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Many hardworking Britons dream of retiring overseas to spend their beautiful years in warmer climates and at a lower cost of living. Spain remains the most popular destination of choice with more British expatriates than any other part of Europe. But the number of residents enjoying the Spanish sun has decreased in the last five years. According to the Spanish National Institute of Statistics, the number of British expatriates in Spain is estimated to have decreased by 157,107, with the deVere group claiming that this trend is accelerating.
These figures represent only those who have officially registered with the authorities, which means that this number could potentially be higher.
The BBC estimates that there are currently 760,000 Britons living in Spain, while The National Statistical Institute of Spain cites the figure of those who formally registered at 300,000.
James Green, director of DeVere's Western Europe division, said the Brexit uncertainty may be behind the fact that more British expats are considering returning to the UK.
Mr Green estimates that there has been a 30% increase in the number of inquiries from British expatriates to Spain who are planning to return to the UK.
He said: "Since the referendum, requests from British expats in Spain who are planning to return to live in the UK have increased by about 30%.
"We have helped many of these customer clients to restructure their financial strategies to reduce the potential burden of Brexit."
He continued: "Faced with fears, uncertainties and doubts about Brexit, a growing number of British expats in Spain are considering reluctantly returning to the UK.
"The pull factors that attracted them to Spain in the first place – such as the more relaxed lifestyle, family oriented, outdoor, weather, beautiful schools and work opportunities – remain intact. .
"Just as incentive factors – such as the cost of living in the UK, high taxes, low interest rates, the removal of some age-related benefits, the quality of life, concerns about crime and weather conditions – which motivated them to resettle.
"That's why it's so sad. Concerns about Brexit potentially force them to give up their dreams of living in Spain. "
Mr Green predicted that the fluctuating pound would lose value against the euro as a potential influencer of British expatriates.
"It is our experience that shows that most of those who reluctantly consider such a radical measure are fearing further devaluations of the pound.
"Of the 300,000 British nationals officially living in Spain, almost half are over 65 years old.
"A further drop in the pound – which has received a monumental bloody nose since the vote on the Brexit – would be a serious problem for those who receive British pensions or sterling income, because the cost of living would be considerably higher. .
"There is also a risk that payments made by UK companies, including pension and insurance companies, to those living in the European Economic Area (EEA) will be disrupted. Of course, this would be a major disadvantage for many British expatriates.
"In addition, they highlight their concerns about health care and residency rights, potential increases in the cost of theft and the problems that their loved ones can get to easily and cheaply."
But Mr Green advised British expatriates to think twice before returning to Britain and considering all available financial options.
He said, "I would suggest that people first look at all the options available to them, such as authentic solutions that offer tax efficiency, peace of mind, and weak administrative issues.
"In recent months, many expatriates who were seriously considering returning to the UK have been able to successfully restructure their financial planning to capitalize on their expatriate status to take advantage of the tax privileges and legislation in place. investor protection. "
Theresa May is only two weeks away for her agreement to be voted on by Parliament on December 11.
But an agreement on Brexit could still be at stake, with more than 90 conservatives who would have gone against the Prime Minister by voting against his withdrawal agreement.
Ms. May stated that the agreement gave the companies insurance, guaranteed that there was no hard border on the island of Ireland, protected the rights of British citizens residing in the EU and vice versa, and established the UK's financial obligations to the bloc.
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