Completing seperation from the UK, establishing an independent Scotland, and joining the EU are only likely to take around 4 years.

Once the decision to become independent is confirmed the Scottish Government will commence negotiations with the UK and draft an Act to establish a Scottish Reserve Bank.

A Seperation Agreement will capture how assets will be shared, liabilities split, the initial currency arrangements, and future relationship between the countries.

The Scottish Currency will then be created, Commercial Banks set up, and Scottish Currency Accounts issued.

At the end of the Seperation Period and once all government departments have been set up, state architecture confirmed, and Terms of ther EU Association Agreement confirmed, Scotland will be independent.

The EU Association Agreement will be concluded and an Article 49 application made to become an EU member. After pre-accession work has been completed with the EU, Scotland will apply to the EU Council for acceptance as a Candidate Country. This is all part of the EU’s standard accession process and is estimated to take around 2-5 years – probably 2-3.

Once Acquis has been achieved – during which EU rules and regulations will be re-established where there has been divergence post-Brexit, the Accession Treaty will be ratified and Scotland will become a full member state of the EU. Trade with the other EU countries becomes frictionless; and Freedom of Movement is re-established. Scotland becomes elligible for all EU grants and subsidies.

When Scotland is ready it can consider joining the European Monetary Union and adopting the Euro.

Sources

https://neighbourhood-enlargement.ec.europa.eu/enlargement-policy/steps-towards-joining_en