What life will look like for UK nationals working in Luxembourg
For all the Brexit talk we have heard over the past months, no one knows yet exactly what “Brexit” means. We have seen endless discussions, a couple plot twists and theories galore on what the end result will bring.
Since May has delayed the vote — in fear that her deal will not garner enough yes’s to win — it most likely will not happen until mid-January. While many believe the deal will pass, the Northern Ireland backstop remains the biggest hangup.
Expats in Luxembourg Post-Brexit
Amidst all the uncertainty, Luxembourg has taken steps to ensure that expats in Luxembourg and their families feel welcome and properly accommodated.
Beginning in September 2018, Luxembourg expanded its public school offering to include four schools with departments that follow an English-language curriculum. Before British expats in Luxembourg would often resort to sending their children to expensive international private schools in order to access an English program. Luxembourg’s free state schools now let students attend classes in English while also learning German, French and Luxembourgish. Since the referendum, the UK has seen a reduction in the number of students enrolling in international school.
Brexit has brought 30 new financial companies to Luxembourg and created 250 new jobs, a modest sample of the 3,000 new jobs that Luxembourg for Finance anticipates.
We also know, thanks to a recent announcement by the British Embassy in Luxembourg, that the UK and EU have agreed to continue mutually recognizing professional qualifications, as they currently do, as long as the individual applies for a recognition decision before the implementation period ends.
The Withdrawal Agreement (WA) applies to individuals who are living in Luxembourg when the implementation period ends.
Working in Luxembourg
The WA guarantees employees and independents the continued right to work. Individuals will still be able to access pensions, benefits and healthcare coverage.
Crossborder issues do not fall under the agreement and are still up in the air — such as the right to provide services across borders or live in other member states.
In the case of a no-deal scenario, UK nationals living gin the EU will still receive their state pension and benefits, such as disability and child support. For those with personal pensions held in a UK-based firm, your firm should have already prepared for this scenario, though it never hurts to ask.
If you have investments in the UK or want to begin preparing for all of the many possible outcomes, you could benefit from having a professional fiduciary on your side. We can help prepare your business and finances for the uncertainty ahead.
The implications of Brexit could have unforeseen impacts on many areas of your life — for example, anywhere a contract is involved. Fiduciary Tucci & Partners, a multidisciplinary team of financial and legal experts safely make sure that nothing slips through the cracks.
Share your goals with us & ask how we can help you get there. Questions about trends, regulations & requirements? Curious about Luxembourg? Fiduciary Tucci & Partners can help answer your queries & find solutions.