Gibraltar seeks to reinvent itself after the brexit – Reuters Spain

By Angus Berwick and Carolyn Cohn

MADRID (Reuters) – Gibraltar, the rocky british enclave located off the southern end of Spain, you might have to reinvent itself after the Uk vote in June in favour of leaving the European Union.

fund Managers and insurers have been attracted by “the Rock” (“the Rock” to the british) due to its attractive regulatory regime and fiscal situation at the feet of continental Europe and the proximity to the european market. Financial services account for around a third of the economy in gibraltar.

however, Gibraltar is now evaluating the possibility of re-focus on the uk market if London fails to guarantee their financial access to the EU in the framework of the negotiations with Brussels to abandon the block.

fund Lawyers in Gibraltar say they have not seen a drop in inquiries from customers since the referendum of June to the output of the EU, rejected by 98 percent of the residents of the rock, although the chief minister, Fabian Picardo, has warned of an “existential threat” to the economy. And the government is now preparing a plan B for your financial center.

Albert Isola, minister for Financial Services and Gaming of Gibraltar, says the territory is reinventará as a point of entry for firms of the EU who wish to access the uk market through the attractive fiscal regime and regulatory of the rock.

“Being out of the EU is an opportunity, not a threat,” said Isola during an interview in his office with views to the bay from the Spanish port of Algeciras.

there are Not many alternatives. A “hard” brexit, the Uk lost automatically access to the european single market, it would prevent financial firms in the Uk and Gibraltar could offer their services in other EU countries.

This would end suddenly with the efforts of Gibraltar to attract firms that seek to enter Europe, with the promise of a corporate tax rate of 10 percent, the regulations of easy access, and a mediterranean lifestyle. Continued…