“The big difference between Gibraltar and the UK is that Gibraltar has a very clear view of where it needs to be,” said Picardo. “The UK economy is larger and has many more moving pieces, so it’s harder to move from the shock of the morning of the 24th to a clear position which takes into consideration all of those areas.”
Gibraltarians voted by an overwhelming 96 per cent to 4 per cent to stay in the EU – a higher margin than in any other eligible voting district. This has led to speculation that Gibraltar might somehow remain in Europe while maintaining its status as a British Overseas Territory. There is a precedent, of sorts. Greenland, which is, in effect, a Danish overseas territory, voted to leave the EU while still retaining its political links to Denmark.
Picardo has gone so far as to describe a “hard exit” Brexit deal as an “existential threat” to Gibraltar. This is partly because each day thousands of Spanish workers cross into Gibraltar to work; something which may not be tenable if Brexit negotiations bring an end to free movement of labour between the EU and the UK, including any overseas territories.
As it stands it is still possible, and potentially crucial, for British expats to seek financial advice in order to ensure a Gibraltar QROPS, although the continuance of this arrangement is likely to be something that will be up for discussion during Brexit negotiations.
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.
As you already know there are a substantial number of pension types available. How we came to have them, or what they actually are, still remains a mystery to many of us since these were thrust upon us (to some extent) by well meaning employers way back when. This week we´re going to bust the Pension Jargon for the types of Pensions available.
British expats in the Netherlands are experiencing a difficult time at the moment. Not only do they have to deal with continued uncertainties over Brexit as well as government plans to overhaul the 30% expat tax break, they are also now having to digest news that the Dutch government is readying itself to publish new legislation regarding dual nationality.