Monday, August 27th, 2018
My company is moving to Europe after Brexit, should I come along?
So, Brexit happened. How about that, right? As the March 2019 deadline approaches, we see companies planning their move out of the United Kingdom to the European Union. Different companies have different reasons to move. A few of those reasons are:
1.Gaming companies (and tech companies in general) need a big talent pool to find programmers to develop their games. Before Brexit, people could freely move from all over the EU to work in the UK. That might become harder after Brexit.
2.Banks are anticipating a move because they need the regulatory framework the European Union provides.
3.Companies that have manufacturing factories prefer to be in the EU where the borders are open and they can freely ship their products.
4.It’s important for companies to have a European presence since the European market is much bigger than the UK market.
You might be thinking: how bad is it really with all of those companies that are supposedly moving to Europe? Well, we’re not sure. But it might be bad.
“It’s very hard to tell how many people will actually move. However, it’s clear that EU operations will need to be proper functioning entities and not just letterboxes.”
If your company is one of those companies moving, you might have a hard time competing with the other 99.999 people that will be looking for a new job in Britain soon.
Luckily, you still have a choice. It makes sense for companies to take their employees with them when they move since it takes a lot of effort to train new people for the jobs that are moving. If your company is moving, they might ask you to come along. So, what is your answer? Will you move across the pond?
Benefits of moving to Europe after Brexit
We can imagine that you wouldn’t want to make such a life-altering decision without thinking it through. And, we can also imagine that you feel a bit taken back by the entire situation. After all, you’ve worked so hard to get to where you are right now career-wise. Still, it’s not easy to choose between your career and your home.
Or, are you excited about this opportunity for adventure? Maybe, you think that moving to Europe with your company will even further advance your career. It will definitely show your employer how much you’re invested in the company. It might even create a situation where your company owes you one. Isn’t that a great position to be in?
Actually, there are plenty of good reasons to move with your company. Granted, you won’t be able to see your family as much. That’s a bummer. Also, there will possibly be some language barriers to overcome. Even worse… you’d have to learn to drive on the other side of the road. But think about how much richer it will make you in life experience. Meeting new people. Getting to explore a new cuisine. Learning about a different country and culture. Getting to know yourself really well. Who wouldn’t want that?
Don’t care about getting richer in life experience? Moving to Europe might also bring you financial benefits. Since we can only speak for the Netherlands, that’s what we’ll do.
In the Netherlands, expats are eligible for the 30% tax ruling. That means that you’re not paying any taxes on the first 30% of your annual salary. If you buy a house in the Netherlands, you get even more tax benefits. The interest you pay on your mortgage is deducted from your taxes. Even when you rent a house, you still save money since the cost of living in Amsterdam is 18% cheaper than in London.
Think about what you could do with all that extra money you’re saving because of the 30% ruling and the cheaper living costs in the Netherlands… Do you buy that Tesla model S you’ve been dreaming about? Or, do you go on that once in a lifetime luxurious holiday to the Maldives – every year?
What will you need to do to move to Europe after Brexit?
Under the European Union’s right of free movement, it was very easy for Brits to work anywhere in the European Union. EU citizens don’t need a work permit or a residence permit to be able to work and live anywhere in the EU. After Brexit, these rules will most probably change.
Now, there are also 3 million EU nationals living in the UK. If you’re one of them, you’ll still fall under the same EU rule of free movement. You can move back to Europe with your company without needing a permit.
We can’t say anything for sure at this point about what the requirements will be to move to Europe after Brexit. That will depend on the negotiations between the European Union and the United Kingdom. What we can say is that, if you move to Europe before the 2019 Brexit deadline, you’ll probably be allowed to stay after. That’s because there are agreements within the European Union that dictate that withdrawal of a treaty affects the future only.
Don’t let it bring you down
As if kind of being forced to move to another country by forces that are greater than you isn’t enough, you also have to take care of so many things for your move to go well. Most companies that hire expats, help with their relocation. Hopefully, your company will too so that you’ll have one thing less to stress about. There are so many other things however that you need to take care of when you move to another country. You need a bank account, you need housing, you need health insurance and other insurances. And while we can’t help you find a school for your kids or help you adjust to driving on the wrong – kidding, the right – side of the road. We can help you by relieving you from taking care of your personal finances. We’re just saying, don’t write off moving with your company because the thought of everything you need to arrange makes you anxious. We’ve got your back. Because, unlike with ex-spouses of many failed marriages, we still love you…
Is your company moving to the Netherlands after Brexit and you already know you’re going with them? Check out our blog posts on What to expect when you’re moving to the Netherlands and What expats need to know about personal finances in the Netherlands.