Thursday, 10 November 2016 15:02

How the Brexit will (or will not) affect the real estate market in Spain

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Britain´s vote to leave in the Brexit referendum last June, opting to quit the 28 nations European Union in an historic move. However, the actual consequences of this decision are not as drastic as the media, always prone to a flashy headline, have stated during the weeks after the referendum.

Firstly, there will be no imminent effects after the Brexit – only when Article 50 of the EU Treaty is activated Britain would have officially have notified the European Union of its departure. This process will start by early 2017. Then the precise discussions and an approximately two-year separation process are set into motion, resulting in the final and eventual split. This means that any tangible or actual consequences will start, at least, two years from the date of the referendum. Secondly, and as politicians in both side of the Channel have reminded abundantly, those with long term acquired rights (second nationality, residence, accumulated pensions and social benefits, etc.) cannot be deprived of same.

Read 276 times Last modified on Tuesday, 06 December 2016 19:23

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