admitted that they felt that they would be in a better financial position by owning a property abroad, with 27% admitting that they would be enticed by thoughts of a nicer property.
Holiday Home Owners
The EU could require UK citizens to apply for a visa in order to visit a country within the EU, which for holiday home owners would mean more intrusive questions about how long you were going to stay, your income and health cover.
The main area of contention is how property inheritance and taxation laws would apply; at the moment the rules treat EU and non-EU citizens differently.