How will Brexit impact US expats within the UK?

Post-Brexit consequences have been heavily dominated by how EU citizens shall be impacted, but what about US citizens within the UK as well?

UK - US flag in Westminster
The team at Hudson Mckenzie provide insight into how Brexit will impact US expats in the UK.Anything associated with the word ‘EU’ is likely to give warning signs, leading to the impending Brexit next year. However, does this also relate to those who aren’t specifically EU citizens – such as UK-based, US expats?In June 2016, the UK voted in a referendum to leave the EU causing nothing but turmoil to Political spectrum since. This is predominately because the vote to leave the EU was a mere marginal percentage compared to those who voted to remain. However, in the lead up to the eventual leaving date in March this year – how exactly will expats from outside of the EU, such as USA Nationals, be impacted post-Brexit whilst living in the UK?

Payment bonuses

Predictably, following from the eventual Brexit date, the stock markets are likely to change swiftly, impacting both the Great British Pound (GBP) and United States Dollar (USD).However, American Expats living within the UK are likely to see this as a more favourable turn of events as the British Pound is expected to fall, making everything in the UK considerably more cost efficient.This is a specifically favourable outcome for American Expats as those working within the UK are likely to still be paid in USD, meaning that they will technically be getting paid more than if they were paid in GBP. This will also likely provide American Expats with a favourable position to invest more into the UK Economy, whilst the GBP is at its weakest in comparison to the USD.

Dual Citizenship

All US Citizens who are in the UK with a dual citizenship, risk being impacted by Brexit to the same degree as a fully-fledged EU citizen. For instance, US Italian, US Spanish and so forth shall also be required to apply for a ‘Settlement Status’ like EU citizens, if they have been in the UK for five years consistently, following from Brexit. US expats will also be impacted if they have EU spouses who are currently residing within the UK.

New employment opportunities?

Following from Brexit, there may be the possibility of a new Free Trade Deal between the UK and UK Being so, a new free trade deal could see new employment roles for US expats in the UK – in which the employment roles recently occupied by EU citizens could be replaced by US citizens instead.Alternatively, any US citizens currently working within EU companies, may have to alternatively relocate to the EU, following from several EU companies leaving the UK post-Brexit.Therefore, it appears that most of the US expats currently residing within the UK are likely to be positively impacted by Brexit, unlike those who are EU citizens. The only foreseeable negative consequences of Brexit for US Nationals are if they have any ties to the EU, such as holding a dual citizenship or having relations with EU citizens who may be required to leave after the impending Brexit date in March 2019.If you would like to discuss this article further or have any general legal enquiries, please contact one of our highly qualified solicitors on 020 3318 5794 or via email at londoninfo@hudsonmckenzie.com

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