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.
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.
While many expats are overseas because they’ve retired, a significant number of Britons move away for work.
Time may be running out for British retirees to move to Portugal in order to take advantage of its valuable Non-Habitual Resident tax programme. Currently, talk abounds that the scheme will come to an end in 2018 and be replaced with a 10% net expat tax regime from the first day of the New Year. Luckily, for those who feel they may be tempted by a move to Portugal, any move before this cut-off date will ensure that they are able to enjoy the benefits of NHR status as they currently stand.