At time of writing, Brexit ‘negotiations’ are ongoing with a matter of weeks remaining before the UK’s exit from the European Union. All UK firms operating in the EU will be impacted and that includes those providing financial services also.
So how does this affect Cyprus residents and your relationship with financial services providers in the UK?
Assuming the UK leaves the EU without a withdrawal agreement by 29th March then UK financial advisers will be unable to service their clients who are resident in Cyprus and all other member states outwith the UK. This is because UK firms have previously been able to ‘passport’ their services across the EU. If there is no deal then such passports will effectively be torn up.
The Cayman Islands has signalled its intention to invite greater Chinese investment opportunities following recent corporate events in Asia in which Cayman Finance CEO Jude Scott spoke about the potential for increasing collaboration.
While attending events in Shanghai, Beijing and Hong Kong, Scott, whose organisation is charged with protecting, promoting and developing the Cayman Islands' financial services industry "through cooperation and engagement with domestic and international political leaders, regulators, organisations and media", spoke of how The Cayman Islands could use their status in the wealth management industry to benefit Chinese investment.
The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility. The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had […]
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