Passporting Concerns
The Financial Conduct Authority recently stated that it was working with the government and the Bank of England to try to achieve a solution that would allow UK-interested wealth management and cross-border financial advice clients to “continue to be able to access global market infrastructures established in the UK after Brexit”.
Part of this strategy is allowing a temporary passporting arrangement for EU firms to carry on regulated business in the UK even in the advent of a no-deal Brexit. Similarly, it hopes to achieve a situation in which UK-based wealth management firms can be passported to work in EU jurisdictions in the event of a no-deal scenario.
Blacktower, Established and Innovative
The Blacktower Group began life in 1986 and since then has been providing world-class independent wealth management advice and bespoke financial services to its clients.
Over the course of this time we have established our reputation while continuing to innovate. For example, around two decades ago, Blacktower began its offshore expansion when it opened its first office in the Algarve, Portugal.
In 2003, Blacktower Financial Management (International) Ltd (BFMI) was formed and incorporated in Gibraltar. Since then we have continued to expand our international operation across the EU and the world, including our Caribbean Office in Grand Cayman and offices serving America.
We have our ears to the ground and our fingers on the pulse, while always keeping an eye on the future. We remain committed to staying abreast of and responding to every regulatory change and challenge that comes the way of us as a firm and our clients, including those relating to Brexit.
With our knowledge and expertise we can save you time, money and bring you peace of mind as the UK and the EU enters a new chapter.
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.
In September 2017, it was announced that the Portuguese Government, following pressure from Sweden and a number of other European countries, was looking to water down the country’s non-habitual residency (NHR) tax regime, potentially bringing to an end a programme that has worked in the interests of expats since 2009. The uncertainty this proposed move provoked certainly threatened to put a dampener on the financial plans of quite a number of expats and would-be expats as they moved into 2018.