There are a lot of worried people out there,after the UK referendum vote to leave the EU. I am writing this post to try and address the fears,worries and concerns of both residents in Bulgaria and potential investors ,as factually as I can in what is a very fluid ,evolving situation.
Firstly ,it should be pointed out that should Article 50 be invoked the UK has two years to leave the EU, in that period rights as EU citizens will remain unchanged.It now seems doubtful whether the Article will be invoked until 2018.
After that period things such as EHIC cards may become invalid and local health insurance should be purchased.
Equally the long term residency cards are for EU citizens and will also be invalid.For those currently on possession of such cards this may be the time to take Bulgarian citizenship as has been offered by the Bulgarian Prime Minister.
Property Rights.Only Bulgarians and EU citizens can own land without a company.Many British people now own land in their own names as a result of this.After two years it may be that new purchases will have to be via companies. The status of previously bought land is questionable (though I now think people will be allowed to keep land in their own name)
Visas. It is likely that UK nationals will need a visa to stay more than 30 days in Bulgaria.
Pensions.Currently pensioners who live outside the EU have their state pensions frozen, that is to say they do not receive the annual increase.
Travel within the EU. Travelling to EU countries will require a visa on current information.
Falling Pound.As at yesterday (1st July 2016) the pound stood at 2.33lv, a loss of 10% of its value.For those on fixed incomes this is serious.it also makes holidays and buying property in Bulgaria more expensive.
I think this addresses the basic concerns but I will keep updating it.If you have any questions post here.
Firstly ,it should be pointed out that should Article 50 be invoked the UK has two years to leave the EU, in that period rights as EU citizens will remain unchanged.It now seems doubtful whether the Article will be invoked until 2018.
After that period things such as EHIC cards may become invalid and local health insurance should be purchased.
Equally the long term residency cards are for EU citizens and will also be invalid.For those currently on possession of such cards this may be the time to take Bulgarian citizenship as has been offered by the Bulgarian Prime Minister.
Property Rights.Only Bulgarians and EU citizens can own land without a company.Many British people now own land in their own names as a result of this.After two years it may be that new purchases will have to be via companies. The status of previously bought land is questionable (though I now think people will be allowed to keep land in their own name)
Visas. It is likely that UK nationals will need a visa to stay more than 30 days in Bulgaria.
Pensions.Currently pensioners who live outside the EU have their state pensions frozen, that is to say they do not receive the annual increase.
Travel within the EU. Travelling to EU countries will require a visa on current information.
Falling Pound.As at yesterday (1st July 2016) the pound stood at 2.33lv, a loss of 10% of its value.For those on fixed incomes this is serious.it also makes holidays and buying property in Bulgaria more expensive.
I think this addresses the basic concerns but I will keep updating it.If you have any questions post here.
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