Brexit: How to remain an EU resident (the cheaper way)

property-brexit

Brexit: How to remain an EU resident (the cheaper way)

There is still uncertainty with the status of UK nationals in EU There is still uncertainty about the status of UK nationals in the EU after Brexit. The transition period will last until the end of 2020, so there is not much time left. If you have secured your EU residence by then, you will not be affected by any future EU/UK decisions on freedom of movement (requirements for visas, etc.).

How can I secure my EU residence within the transition period (end of 2020)?

Bulgaria is a good alternative for this. Its popular seaside resorts in the summer and mountain ski resorts in the winter come as a bonus to the residence. In order to obtain EU residence, you will need to either rent a property or buy one in an EU member state. Rent can be quite high and the overall costs, accumulated over time, may be substantial. Moreover, funds spent on rent are lost forever. The alternative is to buy a relatively cheap property and connect it to your residence status.

Buying cheap property to secure EU residence

If you buy a property, you will secure your EU residence until you sell that property. Apart from that, property purchase is an investment, which you could recover after selling the property. It is not the same if you rent. There are plenty of cheap properties in Bulgaria located within 20 miles of major cities and three international airports. Prices can vary, depending on the condition, but in general you can buy a property in a fairly good condition for up to £25,000. Cost of living in towns/villages near the major Bulgarian cities is more than satisfactory, which would be beneficial, especially if the exchange rate of the pound drops after the end of the transition period.

Family members can also become EU residents using the same property, provided it is big enough.

If you require more information on how to buy a property in Bulgaria, or about the procedure for obtaining EU residence, please contact us.

You don’t need to live in Bulgaria permanently to keep the residence

This is the EU rule you would benefit from, even after the transition period expires. If you obtain EU residence now, you become an EU resident and for as long as you keep this status, you will not be required to apply for a visa (if this is agreed between EU and UK). You can keep your status by renewing your Bulgarian residence ID card.

If you need help with applying for EU residence through purchase of property in Bulgaria.

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