Yesterday the UK voted OUT of the European Union and left the nation in a state of shock. There are many people who could be affected by the Brexit including Europeans in the UK and UK expats living across Europe.
Brexit Tourists in Mallorca
Britons have seen the lowest drop in the pound since 1985 and this could have a huge affect on the amount of tourists visiting Mallorca and Spain. Thousands of Brits jet off to Mallorca every year to make the most of the ‘cheaper’ euro and have a bargain holiday in the sun. It’s likely many of these holidaymakers will not be able to afford these trips, certainly not as often as they could do in the past and Mallorca could see a drop in British tourists, especially in the popular British town of Magaluf.
Brexit Expats in Mallorca
There are many things which could affect British expats living in Mallorca including, pensions, unemployment wages, mortgages, work permits and health care. Many Britons are in a state of panic about what they are now entitled to and how they can continue with their lives on the island. Changes won’t happen overnight, or even over weeks, but we are all unsure about exactly what will happen and when. Once the UK has made some decisions and begin with their exit from the EU, we will have more of an idea of what will change. Read more from expat blog fallforspain about living in Mallorca after the Brexit.
Brexit Companies in Mallorca
For British companies in Mallorca there will also be many changes and new rules coming into place. For British employees it could be more difficult to get a job and many could need to find a work permit in Spain. It will certainly be more expensive for those companies who need to help their workers to get their permits/visas for any British workers and the companies themselves can face new taxes and fees for not coming form an EU country. Before it was much easier to start a company anywhere in Europe but for brits this will now become more of a challenge.
Stay tuned over the next few weeks as we share more about the Brexit and how it will affect expats and companies in Mallorca, Spain and Europe.