Gibraltar aims to allay Brexit fears

he Gibraltar Minister of Financial Services and Gaming has sought to play down fears over the impact that the UK’s departure from the European Union could have on operators based in the region, saying that it is “business as usual”.

The UK’s vote to leave the European Union in last month’s referendum has sparked uncertainty over the potential impact of the decision on Gibraltar-based operators.

That uncertainty doesn’t appear to be going anywhere soon, with months of negotiations required and a general election potentially on the horizon before any exit is finalised.

However, the Gibraltar Ministry has moved to ease the resulting fears, stating that it remains “strongly committed” to its Gibraltar operations, and working with operators based in the country and the Gibraltar Gaming and Betting Association in order to best support the market.

The Gibraltar Ministry said: “The HM Government of Gibraltar will continue to work with HM Government UK to ensure the best possible outcome from the ongoing discussions in the expectation that there will be little or no change to the current arrangements for those who live and work in or travel to Gibraltar, and all the indications are that it really will be ‘business as usual’.

“In the past week, various operators have confirmed their intention to continue with their expansion plans in Gibraltar including increasing or leasing new office space in Gibraltar, relocating parts of their existing business from other jurisdictions to Gibraltar, and ensuring recruitment continues apace.

“The gambling act review published earlier this year and now in the consultation stage will definitely be proceeded with and further expanded to ensure that our regulatory, licensing and tax regimes remain fit for purpose having regard to any new arrangements that Gibraltar may enjoy in the future.

“While this Government and others believed that staying in the EU is the better choice for economic development and growth, any move away from the EU will provide new and different opportunities for our economy and we will ensure these are available to all our commercial sectors and Gibraltar remains a great place to locate a business.”