“There"s nothing in it for Europe to exclude us. 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.. The UK parliament has published a report on the implications of Brexit for the crown dependencies. “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. 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. Anyone travelling on New Year’s Day 2021 will be asked to turn back if their passport does not comply. 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. However, Brexit will almost certainly affect most businesses which operate in Jersey, and individuals who live and work here, in one way or another. Meanwhile, he believes that there would be no immediate effect on the islands if the UK were to vote to leave the EU. And the reality is that the Channel Islands will have to roll with the punches once the result is decided. 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. “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. [11] Guernsey EN. 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 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”. 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. 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. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. 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. The good news is that the islands already have agreements in their own right with many individual EU states covering a range of areas. 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. | IFLR1000 The guide to the world’s leading financial and corporate law firms Modern Slavery Act Transparency Statements. The growth and success that Guernsey has experienced in the financial services sector has tracked the success of London as an international finance centre. 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).. 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. “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.”. ( 12-4-1940 ) As the Channel Islands are not a part of the EU and do not benefit from the UK's membership (except for the provisions of Protocol 3 concerning trade in goods), Brexit will have no direct impact on the Channel Islands' financial services industries and a limited impact on trade in goods. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. From 1 January 2021, the rules will not permit the provision of an address for service outside the UK, the Channel Islands or Gibraltar in respect of a UK trademark or application. Understanding how it might relate to the UK Caribbean Overseas Territories’ longer term objectives could well be thought provoking for the region as a …   In effect, a passport issued on 30 June 2011 could show an expiry date of 30 March 2022. to ensure the islands are considered in Brexit negotiations, which are set to have 'a significant impact.' The threat of no deal is looming larger ahead of Britain exiting the EU in March. As for how a Brexit would affect the EU, the impact would be widespread and drawn-out. News, Insights. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. It will be limited, since neither is part of the UK, and neither is a member or associate member of the EU. 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 will only exacerbate those effects, with the pound now having tanked and the euro likely to fall against the dollar as well. Brexit is another chance to demonstrate just how resilient and nimble the jurisdictions are. The consequences of Brexit could reach across the pond, having an affect … 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. Brexit is an unknown quantity that would directly impact Britain’s Overseas Territories in the Caribbean. 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. Brexit will not change that and nor, will it change the importance of London and the UK as a significant financial centre. From a general perspective, Merry believes there are more benefits to being part of the EU than being outside. One area in which the islands would need a deal is to secure the ongoing freedom of movement of goods. Being outside the EU has been a benefit to the Channel Islands from a funds industry perspective. Indeed, a warning has been issued by one of the most senior figures in Jersey that the Channel Islands could face some "stark choices" if the UK votes to leave the EU. Different passport validity rules will apply for British Citizen passport holders when visiting Europe from January 2021 . 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. 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. “The sooner the uncertainty is taken away, the better. 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. 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. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. 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. Then people can plan their business activity going forward,” he says. An anti-Brexit protester walks outside the Houses of Parliament in London, Jan. 17, 2019. Yes please! That’s if there is a trade agreement but restrictions on immigration. A political shift on this scale is bound to cause uncertainty but the islands have survived and prospered through turbulent times before. The general consensus among British business leaders appears to be for the UK to remain in a reformed EU. 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. Unlike Gibraltar, citizens of the Channel Islands and the Isle of Man were not entitled to participate in the EU referendum. The islands have always positioned themselves as “good neighbours” and responsible global citizens. (For more on changes to the UK's address for service rules, please see below). The Bank of England is on high alert. Cook has the inside track on efforts being made by key UK business bodies to keep the country within a reformed union. The United Kingdom leaving the European Union, while a major development, is no different. 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 … 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. 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. 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. But if voters choose the "out" option, the Channel Islands could find themselves in choppy waters. The formal relationship between the islands and the EU is enshrined in Protocol 3 of the UK"s 1972 European Accession Treaty. Here is everything you need to know about a no-deal Brexit Boris Johnson has said there is a "strong possibility" that the UK will reach no trade deal with the EU. 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. A further positive is the relative political stability of the Channel Islands, especially when there is political turmoil in many parts of the world. This is evidenced through the positive working relationships the islands’ governments enjoy with both the UK Government and the EU. Paul Bowen QC. It would put jobs and growth at risk in European countries,” he says. How might Brexit affect the Channel Islands. 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). The ability to trade freely across borders and the adoption of common regulatory frameworks are clear advantages of being part of the Union. "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." 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. 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. 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. 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. Just sign up for our email updates! One of these is the Channel Islands’ attitude to the UK and to the EU. “I hope any deal reached is able to simplify some of the more difficult processes while retaining the advantages, and in particular free movement of investment without barriers,” he says. “There are now 27 - and not all of them are particularly sympathetic to the interests of the Channel Islands,” he explains. The customs and excise agreement may need to be modified as to assumes and refers to EU rules. This article was edited on 26 February - interviews took place prior to the Prime Minister"s announcement of the referendum. 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… Additionally, the UK Government may legislate to restrict representation in the UK IPO to UK qualified attorneys. 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. 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. No thanks! Anyone travelling on New Year’s Day 2021 will be asked to turn back if their passport does not comply. 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 … 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. And the reality is that the Channel Islands will have to roll with the punches once the result is decided. For this reason, an out vote requires consideration now. 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 … 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. With the details of Cameron"s deal thrashed out between the UK and the 27 other member states, the PM will now lead the campaign to stay inside a reformed European Union. If there had been a referendum the islands would overwhelmingly have voted "remain" because they already had an ideal relationship with the EU. © 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 … However, the export of goods to … The post Brexit status of the UK is demoted to a “third country” and strict rules apply. The result of the UK referendum on the EU will not only affect the mainland; Jersey and Guernsey will feel the ripples as well. 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… “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. Corporate, Cyril Emile Ford Vallois . “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. The UK parliament has published a report on the implications of Brexit for the crown dependencies. Jersey, Guernsey, A report is urging the UK Gov. 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 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. “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. 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. 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. How will Brexit affect my passport? The European Union may make all sorts of threats - Today's British-Irish council summit will focus on the … 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. Despite the Channel Islands not being part of … But just how big will those ripples be? Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. 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. This is That’s if there is a trade agreement but restrictions on immigration. The Customs an… “It would be very disruptive for some time and would be a big bump in the road, but we would cope.”. THE CHANNEL ISLANDS AND BREXIT. 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. Historically the Channel Islands have been flexible and Intertrust is exactly where our clients need us to be. 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." “We can engineer change a lot faster than other countries when required to do so and have shown that in the past,” he explains. Business would still need to go on in the meantime. With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. The extension grants the islands access to global trade rules once the Brexit process is completed. 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. 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. “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. 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. Think financial services. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. 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”. It gives promoters the flexibility to choose whether or not to market into Europe. Dating back to the post-WWII reconstruction era, the United Kingdom has had a tumultuous relationship with the organisations of Europe. Even if a Brexit did happen, Cook is confident that the finance industries of the Channel Islands would be fine in the long term. an, Copyright © 2010-2020, Chameleon Group Ltd. Advertising As Crown Dependencies, the Channel Islands are not members of the EU, however they set equivalent standards for many elements of the legislative landscape and are represented in international negotiations by the UK Government. 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.. 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. 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… Such a significant event for the UK as Brexit is bound to have some impact on Guernsey. Summary 1. Will a no-deal Brexit affect the Covid-19 vaccine? 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. ... 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. 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. 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 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. The two biggest of the Channel Islands have a great deal in common. 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. 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. If the UK votes to leave, then Protocol 3 would fall away, leaving the islands having to find a new way forward. 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. 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 ... Ireland, the Isle of Man and the Channel Islands. Working together is crucial for the islands and their global partners. Jersey ... Brexit brinkmanship: Does he mean it? 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).. There remain sensitivities over Brexit in the relationship between the UK and its Crown Dependencies. The Customs an… 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. Because no country has ever left the EU before and there are “no divorce laws in place”, Merry predicts that any exit is likely to be “difficult and uncertain”. 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. Senior Channel Island politicians are in Cardiff to discuss how Brexit could affect the Crown Dependencies. Brexit's Effect On Trusts - An Exploration Jackie Bennion, 26 March 2019. If you have been financially impacted by the coronavirus, please visit our coronavirus guidance page for information on how we could help. 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). 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. How Brexit may affect us. “Jersey and Luxembourg have worked together for a long time and have double taxation arrangements in place. One of these is the Channel Islands’ attitude to the UK and to the EU.   The U.K. government estimated that Brexit would lower the U.K.’s growth by 6.7% over 15 years. Of particular note is Guernsey's relationship with the City of London. This means that passports that were issued with a life of longer than 10 years validity, thanks to the unexpired time from the previous passport being carried over, will be invalid after 10 years. 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 islands have always positioned themselves as “good neighbours” and responsible global citizens. But it"s not just mainland UK that will be affected by whatever result comes in. “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. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. 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. “Nothing is going to happen suddenly, and extricating the UK out of Europe would take time. As to assumes and refers to EU rules UK IPO to UK qualified attorneys, he believes that would. ” he says s announcement of the EU than being outside, Merry believes there are more to... Excise agreement may need to go, the UK as Brexit is an unknown quantity that would directly impact ’! 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