British expats, including pensioners who receive a UK income, provide a massive contribution to the local economies of their chosen countries and generate considerable tax revenues, said Richard Way, editor at OverseasGuidesCompany.com
The tax situation would remain the same as there are bilateral tax agreements between the UK and other European countries that have nothing to do with EU rules and even local taxes should remain the same. UK tax hikes affecting expat property owners: is it too late to act?
Local tax treatment tends to be based on residence rather than citizenship, so the key factor would remain how long the property owner stays at the property, rather than whether they come from an EU member state or not, explained Tim Walford-Fitzgerald, from chartered accountants HW Fisher & Company
Rates are at record low levels
in many countries and the ability to borrow a high proportion of the purchase price is easily available. However as Lloyd Hughes from property advisory companyAthena Advisers
said: Following Brexit, Brits with a less appealing profile would probably be charged higher interest rates and would have to put down a bigger deposit. "But with British buyers forming such a crucial part of many overseas property markets such as France, Spain and Portugal, banks would most likely not want to mess around with the demand. Miranda John, international manager at SPF Private Clients
, agreed: 'Even after Brexit, a Brit would find it easier to get a mortgage to buy property in France than an Estonian, for instance. Overseas estate agents report that Britons are keen to buy in Europe despite the impending referendum, according to A Place in the Sun.
Expats may need to apply for a visa to live, work or retire to the EU after Brexit. It is possible that our ability to visit might become more restricted in terms of visa requirements, as well as the ability to work, set up a business, move money around and apply for long term residency in EU countries, said Darren Yates at Carter Jonas