Gibraltar Annex to Withdrawal Agreement
Anyone with Gibraltar wealth management concerns will almost certainly be dipping into the very depths of their patience presently as they await resolution of their status during the protracted and uncertain times of Brexit negotiation.
The British Overseas Territory on the south coast of Spain, affectionately referred to as "the Rock", has long been both an idyllic international outpost and a source of contention between the UK and Spain. This fact has been somewhat compounded by Brexit, with Spain using talks as an opportunity to lay down new demands over the headland's status.
While Spain has agreed that it will not seek to push for full sovereignty over the territory during negotiations, the latest development concerns Spain's desire to have the EU make specific provision for the future status of Gibraltar as part of the Withdrawal Agreement.
However, the terms of the special deal will need to be analysed quickly if the position is to be adopted; the agreement talks are thought to be closing in on the completion stage.
Chief among the points Spain wishes to address are environmental regulations, tax evasion, tobacco smuggling and, of particular interest to Gibraltar wealth management clients, the status of cross-border workers. Spanish newspaper El Pais reports that Spain is actually seeking an annex to the wider agreement that addresses these particular issues.
Michel Barnier, the EU's chief Brexit negotiator, recently held talks with the Spanish prime minister, Pedro Sanchez, and stated his "full support" for Spain in its attempts to ensure that Gibraltar-related issues were addressed in the Withdrawal Agreement.
Ashley Fox, a Gibraltar MEP, told tabloid the Sun, "So long as talks continue in goodwill and respect the Rock's sovereignty we can reach a deal on time that will benefit both Spain and Gibraltar."
Gibraltar Wealth Management Specialists
While the full Withdrawal Agreement details are yet to be published, there are still many wealth management options for expats living in Gibraltar, from tax efficiency and pension transfers to more general financial advice including inheritance tax planning and portfolio strategy.
If you would like help developing a plan for your financial future, contact a Blacktower adviser today.