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. 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”. For this reason, an out vote requires consideration now. 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. “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. 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. You must check your passport validity online as you may need to renew your it earlier than planned. "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." Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. One of these is the Channel Islands’ attitude to the UK and to 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. Anyone travelling on New Year’s Day 2021 will be asked to turn back if their passport does not comply. 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”. That could well have an adverse impact on the UK economy and the financial services and funds industries,” he says. It will be limited, since neither is part of the UK, and neither is a member or associate member of the EU. Make sure you don't miss out on any of our daily updates: Environmental, Social and Governance strategy. 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? Then people can plan their business activity going forward,” he says. 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. Unlike Gibraltar, citizens of the Channel Islands and the Isle of Man were not entitled to participate in the EU referendum. And the reality is that the Channel Islands will have to roll with the punches once the result is decided. The two biggest of the Channel Islands have a great deal in common. to ensure the islands are considered in Brexit negotiations, which are set to have 'a significant impact.' The islands have always positioned themselves as “good neighbours” and responsible global citizens. The customs and excise agreement may need to be modified as to assumes and refers to EU rules. A political shift on this scale is bound to cause uncertainty but the islands have survived and prospered through turbulent times before. 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. The general consensus among British business leaders appears to be for the UK to remain in a reformed EU. “Nothing is going to happen suddenly, and extricating the UK out of Europe would take time. 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. 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. “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. “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. Of particular note is Guernsey's relationship with the City of London. In effect, a passport issued on 30 June 2011 could show an expiry date of 30 March 2022. The good news is that the islands already have agreements in their own right with many individual EU states covering a range of areas. An anti-Brexit protester walks outside the Houses of Parliament in London, Jan. 17, 2019. 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. 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. 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 … It's easy to stay current with blglobal.co.uk. | IFLR1000 The guide to the world’s leading financial and corporate law firms Brexit will not change that and nor, will it change the importance of London and the UK as a significant financial centre. 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. 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. 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). How might Brexit affect the Channel Islands. 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. One area in which the islands would need a deal is to secure the ongoing freedom of movement of goods. ... Ireland, the Isle of Man and the Channel Islands. Think financial services. ... 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. Additionally, the UK Government may legislate to restrict representation in the UK IPO to UK qualified attorneys. 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. 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. 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. A report is urging the UK Gov. 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. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. “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. This stands to remain the same even after … In effect, a passport issued on 30 June 2011 could show an expiry date of 30 March 2022. 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.. It gives promoters the flexibility to choose whether or not to market into Europe. (For more on changes to the UK's address for service rules, please see below). Working together is crucial for the islands and their global partners. 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. If there had been a referendum the islands would overwhelmingly have voted "remain" because they already had an ideal relationship with the EU. “The sooner the uncertainty is taken away, the better. The growth and success that Guernsey has experienced in the financial services sector has tracked the success of London as an international finance centre. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. “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.”. 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). Dating back to the post-WWII reconstruction era, the United Kingdom has had a tumultuous relationship with the organisations of Europe. 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… 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. 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. Corporate, What no-deal Brexit means, and how it might affect daily life in the UK The Telegraph - Daniel Capurro. 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).. 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. 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. 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. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. 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 customs union and currency union with the UK will continue after Brexit. Brexit is another chance to demonstrate just how resilient and nimble the jurisdictions are. As for how a Brexit would affect the EU, the impact would be widespread and drawn-out. 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. Business would still need to go on in the meantime. 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 is evidenced through the positive working relationships the islands’ governments enjoy with both the UK Government and the EU. There remain sensitivities over Brexit in the relationship between the UK and its Crown Dependencies. The UK parliament has published a report on the implications of Brexit for the crown dependencies. “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. UK & Channel Islands. That’s if there is a trade agreement but restrictions on immigration. 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. 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. But it"s not just mainland UK that will be affected by whatever result comes in. Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. 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. 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. Upon Brexit, the protocol regarding Isle of Man’s and Channel Islands’ membership of the Customs Union will fall away. News, Insights.   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. Cook has the inside track on efforts being made by key UK business bodies to keep the country within a reformed union. 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. 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 … Will a no-deal Brexit affect the Covid-19 vaccine? - The direct impact of Brexit on the Channel Islands own relations with the EU will be relatively small: Guernsey and Jersey are already third countries to the EU for everything except the limited areas covered by Protocol 3, and this will remain the case after Brexit. Paul Bowen QC. This is [11] “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. But just how big will those ripples be? The Bank of England is on high alert. Such a significant event for the UK as Brexit is bound to have some impact on Guernsey. 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 … 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. There will be time to think about what we want and how we can best proceed,” he explains. Just sign up for our email updates! 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 formal relationship between the islands and the EU is enshrined in Protocol 3 of the UK"s 1972 European Accession Treaty. With a matter of months to go, the noise surrounding the in/out vote is only likely to get louder. The consequences of Brexit could reach across the pond, having an affect … 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). That’s if there is a trade agreement but restrictions on immigration. 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. Different passport validity rules will apply for British Citizen passport holders when visiting Europe from January 2021 . 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. The result of the UK referendum on the EU will not only affect the mainland; Jersey and Guernsey will feel the ripples as well. The Customs an… 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. 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. These will stay in place no matter what the referendum result. One of these is the Channel Islands’ attitude to the UK and to the EU. Dating back to the post-WWII reconstruction era, the United Kingdom has had a tumultuous relationship with the organisations of Europe. 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. Uncertainty over Brexit slowed the U.K.'s growth from 2.4% in 2015 to 1.5% in 2018. The islands have always positioned themselves as “good neighbours” and responsible global citizens. Meanwhile, he believes that there would be no immediate effect on the islands if the UK were to vote to leave the EU. 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. Brexit will have profound consequences for the 250,000 people in the UK's overseas territories. 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”. 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. Yes please! It would put jobs and growth at risk in European countries,” he says. an, Copyright © 2010-2020, Chameleon Group Ltd. Advertising 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. “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. Despite the Channel Islands not being part of … 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.   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. 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. Brexit's Effect On Trusts - An Exploration Jackie Bennion, 26 March 2019. 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. However, the export of goods to … “There are now 27 - and not all of them are particularly sympathetic to the interests of the Channel Islands,” he explains. Brexit is an unknown quantity that would directly impact Britain’s Overseas Territories in the Caribbean. If you have been financially impacted by the coronavirus, please visit our coronavirus guidance page for information on how we could help. 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).. No thanks! "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." Jersey ... Brexit brinkmanship: Does he mean it? The ability to trade freely across borders and the adoption of common regulatory frameworks are clear advantages of being part of the Union. However, Brexit will almost certainly affect most businesses which operate in Jersey, and individuals who live and work here, in one way or another. 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. And the reality is that the Channel Islands will have to roll with the punches once the result is decided.   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. 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. An address for service in the remaining EU or EEA will no longer be permitted. 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. Even if a Brexit did happen, Cook is confident that the finance industries of the Channel Islands would be fine in the long term. 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. Today's British-Irish council summit will focus on the … 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.. Cyril Emile Ford Vallois . How Brexit may affect us. Summary 1. 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. “There"s nothing in it for Europe to exclude us. “Jersey and Luxembourg have worked together for a long time and have double taxation arrangements in place. From 1 January 2020, an address for service in the UK, the Channel Islands or Gibraltar must be provided for new applications for a UK trademark. 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. “I don"t want to elaborate on that, but it"s possible that some of the terms of the new agreement would be detrimental to our interests if they were extended to us. 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. 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. Being outside the EU has been a benefit to the Channel Islands from a funds industry perspective. The post Brexit status of the UK is demoted to a “third country” and strict rules apply. 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). Guernsey EN. Jersey, Guernsey, 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. But if voters choose the "out" option, the Channel Islands could find themselves in choppy waters. The extension grants the islands access to global trade rules once the Brexit process is completed. As far as the finance industry is concerned, the general view seems to be that the quicker the outcome is known, the better. ( 12-4-1940 ) If the UK votes to leave, then Protocol 3 would fall away, leaving the islands having to find a new way forward. Modern Slavery Act Transparency Statements. The European Union may make all sorts of threats - How will Brexit affect my passport? 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. 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! 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. THE CHANNEL ISLANDS AND BREXIT. “It would be very disruptive for some time and would be a big bump in the road, but we would cope.”. Anyone travelling on New Year’s Day 2021 will be asked to turn back if their passport does not comply. 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. The United Kingdom leaving the European Union, while a major development, is no different. This article was edited on 26 February - interviews took place prior to the Prime Minister"s announcement of the referendum. Brexit will impact how trade in goods between the Channel Islands and the EU functions, because Protocol 3 will cease. 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. Their exit will be negotiated by the United Kingdom which is responsible for external relations matters. 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