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.
The Treasury Select Committee has called on financial services providers to reimburse individuals who have lost money as a result of authorised push payment (APP) fraud, with MPs telling banks that they must implement adequate fraud measures by March 2020 or face sanctions from the regulators.
Europe is heading towards a “cataclysmic event” that could lead to the collapse of the euro and the end of the European project as we know it, according to Nobel prize-winning economist Joseph Stiglitz. In the run-up to the UK’s vote to leave the European Union, Italy’s litany of problems had gone largely unnoticed. However, Italy – the Eurozone’s third largest economy – not only faces political turmoil but enormous economic strife too, and a banking industry on the verge of collapse.