The month of March has been crucial for determining the future role of the United Kingdom within Europe. The economic consequences which will follow Brexit are still unknown at this time. Brexit, the undeniable leading factor in this uncertainty, makes reference to the process of the United Kingdom leaving the European Union, decided by UK citizens through a referendum in June of 2016. Two years on, we see that there are very few days left until this agreement between the United Kingdom and the European Union is finalized which results in Great Britain exiting this European club. The 29th of March will be the day, and at Pollentia Properties, real estate agency in Pollensa, we want to try and outline what are the possible consequences of Brexit amongst British people buying a house for sale in Mallorca.
Whatever the final decision made by this exit deal may be between the British and European community, what is definitely known is that Spain will be the eighth most affected economy by Brexit. With a population close to 300,000 of British inhabitants living in Spain, it is clear that they will have a great impact within the Mediterranean. It’s not surprising to know that year after year more and more UK citizens decide to buy a house for sale in Mallorca in order to make this small paradise their second residence.
These British residents currently have the right to free movement within the European Union, however as the UK leaves the EU it means that these rights will be affected and altered. To begin, the first change made will affect its legal regime, although it is still difficult to determine to what extent, given that it will depend on the agreements between parties. Some countries who are not part of the EU are setting an example, to have the possibility of allowing their citizens to live and work in Spain much like the countries of Norway, Liechtenstein, Iceland and Switzerland. This free movement of people does not correspond with what has been outlined in the campaign of those who wanted independence from the EU, since they could not limit immigration in the United Kingdom, for example.
To approve the free movement of people at its borders, will reassure citizens who live outside of the country, including in Mallorca. Those Britons who have lived in Spain for at least five years can apply for a Long Term Stay Card (Tarjeta de Larga Estancia), instead of the Certificate of Registration as a Citizen of the European Union which they currently request.
It should be noted that the Spanish government have made it very clear that they want British citizens to continue living in the country without problems between the borders and to therefore establish their second home. Buying a house for sale in Mallorca is a smart decision for anyone wanting to live in paradise. At Pollentia Properties, real estate agency in Pollensa, we are very optimistic and we hope that both parties can reach a satisfactory agreement which reinforces already existent British relationships in countries such as Spain.