The possibility of Britain leaving the EU after the upcoming Referendum on 23rd June has naturally made British buyers and owners of property in Europe wonder what effect a possible Brexit will have on them. We have even had enquiries asking us whether it is worth getting Spanish nationality now in advance of buying a property just in case Britain exits Europe.
Cameron has struck a deal with the other EU leaders for changes to the British membership of Europe. On the other hand there is a call to exit Europe. Whilst the deal that Cameron has struck has been widely reported, what doesn't seem to have been talked about in great detail is the effect of a full exit.
People buying and owning property within Europe have several concerns and these revolve around certain issues:
The ability to buy and own property
At the moment within the EU we have the right to buy property without having to apply for permission from the government of that country. That will not change under the Cameron deal. On the other hand if there is a full exit from Europe then in theory this may be necessary. In some countries foreigners are not allowed to buy properties and in other countries you have to get permission from the authorities to buy property. Would this be the case if there was a Brexit? We think that this is unlikely as the mechanics of unravelling the current situation would be too much to consider. With so many British people owning property in Europe and Europeans owning property in Britain if there was a full exit then new treaties would have to be signed with each country allowing the reciprocal right to buy property otherwise you would have a total stagnation of the property market for foreigners buying property within Europe and a major problem for those who already have properties.