‘After the decision for the UK to leave the EU was made, we could not risk any impact to our advisers’ EU passporting status. We took immediate action to Brexit-proof the business and our Cyprus office has been operational for some time. It is a testament to the work of the team on the ground that this licence has now been approved.’ says John Westwood, Founder & Group Managing Director of the Blacktower Group.
‘We remain committed to Gibraltar; we have a strong operations team working from there and are constantly seeking ways to promote the benefits of this jurisdiction. All EU resident clients though will be moved to the Cypriot entities during 2020, enabling us to continue to service our clients in Europe, while Blacktower Financial Management (International) Limited will maintain a book of non-EU clients.’ he confirms.
The development follows the launch of Blacktower Cayman Limited back in November 2019, along with the expansion of the Group’s IFA network, Nexus Global, into the US and precedes plans to expand into Australia, South Africa and UAE later this year.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
The later part of the 20th century saw its fair share of financial bubbles. There was the property bubble, stock market bubbles, and then the dot com bubble of 2000, just to name a few. In each instance, people paid exorbitant amounts for things that shouldn’t have been worth anything like the going price. But this is nothing new – look back at the Dutch in the 17th century when already pricey tulip bulbs experienced a twentyfold price explosion in just a single month.