Brexit has been all over the news again, with the British Prime Minister announcing her negotiating plans and the Supreme Court laying ground rules for how things will move forward.

But are we any closer to knowing how Brexit might affect expatriates in Malta?

While there is still much uncertainty, we are optimistic that Britons will continue to enjoy the benefits of owning property and living in Europe.

The UK is likely to leave the single market

Theresa May revealed her Brexit vision is that Britain “cannot possibly” remain in the European single market. She believes that the free movement of goods, services and people is incompatible with the Brexit objectives of gaining control over British borders and decision-making.

Instead, she wants to achieve the “freest possible trade” with EU countries in a “new and equal partnership”. Ruling out any arrangement “that leaves us half-in, half-out”, it is unlikely Britain will accept the Norwegian approach of remaining in the wider European Economic Area.

This means that the current benefits of EU membership for expatriates will most likely be negotiated one by one – a process that will take at least two years. In the meantime, access to Malta as an EU member is unaffected.

Expatriate rights “remain a priority”

It is reassuring that May reiterated her intention to “guarantee the rights of EU citizens already living in the UK and of UK nationals in other states as early as we can”.

However, some were disappointed she did not get the ball rolling by committing to continued healthcare and pension arrangements for Britons living in Europe and the right for EU citizens already in the UK to remain. Many believe this gesture is within her scope and could pave the way for reciprocal deals for British citizens living in Europe.

She claimed many EU countries wanted to agree with a deal now to offer certainty to expatriates, but “one or two others do not”. However, EU spokespeople insisted there was “complete unanimity” among the 27 EU States that no such negotiations can take place until Article 50 is triggered.

Brexit developments continue to cause uncertainty for the British pound and investment markets

Brexit will be put to Parliament

May agreed to give MPs a final vote on the Brexit deal. The Supreme Court subsequently ruled she must also get parliamentary approval before kick-starting Brexit with Article 50. The government hastily responded by releasing a Bill to gain the consent it needs to trigger Brexit before May’s promised deadline of March 31.

Does this mean the decision can be blocked if there is enough opposition? It is highly unlikely, with Brexit Secretary David Davis declaring the UK has passed “the point of no return” and will leave the EU whatever happens.

However, with much to be agreed between MPs, the House of Commons and House of Lords, it remains to be seen whether May’s timetable can still be met. At this stage, the earliest Brexit could happen is summer 2019.

What does this mean for expatriates?

While we can now expect a clean break with the EU rather than a softer approach, there are still many unknowns. This continued uncertainty can be unsettling for those living in or planning to move to Malta, but the fact is that little has changed since Brexit was announced. There are still at least two years before changes to EU membership can be implemented.

There are, potentially, things one can do now to make things easier. Some British expatriates, for example, are considering taking steps to secure Maltese residency or citizenship. Now could also be a good time to review whether one can benefit from transferring their UK pensions and taking advantage of current opportunities before Brexit takes effect.

In any case, Brexit developments continue to cause uncertainty for the British pound and investment markets. In times like these, it is particularly important to have a well-diversified and strategically positioned portfolio, including multi-currency arrangements to help ride out any turbulence.

With more uncertainty ahead, this can be considered a critical time to review one’s financial planning and explore the options. A financial adviser who is experienced in advising expatriates and understands cross-border implications will be best placed to help one take appropriate action as Brexit unfolds.

Jean Chapelle is a regional manager, Blevins Franks.