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Brexit Withdraw Declaration Agreement Finalised!

Brexit Withdraw Declaration Agreement Finalised!

Long wait to the Brexit Agreement has made moves forward. What's in store and how it may affect you take a read of the withdrawal summary and key take aways.

Portugal and the United Kingdom are the oldest friendly association, ratified at the treaty of Windsor in 1386, and Portugal has had a double taxation agreement with the UK since 1968, So even ‘Brexit’ would not terminate that relation.

The Brexit withdrawal draft declaration has been approved. What does this now mean for those affected and wanting to purchase or relocate aboard? If you’re uncertain how to proceed forward. You are not alone, but the haze is starting to lift now that an agreement is in place.  

The 500+ page Brexit declaration document may be bit more reading that most are likely to enjoy, but we have a copy of the withdrawal summary which may make it more easily digestible.

Key points:

  • The transition period will start on 29 March 2019 and end on 31 December 2020.

  • The draft withdrawal agreement says the transition can be lengthened, but only for a short period, about 2 years.

  • The draft agreement sets out the estimated amount for the financial settlement that the UK will need to pay to the EU to settle all of its liabilities, and it will be paid over a number of years.

  • If the transition is extended, there will have to be more UK payments to the EU budget, which will be agreed separately.

  • UK citizens in the EU, and EU citizens in the UK, will retain their residency and social security rights after Brexit.

  • Citizens who take up residency in another EU country or UK during the transition period will be granted to stay in that country after the transition.

  • Anyone that stays in the same EU country for five years and more can apply for permanent residence.

  • A joint UK-EU committee will be arranged to try to resolve any disputes on the interpretation of the withdrawal agreement.

  • There are protocols on Gibraltar and the British military bases in Cyprus.