Tens of thousands of British expats want to hand back their passports because they are so worried about their residence rights after Brexit.
A poll suggest 53% of British expats in Europe are thinking about changing their citizenship to avoid problems with their right to live and work in their new home after Brexit.
If Britain and the European Union cannot agree a deal, 23% of British expats – nearly one in four – will seek new citizenship for their families, while 17% – nearly one in six – will move to another country.
Brexit is also giving British expats worries about their finances, says the survey by online money exchange platform CurrencyFair.
One in seven expats consider Brexit has forced them to change their retirement plan.
Preparing for a negative no deal
A similar number plan to liquidate their assets in the UK if a no deal Brexit goes through, while 13% will move their money offshore.
However, more than half (54%) have no Brexit plan and will probably do nothing.
The theme of the report is expats are readying for a no deal and any negative financial impact they bring, with almost 30% laying preparations already.
The firm’s CEO Paul Byrne said: “Expats tend to be at the leading edge of the intersection between personal finance and current events, and their behaviour is a barometer for bigger trends and changes.
No clarity for Brits abroad
“Our research indicates that Brexit may be forcing the hand of expats to seek citizenship they might not otherwise seek, as they search for viable options in the event of a hard Brexit and any negative economic consequences.”
Expats moving their money are concerned about fee transparency and trust in their provider, the research also found.
“Overall, like most everyone with an eye on Brexit, the British expats surveyed are looking for clarity,” said Byrne.
“They want clarity on their ability to manage risks associated with Brexit, answers to questions about their financial stability, and a clear understanding about their future ability to live and work in the UK. Until Theresa May’s successor is named and definitive decisions are made, such clarity isn’t likely.”