There were numerous reports last month of Britons returning to their native UK as Brexit leads to difficulties for those living there as expats. New rules post-Brexit mean Britons who were once able to enter and leave European countries on a whim will be limited to stays of 90 days. Those wishing to register as residents in Spain will have to jump through a number of bureaucratic hoops to prove earnings of £2,000 a month — and £500 more for each dependent — as well as acquire Spanish driving licences. Some British nationals failed to apply for Spanish residency documents or had their applications rejected.
As a result, those who have been in Spain since the beginning of this year were forced to leave before March 31, as their legal status changed to an undocumented immigrant.
But expats in Italy could face other challenges, as highlighted by a Financial Times report.
Those who have moved to a Italy could see their duties increase on the property still owned in the UK.
Daniel Shillito, a wealth manager based in Milan said taxes could raise "by the thousands" because people will be liable for property in the UK as third-country nationals.Insurance Loans Mortgage Attorney Credit Lawyer
Previously calculated on 0.76 percent of the council tax valuation of a UK property, the IVIE wealth tax will now be calculated on its purchase price or market valuation.
Mr Shillito added: “I have a client who is moving to Italy now, but selling their UK property due to this.”
Brexit news: Expats in Italy could be hit by bills (Image: getty)
Brexit news: Expats in Spain have seen chaos (Image: getty)
He said that the property would now be liable for tax on its purchase price of £500,000 — not the council tax band, raising the cost by £3,040.
For years the continental rule book meant the Italian tax authority calculated these bills using Britain’s outdated council tax system, which