With many companies grabbling with the stark reality of their loss of market access to the UK, which they have enjoyed under EU passporting rights, Valerie and myself recently spoke with Gibraltar International Magazine about what the options are for the c. 6000 financial services companies alone, as well as other organisations, that used to passport into the UK from the EU.
With Gibraltar being the only jurisdiction that now enjoys passporting rights into the UK, the duo here review:
- EU entity - for an entity that has lost its right to passport into the UK, a new Gibraltar subsidiary may be able to continue to access the UK market
- Gibraltar Authorisation Regime - mutual market access and aligned standards between the UK and Gibraltar.
- Speed to market - although the Gibraltar Financial Services Commission (GFSC) is statutorily obligated to maintain the same regulatory standards as those of FCA, there is no doubt that a regulator serving a smaller market is able to process applications with greater speed.
The full article outlining Gibraltar's unique passporting proposition can be seen here.
For an entity that has lost its right to passport into the UK, a new Gibraltar subsidiary may be able to continue to access the UK market, this is the only jurisdiction in the world that can offer this.