Brexit is another chance to demonstrate just how resilient and nimble the jurisdictions are. As far as the finance industry is concerned, the general view seems to be that the quicker the outcome is known, the better. The recently enshrined Substance Laws in both Jersey and Guernsey are great examples of this, with both islands further demonstrating their commitment to tax transparency and anti-BEPs compliance. Anyone travelling on New Year’s Day 2021 will be asked to turn back if their passport does not comply. A large part of the private equity business is placed through Luxembourg and those arrangements will remain in place whether the UK is in the EU or not,” he explains. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. When the Channel Islands negotiated their current unique position back in 1970, Senator Bailhache said it was relatively easy to achieve a special deal because there were then only six other EU member states. One of these is the Channel Islands’ attitude to the UK and to the EU. You must check your passport validity online as you may need to renew your it earlier than planned. Working together is crucial for the islands and their global partners. The effect of Brexit on Gibraltar concerns the status of Gibraltar after withdrawal of the United Kingdom from the European Union.The UK left the EU on 31 January 2020 after having voted to leave in the 2016 referendum and formally notified the EU of its intention to withdraw in March 2017. The effect Brexit will have on the U.S. economy, let alone the U.K.'s, will largely depend on what form the departure takes and how closely aligned the U.K. stays to … At the moment, there are too many imponderables to be able to be in any way certain as to what a future scenario may be,” he says. Unlike Gibraltar, citizens of the Channel Islands and the Isle of Man were not entitled to participate in the EU referendum. A report is urging the UK Gov. Additionally, the UK Government may legislate to restrict representation in the UK IPO to UK qualified attorneys. After days of wrangling with his EU counterparts, and some tense meetings with his own cabinet, Prime Minister David Cameron stood outside 10 Downing Street on 20 February and announced the date of the referendum on Britain"s membership of the EU as Thursday 23 June. “I don"t want to elaborate on that, but it"s possible that some of the terms of the new agreement would be detrimental to our interests if they were extended to us. With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. Jersey, Guernsey, Essentially this means that, subject to the outcome of UK/EU negotiations on the future relationship, the Islands will no longer be in the single market for trade in goods or the … Summary 1. Even if a Brexit did happen, Cook is confident that the finance industries of the Channel Islands would be fine in the long term. Largely through work done by the Jersey London office and the Channel Islands Brussels Office, he says that there are now generally good relations with the governments of the biggest European countries. ... Ireland, the Isle of Man and the Channel Islands. In the ‘Brexit Guide’ issued by the Isle of Man Government a no-deal Brexit will have a direct impact on: Those who make and sell goods to EU countries… UK & Channel Islands. This could push logistics providers to use other international ports such as Portsmouth, causing congestion and delaying shipments of essential supplies to the Channel Islands… Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. The good news is that the islands already have agreements in their own right with many individual EU states covering a range of areas. Chris Merry, Chief Executive of Ipes, one of the largest private equity and fund administration firms in the Channel Islands, which also operates in London and Luxembourg, argues that the industry generally doesn"t like uncertainty. The customs union and currency union with the UK will continue after Brexit. The customs union and currency union with the UK will continue after Brexit. The result of the UK referendum on the EU will not only affect the mainland; Jersey and Guernsey will feel the ripples as well. The consequences of Brexit could reach across the pond, having an affect … How Brexit may affect us. “An "out" vote we can deal with, but we would need to do a huge amount of work to put everything that"s required in place,” he says. Cyril Emile Ford Vallois . Then people can plan their business activity going forward,” he says. Trying to make the case now for continued special status will be more difficult because of the "rhetoric" from some quarters in Europe that the Channel Islands are tax havens. Both islands have built regulatory frameworks which meet the EU's rigorous passporting requirements - Brexit, in whatever form, will not affect that and so there is a firm expectation of continued close co-operation between the Channel Islands and the EU. The ability to trade freely across borders and the adoption of common regulatory frameworks are clear advantages of being part of the Union. In 2011, the Channel Islands Brussels Office (CIBO) was established to promote the interests of the Channel Islands in Europe, to represent the Channel Islands to the EU institutions, and to advise the governments of Jersey and Guernsey on EU policy issues. If the UK votes to leave, then Protocol 3 would fall away, leaving the islands having to find a new way forward. Ilse du Plessis of ENSafrica in Johannesburg discusses what Brexit means for IP protection in the UK What does Brexit mean for IP protection in the UK? Will a no-deal Brexit affect the Covid-19 vaccine? “The details may be different, but in AIFMD there"s a direction of travel and it would make sense to start from the same point,” he says. That’s if there is a trade agreement but restrictions on immigration. “In that particular case, it started as a black mark but led to a clearer and better understanding of what we do,” says Senator Bailhache. It"s a subject that"s likely to dominate the media until the vote has taken place (and more than likely for some time after that). Here is everything you need to know about a no-deal Brexit Boris Johnson has said there is a "strong possibility" that the UK will reach no trade deal with the EU. How might Brexit affect the Channel Islands. At times those relationships have had shaky foundations, especially when the islands were incorrectly included on tax blacklists compiled by a number of EU countries, including France. The Bank of England is on high alert. “There"s a belief that if Brexit were to go ahead, then centres such as Frankfurt and Luxembourg would benefit at the City"s expense.”. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. Welcome to the States of Guernsey's Brexit page, where you'll find important information about the UK's exit from the EU and any related impacts for our community. The Crown Dependencies of Jersey, Guernsey and the Isle of Man are not part of the UK but are self-governing possessions of the Crown (defined uniquely in … In 2011, the Channel Islands Brussels Office (CIBO) was established to promote the interests of the Channel Islands in Europe, to represent the Channel Islands to the EU institutions, and to advise the governments of Jersey and Guernsey on EU policy issues. This is despite the majority of Channel Islands organisations surveyed saying the UK should have voted to remain in the EU (78% in Guernsey and 79% in Jersey). Historically the Channel Islands have been flexible and Intertrust is exactly where our clients need us to be. News, Insights. What no-deal Brexit means, and how it might affect daily life in the UK The Telegraph - Daniel Capurro. It gives promoters the flexibility to choose whether or not to market into Europe. They did not get a chance to vote in the EU referendum, but the Channel Islands are not immune from the effects of Brexit, although some say it may actually turn out a positive. In doing so, he fired the starting gun on four months of campaigning that will lead to, in his words, “one of the biggest decisions this country will face in our lifetimes - whether to remain in a reformed EU or to leave”. “Jersey and Luxembourg have worked together for a long time and have double taxation arrangements in place. Today's British-Irish council summit will focus on the … Make sure you don't miss out on any of our daily updates: Environmental, Social and Governance strategy. Paul Bowen QC. Business would still need to go on in the meantime. The threat of no deal is looming larger ahead of Britain exiting the EU in March. “There are now 27 - and not all of them are particularly sympathetic to the interests of the Channel Islands,” he explains. ... the impact of the UK government failing to secure a deal could affect the Channel Islands in a profound way. If you have been financially impacted by the coronavirus, please visit our coronavirus guidance page for information on how we could help. If they decide to target Europe, Channel Islands-based funds meet European standards of investor protection through compliance with the EU Alternative Investment Fund Managers Directive (AIFMD). A significant reason for Cook"s confidence is that key finance industry sectors such as funds and private equity, access European markets through Luxembourg rather than London. "Our concern is around what happens to ferries going to the Channel Islands if you can't get the produce on to them that you need." Full details on advertising in BL Magazine, together with our annual City, Middle East and Asia editions, plus our online options are available in our Media Pack. Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. Both islands are stable, secure and well-regulated jurisdictions that adhere to the spirit as well as the letter of international standards , positioning themselves to be leading players on the global financial services stage. What no-deal Brexit means, how it might happen, and how it might affect daily life in the UK Here is everything you need to know about a no-deal Brexit Even with the numerous potential permutations of Brexit at the time of writing, the islands are well-positioned to help clients weather turbulent waters with minimal disruption, with established and effective trading positions with both the UK and the EU. 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