Finance Centre Council welcomes in-principle agreement

Dear Sir,

The Gibraltar Finance Centre Council (“GFCC”) welcomes the announcement by the Chief Minister, the Hon. Fabian Picardo, QC, MP, that an agreement of principles has been reached between the UK, Spain and Gibraltar on the future relationship Gibraltar will have with the EU. 

The GFCC was concerned at the prospects of the impact of a hard Brexit, particularly to the mobility of people across the land frontier with Spain and restrictions on providing financial services to the UK. The GFCC will wait until the Treaty containing the agreed principle is negotiated and circulated to form its definitive views. However, the agreed principles mentioned by the Chief Minister are ones which the GFCC wholeheartedly supports.
A stable relationship with the EU which guarantees frontier fluidity and unhindered travel throughout the Schengen zone is to be welcomed. Coupled with bilateral access in financial services to the UK market (which the Her Majesty’s Government of Government recently achieved), sensible regulation, competitive tax rates and a developing double tax treaty network, the outlook for the financial services industry and its prosperity are very positive.
The GFCC stands ready to engage with Government in the next weeks and months to assist in any way it can to contribute to the details of the Treaty by highlighting what aspects are vital to its members to continue the success of the Gibraltar financial services industry.
The GFCC represents Gibraltar’s financial services industry. All financial services industry associations are members of the GFCC whose objects are to promote the economic interests of Gibraltar by developing the finance centre. The GFCC meets regularly with the Minister for Digital & Financial Services and Government officials and has an important role in shaping finance centre policy and legislation.

Marc X. Ellul, Chairman
Gibraltar Finance Centre Council