5 Ways The UK's Exit From The EU Will Impact British Expats In Dubai
Earlier today we reported that it could very likely be an exit for UK from the European Union (EU). And now that they have voted to leave with a total of 51.9 percent for the 'leave' side and 48.1 percent for the remain, here's what it could possibly mean for British expats living in the city. Note: there is simultaneous discussion on Article 50 - which states the formal mechanism for leaving the EU - and its two-year negotiation period.
1. A drop in the value of the pound
While this won't be good for those living in the UK, it benefits those earning in AED.
2. No more frequent visits from family and friends based in the UK
And to make it worse, prices of a holiday to places such as the Mediterranean and other popular EU destinations will probably rise.
3. Given that Dubai is a hub for tourists, this in turn could have a huge impact on the hospitality and retail industry
4. Prices of vehicles imported from the UK will be affected. Think Jaguar, Mini, Aston Martin, Rolls Royce, Land Rover and Bentley
5. Expats with bank accounts and properties in the UK may have to worry about the change in governing laws
Britons with a less appealing financial profile may be charged at a higher interest rate and would need to place a higher deposit down to secure a property. However, it is likely to take up to two years for these laws to take effect.
The minimum period after a vote to leave EU will be two yrs. During the time Britain will continue to abide by EU treaties and laws. #Brexit— Erikson Young (@EriksonYoung) June 24, 2016