Retirees looking to spend their later life by the Mediterranean will likely have to fork out a significantly higher sum now that the UK is not part of the EU, according to Blevins Franks.
First, they will need to provide many more documents than they used to; and potential delays in the systems or in securing the right documentation may well lead to them needing to apply multiple times, which will come at a cost.
Depending on which country they choose, clients may need to get their documents translated and they may also have to hire an immigration specialist.
Also, many EU countries now require Brits to have private medical insurance and to demonstrate they have sufficient income to support themselves and/or their family without relying on the state.
Blevins Franks explains that to move to Spain, for instance, they will need to prove a minimum annual income of €27,115 (£, $), and if they have family members moving with them, they will need an additional €6,778 per person.
An expensive process
“All of this means that this is the preserve of the above-average wealthy,” said Jason Porter, director of expat specialist financial advisers Blevins Franks and head of the company’s European Emigration Advisory Service.
“Get the residency application wrong and, in most cases, it is void and the application fee is lost. Not only will they have to start the process again from scratch, but they will have to come up with more cash for a new application.”
One route that was already popular but is becoming even more so was the one of golden visas. They require investing a substantial sum in property or in other parts of the local economy to gain either residency rights or citizenship in that country.
Porter added: “They certainly would not want to try to obtain a golden visa on their own, as they average €5,000-€6,000 each, and an application that has to be resubmitted would cost €500 every time. One of the EU golden visa applications, if not done properly, could cost €40,000 in lost fees.”