British nationals and EU expats may well be considering relocating to Mauritius after the United Kingdom (UK) left the 27-member European Union (EU) on 31 January 2020.
Firstly, Brexit has placed in limbo the millions of British citizens and expats living and working in EU countries. EU expats in the UK have also yet to settle their residency status. Reciprocity in the status of the UK and the EU countries’ respective expats is key.
Yes, negotiations in the Brexit transition and what to do with UK and EU expats are ongoing. Progress, however, is slow and contentious as the 31 December 2020 deadline looms.
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Tension amongst UK‒EU expats
Working in the EU could become more difficult for UK expats. They may lose the automatic right to work in another EU country. Plus an expat can only be hired if no other qualified candidate has been found within the EU.
EU migrants living in the UK, estimated at between 3 million and 3.6 million, are feeling Brexit’s pressure too. A recent survey of over 3,000 of this group showed that 95 percent felt less “at home”. They also felt less integrated into the country after Brexit. There is sentiment amongst British citizens that EU migrants are competing with them for jobs in the UK.
Cloudy outlook for many
EU citizens who have lived for five years and more in the UK are now required to apply for “settled status” to earn the right to stay and work in the country indefinitely.
EU migrants living in the UK for less than five years by the cut-off date for applications will have to wait until they’re qualified to apply. Their number is quite significant: 900,000 in one recent count.
UK retirees in EU-member countries also face the prospect of a cut in the purchasing power of their pension. Their real estate investments in their adopted EU country are likewise at risk of dropping in value. These declines are expected because of an anticipated further slide in the exchange rate of the pound sterling versus the euro following Brexit.
Hospitable refuge for those relocating to Mauritius
Mauritius is well-positioned as a refuge for Brexit-affected expats and retirees. It can count on its strong ties with the UK and EU countries such as France and Belgium. The pension funds of UK retirees in EU countries, for instance, stand to go further in Mauritius.
Mauritius also offers plenty of real estate buying opportunities suitable for prospective homeowners from the EU and the UK. Foreign nationals considering a new home in Mauritius have an attractive choice in real estate developments under the country’s various property development schemes. 2Futures is a top developer on the island, with a strong track record for quality and delivery. Their projects are located on prime Mauritian real estate, some of which will qualify investors for permanent residency when they spend USD375,000 or more on their property. That benefit now extends to their parents and children up to the age of 24 years.