According to the BBC, the main issue to be aware of is a potential change in inheritance and tax laws.
It also argues that working in the EU could become more difficult for UK expats if host countries ask them to comply with more restrictive rules when it comes to permits and setting up businesses. They may lose their automatic right to work within the EU area and be asked to apply for Blue Cards.
For the next two years or so, while Britain negotiates the terms of its exit under article 50, “nothing will change for British expats abroad because the UK will remain part of the EU during this period.”
The BBC says that what happens after Britain exits the EU depends on the type of deal the UK strikes with the EU. It is possible it could become more difficult for new expats to find work.
They could fall foul of the rule which exists in 15 EU member states, which says that you can only be hired if no other suitable candidate has been found within the EU area.
“[The] Brexit vote throws into serious doubt the rights of UK expats to work in EU countries”, George Peretz, an expert in EU law told the BBC. “Everything depends on the arrangements that the UK enters into with the EU after withdrawal.”
The personal finances of the three million EU nationals living and working in the UK will also be affected.
Britain already has a points-based system for non-EU citizens who apply to live and work there. That could be extended to EU citizens as well.
Pensioners are the biggest group of British expats living in other EU countries and that is also the case in Portugal. In addition to their pensions being affected by any currency swings, more of a worry to retirees will be whether their state pensions will be up-rated annually. At the moment UK citizens who live in the European Economic Area (and Switzerland) have their state pensions protected - they’re pegged to wage or price inflation.
Following the vote to leave, the UK government will have to decide whether this will continue or whether UK pensioners living in EU countries should be treated as they are if they retire to Canada, for example, where their pension is frozen.
At the moment, part of the reason that UK pensioners in the rest of the EU see their pension go up every year is because the principle of the single market is applied. That means pensions and other social security payments rise wherever you live. Because this agreement is a mutual arrangement between the UK and the rest of the EU, it is now likely to form part of the renegotiation process.
However, Tom Selby, senior analyst at AJ Bell, explained to the BBC: “While some believe the government will be able to negotiate protections for expat pensioners - it is worth noting that the UK has not arranged a similar deal with a non-EU country since 1981.”
He speculated that Britons who have retired to Europe could see their state pensions curtailed by up to £50,000 if a pensions deal is not negotiated.