Spain could use the British overseas territory of Gibraltar to hold the UK “hostage” in the final negotiations over Brexit, causing serious problems for businesses, according to former UK foreign secretary William Hague.
STM Group has entered into a conditional agreement to acquire UK Sipp provider London & Colonial and its subsidiaries for nearly £5.4m ($7.2m, €6.4m).
New UK VAT rules are set to hit Gibraltar and Channel Islands based insurers when they are introduced on 1 October.
Waiving the establishment fee for new qualifying recognised overseas pension schemes (Qrops) saw STM Group’s new business applications hit their highest level for 12 months in July.
The Gibraltar Financial Services Commission (GFSC) has signed an agreement with the Cayman Islands Monetary Authority (Cima) on the oversight of alternative investment fund managers.
Blacktower Financial Management Group says it has no plans to leave Gibraltar for now and will go ahead with the opening of a new office there as the firm sought to reassure the British overseas territory over claims it is looking to move its headquarters to another EU member state.
UK citizens will still be able to transfer their pensions to Europe via a qualifying recognised overseas pension scheme (Qrops) despite Britain voting to leave the European Union, says Alan Kentish, interim chief executive of STM Group.
Gibraltar-headquartered Blacktower Financial Management Group is planning a possible move of its business to a different European country in a bid to preserve its EU ‘passporting’ status, the IFA firm’s managing director, John Westwood, has said.
Bupa Global, the international arm of Britain’s most well-known private medical insurer, has launched a range of new health insurance products in Jersey, Guernsey and Gibraltar.
Lombard International has named a new chief executive for its US operations, while Axa IM has announced a senior departure. Nutmeg’s chief executive has stepped aside, with a Columbia Threadneedle veteran bowing out of the industry after a 32-year career.
Barclays is to close its remaining Gibraltar office and depart the British overseas territory, two years after it began winding down its retail banking operations there.
Bulgaria has removed Gibraltar from its ‘tax haven’ list following intensive lobbying from Gibraltar Finance and the state’s minister for finance and gaming, Albert Isola.
