Atlantic – April, 2022: Global wealth management firm, Blacktower Financial Management has today announced that it has obtained the industry’s first underwater licence, offering its suite of holistic financial planning services to underwater residents and professionals through the new entity Blacktower Financial Management (Oceana).
The Group has obtained licencing via the Submerged Entities Authority after a challenging three year application process, initially being told by the regulator ‘Don’t hold your breath’.
The licence will cover the Mediterranean Sea, Atlantic and Pacific Oceans, with further expansion planned later in the year.
Gavin Pluck, Group Managing Director said of the launch:
‘We knew that there was a real market for those clients who largely work within the ocean spaces and indeed permanent underwater residents who do not benefit from onshore financial management services; often left to quite literally store their assets in treasure chests. We wanted to be the first brokerage in the industry to launch our services to these previously abandoned markets and really take a deep dive on their financial circumstances; so we are very excited about this expansion.’
‘Obviously, the Submerged Entities Authority* is notoriously a very difficult regulator to appease and so we will be setting up a virtual office off the Strait of Gibraltar, along with a team of advisers experienced with the legal intricacies of underwater territory. We are delighted to further expand the Blacktower Group of Companies both above and under the shoreline.’
Blacktower Financial Management was founded in 1986 by Group Chairman, John Westwood and the launch of Blacktower (Oceana) follows recent expansions into Australia and Switzerland.
*This regulator does not exist and is purely fictitious. Happy April Fool’s Day from Blacktower Financial Management.
The health and safety of our clients and all associated with our company is of paramount importance and as such we would like to share some information about the steps we have taken to ensure the welfare of all those concerned. Our response takes account of WHO and local Governmental guidance in addition to our existing business continuity and scenario planning.
Located at the Southern tip of the Iberian Peninsula, the British overseas territory of Gibraltar looks South over the confluence of the Mediterranean Sea and the Atlantic Ocean. This small but strategically important isthmus of land, is home to over 32,000 people in just 6.7 km2 (2.6 miles2) of land. As a British crown dependency, the laws and language are those of the United Kingdom, but Spanish is also widely spoken along with the hybridised form of the two known as Llanito. Due to its location and close links with the UK, Gibraltar has long been a favoured destination by British expats looking for sunnier climes and an attractive tax regime. Although it’s not quite as well-known as some other offshore territories such as Monaco and the Cayman Islands, Gibraltar tax rates make it a very attractive choice for anyone looking to relocate within easy striking distance of the UK and Western Europe.