Both islands are stable, secure and well-regulated jurisdictions that adhere to the spirit as well as the letter of international standards , positioning themselves to be leading players on the global financial services stage. [11] “It would be very disruptive for some time and would be a big bump in the road, but we would cope.”. Beginning with a refusal to sign the Treaty of Rome in 1957 [1] and culminating with the 2016 vote for Brexit, various factions in the U.K. have desired to keep mainland Europe at arm's-length.. "Our concern is around what happens to ferries going to the Channel Islands if you can't get the produce on to them that you need." Will a no-deal Brexit affect the Covid-19 vaccine? The Channel Islands (Norman: Îles d'la Manche; French: Îles Anglo-Normandes or Îles de la Manche) are an archipelago in the English Channel, off the French coast of Normandy.They include two Crown dependencies: the Bailiwick of Jersey, which is the largest of the islands; and the Bailiwick of Guernsey, consisting of Guernsey, Alderney, Sark, Herm and some smaller islands. Brexit will have profound consequences for the 250,000 people in the UK's overseas territories. All customers visiting our Jersey branches are required to follow physical distancing measures by keeping at least 2 metres apart and to wear a face covering (visit gov.je for information). What no-deal Brexit means, how it might happen, and how it might affect daily life in the UK Here is everything you need to know about a no-deal Brexit Being outside the EU has been a benefit to the Channel Islands from a funds industry perspective. Cyril Emile Ford Vallois . In 2011, the Channel Islands Brussels Office (CIBO) was established to promote the interests of the Channel Islands in Europe, to represent the Channel Islands to the EU institutions, and to advise the governments of Guernsey and Jersey on EU policy issues. They did not get a chance to vote in the EU referendum, but the Channel Islands are not immune from the effects of Brexit, although some say it may actually turn out a positive. The good news is that the islands already have agreements in their own right with many individual EU states covering a range of areas. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. Geoff Cook, Chief Executive at Jersey Finance, believes that as the Channel Islands are a "small but valuable trading partner" that directs foreign capital into Europe, there"s a strong incentive to ensure that those capital flows continue. The post Brexit status of the UK is demoted to a “third country” and strict rules apply. I commend this article and the fact that Jersey seems to be more caring and considerate about the views and fears of it's citizens. The customs union and currency union with the UK will continue after Brexit. The transition period ends on 31 December 2020 at 11pm when the new relationship between the UK and EU will come into effect, whether there is an agreement or not. A further positive is the relative political stability of the Channel Islands, especially when there is political turmoil in many parts of the world. The consequences of Brexit could reach across the pond, having an affect … If you have been financially impacted by the coronavirus, please visit our coronavirus guidance page for information on how we could help. Trying to make the case now for continued special status will be more difficult because of the "rhetoric" from some quarters in Europe that the Channel Islands are tax havens. With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. UK & Channel Islands. It"s a subject that"s likely to dominate the media until the vote has taken place (and more than likely for some time after that). Then people can plan their business activity going forward,” he says. an, Copyright © 2010-2020, Chameleon Group Ltd. Advertising Modern Slavery Act Transparency Statements. The islands have always positioned themselves as “good neighbours” and responsible global citizens. ... the impact of the UK government failing to secure a deal could affect the Channel Islands in a profound way.   The U.K. government estimated that Brexit would lower the U.K.’s growth by 6.7% over 15 years. For this reason, an out vote requires consideration now. Make sure you don't miss out on any of our daily updates: Environmental, Social and Governance strategy. Additionally, the UK Government may legislate to restrict representation in the UK IPO to UK qualified attorneys. He declined, however, to be drawn on what those stark choices might be and didn"t want to speculate on what may constitute an “unsuitable agreement”. The same is true for Intertrust, which has previously safeguarded its continued success through its network of 2,500 experts located in 29 of the major financial centres of the world. The Customs an… This article was edited on 26 February - interviews took place prior to the Prime Minister"s announcement of the referendum. Think financial services. Cook adds that the islands “are big enough to matter but small enough to be agile” and are able to adapt to virtually any change in circumstance. The effect of Brexit on Gibraltar concerns the status of Gibraltar after withdrawal of the United Kingdom from the European Union.The UK left the EU on 31 January 2020 after having voted to leave in the 2016 referendum and formally notified the EU of its intention to withdraw in March 2017. Meanwhile, he believes that there would be no immediate effect on the islands if the UK were to vote to leave the EU. “The UK would have to give notice under Article 50 of the treaty, which allows for a two-year period to negotiate the terms of withdrawal. As for how a Brexit would affect the EU, the impact would be widespread and drawn-out. Whilst Brexit represents a fundamental change after 45 years of the UK being part of the EU, some factors will remain unchanged throughout and after the withdrawal process. “There are now 27 - and not all of them are particularly sympathetic to the interests of the Channel Islands,” he explains. Brexit will not change that and nor, will it change the importance of London and the UK as a significant financial centre. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. When the UK leaves the EU, the current basis for the Channel Islands relationship with the EU (Protocol 3 of the UK Accession Treaty) will no longer apply. This article outlines the delivered and predicted impact of Brexit, the withdrawal of the United Kingdom (UK) from the European Union (EU) and the European Atomic Energy Community (EAEC or Euratom).. “In that particular case, it started as a black mark but led to a clearer and better understanding of what we do,” says Senator Bailhache. Although he accepts that it will be more difficult for the islands to negotiate special terms this time around, he doesn"t think it"s impossible. There remain sensitivities over Brexit in the relationship between the UK and its Crown Dependencies. Unlike Gibraltar, citizens of the Channel Islands and the Isle of Man were not entitled to participate in the EU referendum. A report is urging the UK Gov. It would put jobs and growth at risk in European countries,” he says. “We"re talking about the continuation of the exporting of our agricultural produce and being able to ensure that our fishermen can sell their catches in France and elsewhere in Europe,” says Senator Bailhache. Under Protocol 3, the islands are part of the Customs Union and are essentially within the single market for free trade in goods, but are third countries - that is, outside the EU - in all other respects. A large part of the private equity business is placed through Luxembourg and those arrangements will remain in place whether the UK is in the EU or not,” he explains. How Brexit may affect us. © AFP/Shutterstock The UK and EU must agree a Brexit deal before the end of the transition period, which expires at the end of 2020 - AFP/Shutterstock UK diplomats have … “The details may be different, but in AIFMD there"s a direction of travel and it would make sense to start from the same point,” he says. Both islands have built regulatory frameworks which meet the EU's rigorous passporting requirements - Brexit, in whatever form, will not affect that and so there is a firm expectation of continued close co-operation between the Channel Islands and the EU. How will Brexit affect my passport? ( 12-4-1940 ) Despite the Channel Islands not being part of … This could push logistics providers to use other international ports such as Portsmouth, causing congestion and delaying shipments of essential supplies to the Channel Islands… Simon Mackenzie and Marie McNeela, managing directors of Intertrust in Jersey and Guernsey respectively, explain what Brexit will mean for the Channel Islands and how collaboration remains a key pillar of the firm’s future strategy in the jurisdictions. This article outlines the delivered and predicted impact of Brexit, the withdrawal of the United Kingdom (UK) from the European Union (EU) and the European Atomic Energy Community (EAEC or Euratom).. The actual process of the U.K. leaving the partnership and establishing new agreements with remaining EU countries would take roughly 10 years, economist Gregor Irwin wrote. The Channel Islands have long demonstrated that they can handle change and have a history of embracing the opportunities that come through change. Dating back to the post-WWII reconstruction era, the United Kingdom has had a tumultuous relationship with the organisations of Europe. What no-deal Brexit means, and how it might affect daily life in the UK Here is everything you need to know about a no-deal Brexit ... Ireland, the Isle of Man and the Channel Islands… Prime Minister Theresa May’s confirmation last week that the Crown Dependencies of Jersey, Guernsey and the Isle of Mann will be involved in Brexit negotiations has been welcomed by senior politicians from the islands.. If there had been a referendum the islands would overwhelmingly have voted "remain" because they already had an ideal relationship with the EU. It's easy to stay current with blglobal.co.uk. In effect, a passport issued on 30 June 2011 could show an expiry date of 30 March 2022. Understanding how it might relate to the UK Caribbean Overseas Territories’ longer term objectives could well be thought provoking for the region as a … “We are clear that we aren"t a tax haven, but nonetheless it creates a background for negotiation of special terms that isn"t necessarily positive,” says Senator Bailhache. Cook has the inside track on efforts being made by key UK business bodies to keep the country within a reformed union. The uncertainty which greeted the initial Brexit does not seem to have tempered enthusiasm for investment and indeed the reverse is arguably true; we are seeing an increasing number of investors citing Brexit as a reason for looking to the Channel Islands in the light of Brexit. The islands have always positioned themselves as “good neighbours” and responsible global citizens. Full details on advertising in BL Magazine, together with our annual City, Middle East and Asia editions, plus our online options are available in our. Merry says that if the UK decides to go it alone, it would need to introduce similar types of legislation/regulation as those offered in Europe to maintain the confidence of UK investors. Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. The result of the UK referendum on the EU will not only affect the mainland; Jersey and Guernsey will feel the ripples as well. These will stay in place no matter what the referendum result. What"s more, both Jersey and Guernsey have separate individual tax information exchange agreements in place with virtually all EU member states, and the islands are recognised as responsible jurisdictions by leading regulatory bodies such as the European Securities and Markets Authority. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. Guernsey EN. ... With some of the government’s emergency support programmes becoming less generous, new COVID-19 restrictions taking effect, and the prospect of a no-trade-deal Brexit looming, the UK economy is likely to need more support in the months to come. The uncertainty which greeted the initial Brexit does not seem to have tempered enthusiasm for investment and indeed the reverse is arguably true; we are seeing an increasing number of investors citing Brexit as a reason for looking to the Channel Islands in the light of Brexit. However, Brexit will almost certainly affect most businesses which operate in Jersey, and individuals who live and work here, in one way or another. When the UK leaves the EU, the current basis for the Channel Islands relationship with the EU (Protocol 3 of the UK Accession Treaty) will no longer apply. If they decide to target Europe, Channel Islands-based funds meet European standards of investor protection through compliance with the EU Alternative Investment Fund Managers Directive (AIFMD). Paul Bowen QC.   The U.K. government estimated that Brexit would lower the U.K.’s growth by 6.7% over 15 years. Both have their own governments for populations no bigger than a market town. Chris Merry, Chief Executive of Ipes, one of the largest private equity and fund administration firms in the Channel Islands, which also operates in London and Luxembourg, argues that the industry generally doesn"t like uncertainty. In 2011, the Channel Islands Brussels Office (CIBO) was established to promote the interests of the Channel Islands in Europe, to represent the Channel Islands to the EU institutions, and to advise the governments of Jersey and Guernsey on EU policy issues. Brexit and the Channel Islands, a view from Guernsey and Jersey The Channel Islands played no direct part in the recent UK Brexit referendum and have no responsibility for the outcome! The effect Brexit will have on the U.S. economy, let alone the U.K.'s, will largely depend on what form the departure takes and how closely aligned the U.K. stays to … | IFLR1000 The guide to the world’s leading financial and corporate law firms This is evidenced through the positive working relationships the islands’ governments enjoy with both the UK Government and the EU. Senior Channel Island politicians are in Cardiff to discuss how Brexit could affect the Crown Dependencies. This will continue post-Brexit and we will work hard to help our clients, whatever their circumstances and geographies, and to find the right solutions for them. But it"s not just mainland UK that will be affected by whatever result comes in. Working together is crucial for the islands and their global partners. However, the export of goods to … Largely through work done by the Jersey London office and the Channel Islands Brussels Office, he says that there are now generally good relations with the governments of the biggest European countries. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. A significant reason for Cook"s confidence is that key finance industry sectors such as funds and private equity, access European markets through Luxembourg rather than London. THE CHANNEL ISLANDS AND BREXIT. The United Kingdom leaving the European Union, while a major development, is no different. Even if a Brexit did happen, Cook is confident that the finance industries of the Channel Islands would be fine in the long term. How might Brexit affect the Channel Islands. Welcome to the States of Guernsey's Brexit page, where you'll find important information about the UK's exit from the EU and any related impacts for our community. The UK parliament has published a report on the implications of Brexit for the crown dependencies. The Crown Dependencies of Jersey, Guernsey and the Isle of Man are not part of the UK but are self-governing possessions of the Crown (defined uniquely in … As far as the finance industry is concerned, the general view seems to be that the quicker the outcome is known, the better. “There"s nothing in it for Europe to exclude us. Essentially this means that, subject to the outcome of UK/EU negotiations on the future relationship, the Islands will no longer be in the single market for trade in goods or the … And the reality is that the Channel Islands will have to roll with the punches once the result is decided. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. Brexit's Effect On Trusts - An Exploration Jackie Bennion, 26 March 2019. A political shift on this scale is bound to cause uncertainty but the islands have survived and prospered through turbulent times before. The Customs an… “Nothing is going to happen suddenly, and extricating the UK out of Europe would take time. The European Union may make all sorts of threats - Even with the numerous potential permutations of Brexit at the time of writing, the islands are well-positioned to help clients weather turbulent waters with minimal disruption, with established and effective trading positions with both the UK and the EU. After days of wrangling with his EU counterparts, and some tense meetings with his own cabinet, Prime Minister David Cameron stood outside 10 Downing Street on 20 February and announced the date of the referendum on Britain"s membership of the EU as Thursday 23 June. If the UK votes to leave, then Protocol 3 would fall away, leaving the islands having to find a new way forward. “An "out" vote we can deal with, but we would need to do a huge amount of work to put everything that"s required in place,” he says. “There"s a belief that if Brexit were to go ahead, then centres such as Frankfurt and Luxembourg would benefit at the City"s expense.”. This stands to remain the same even after … But whatever the mood music may be on Brexit right now, Merry - who"s based in London but spends more time in Guernsey than in any other office - says he isn"t stopping fundraising and that it"s “very much business as usual” for managers. One of these is the Channel Islands’ attitude to the UK and to the EU. One of these is the Channel Islands’ attitude to the UK and to the EU. It's widely expected that Prime Minister Theresa May's Brexit deal, that's due to be voted on next week, will be rejected by MPs. At times those relationships have had shaky foundations, especially when the islands were incorrectly included on tax blacklists compiled by a number of EU countries, including France. ... Ireland, the Isle of Man and the Channel Islands. Cook says it"s not in Europe"s interests to try and exclude the islands from its markets if the UK referendum result was a vote to leave. Ilse du Plessis of ENSafrica in Johannesburg discusses what Brexit means for IP protection in the UK What does Brexit mean for IP protection in the UK? In a post-Brexit world, we’re expecting the Channel Islands to do more than just survive; we expect the islands to stand out as the centres of financial excellence that they are and continue to serve as vital pillars of stability that privilege the virtues of good governance, strong regulation and genuine expertise. Today's British-Irish council summit will focus on the … This is despite the majority of Channel Islands organisations surveyed saying the UK should have voted to remain in the EU (78% in Guernsey and 79% in Jersey). In the ‘Brexit Guide’ issued by the Isle of Man Government a no-deal Brexit will have a direct impact on: Those who make and sell goods to EU countries… Senator Sir Philip Bailhache, Jersey"s External Relations Minister who heads negotiations on the international stage, has warned that the islands might be left with a “take it or leave it” ultimatum from the UK to accept an unwelcome new relationship. “Jersey and Luxembourg have worked together for a long time and have double taxation arrangements in place. The threat of no deal is looming larger ahead of Britain exiting the EU in March. But just how big will those ripples be? Historically the Channel Islands have been flexible and Intertrust is exactly where our clients need us to be. Remember - the European Union has a trade SURPLUS of more than ninety Billion Pounds per year with the United Kingdom - any move to harm British trade (or the trade of the Channel Islands or the Isle of Man) in a “No Deal” situation, would put the European Union surplus at risk. Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. In a new report from EY on Channel Islands businesses post-Brexit, 80% of businesses surveyed think Brexit will bring opportunities their organisations can take advantage of. When the Channel Islands negotiated their current unique position back in 1970, Senator Bailhache said it was relatively easy to achieve a special deal because there were then only six other EU member states. “There's a belief that if Brexit were to go ahead, then centres such as Frankfurt and Luxembourg would benefit at the City's expense.” With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. This is Full details on advertising in BL Magazine, together with our annual City, Middle East and Asia editions, plus our online options are available in our Media Pack. “The risk is that the UK negotiates an agreement that doesn"t suit the Channel Islands and we may be faced with some stark choices,” says Senator Bailhache. The customs and excise agreement may need to be modified as to assumes and refers to EU rules. The formal relationship between the islands and the EU is enshrined in Protocol 3 of the UK"s 1972 European Accession Treaty. The Channel Islands may not be part of the EU but they enjoy free trade access to the single market as a result of a deal reached between the UK and the six countries that then made up the European Community in the early 1970s. The Bank of England is on high alert. The recently enshrined Substance Laws in both Jersey and Guernsey are great examples of this, with both islands further demonstrating their commitment to tax transparency and anti-BEPs compliance. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. "Our concern is around what happens to ferries going to the Channel Islands if you can't get the produce on to them that you need." Corporate, He is a member of the advisory council of TheCityUK, a body similar to Jersey Finance that is the voice of the finance industry and wider professional services firms. Brexit is an unknown quantity that would directly impact Britain’s Overseas Territories in the Caribbean. Yes please! If the UK does not agree a trade deal with the EU before the end of the transition period, all goods directly imported from the EU into Guernsey will require relevant customs declarations, and customs tariffs may apply. There will be time to think about what we want and how we can best proceed,” he explains. (For more on changes to the UK's address for service rules, please see below). With some of the government’s emergency support programmes becoming less generous, new COVID-19 restrictions taking effect, and the prospect of a no-trade-deal Brexit looming, the UK economy is likely to need more support in the months to come. The effect of Brexit on Gibraltar concerns the status of Gibraltar after withdrawal of the United Kingdom from the European Union.The UK left the EU on 31 January 2020 after having voted to leave in the 2016 referendum and formally notified the EU of its intention to withdraw in March 2017. The UK parliament has published a report on the implications of Brexit for the crown dependencies. What no-deal Brexit means, and how it might affect daily life in the UK The Telegraph - Daniel Capurro. Just sign up for our email updates! It's widely expected that Prime Minister Theresa May's Brexit deal, that's due to be voted on next week, will be rejected by MPs.   Of particular note is Guernsey's relationship with the City of London. or Channel Islands, as set out below: • EU citizens and their family members who arrived in the Isle of Man, UK or Channel Islands, before 30 March 2019, and will have been continuously resident for 5 years by 31 December 2020 will be eligible for ‘settled status’ under immigration law. at 16/04/2016 10:53:09 Although I have lived in England since 1992, I am a Jerseyman at heart and give thanks that my Old Age Pension is paid by Jersey and not England. An address for service in the remaining EU or EEA will no longer be permitted. However, the same passport issued on 30 June 2011 is regarded by the EU as expiring on 30 June 2021 So A and any time beyond that will be deemed invalid. The Channel Islands are not part of the EU and only a small percentage of residents are able to vote in the referendum on whether the UK should remain a member. An anti-Brexit protester walks outside the Houses of Parliament in London, Jan. 17, 2019. That’s if there is a trade agreement but restrictions on immigration. Beginning with a refusal to sign the Treaty of Rome in 1957 [1] and culminating with the 2016 vote for Brexit, various factions in the U.K. have desired to keep mainland Europe at arm's-length.. Jersey ... Brexit brinkmanship: Does he mean it? But if voters choose the "out" option, the Channel Islands could find themselves in choppy waters. However, the same passport issued on 30 June 2011 is regarded by the EU as expiring on 30 June 2021 So A and any time beyond that will be deemed invalid. The customs union and currency union with the UK will continue after Brexit. In doing so, he fired the starting gun on four months of campaigning that will lead to, in his words, “one of the biggest decisions this country will face in our lifetimes - whether to remain in a reformed EU or to leave”. At the moment, there are too many imponderables to be able to be in any way certain as to what a future scenario may be,” he says. “We can engineer change a lot faster than other countries when required to do so and have shown that in the past,” he explains. The two biggest of the Channel Islands have a great deal in common. “TheCityUK, like other trade associations such as the British Bankers Association, would like the UK to remain connected to Europe from a business point of view,” he says. Welcome to the States of Guernsey's Brexit page, where you'll find important information about the UK's exit from the EU and any related impacts for our community. 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