Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019. The terms of the UK’s exit will be the subject of intense negotiations over the next two years, and are expected to be closely followed by investment managers, together with the rest of the financial services industry. Although much has been uncertain since the result of the United Kingdom’s referendum in June 2016, it is clear that the effects of Brexit will be felt beyond the UK and Europe. This article discusses the potential impact that the UK’s departure from the European Union (EU) may have on various of its Overseas Territories (such as the Cayman Islands, Bermuda and the BVI) and their financial services industries during the next two years of Brexit negotiations, and following the Brexit in 2019.
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