Amidst the post-Brexit landscape, British firms in the blockchain space are weighing up moves to Gibraltar as the benefits of doing business with Europe from their own countries dissipates. According to leading investment group, Bentley Investments, there has been a 12% increase in firms enquiring about new office openings in the country over the last six months in order to do better deals across the UK and Europe.
The attraction for blockchain companies is that the British Overseas Territory has had laws in place for several years already and its well-developed regulatory framework was one of the first in the world. With this advanced framework in place, licensing takes only three to six months. In comparison, current UK firms looking to register their business in order to be regulated under new recommendations from the Financial Action Task Force, are taking up to 18 months or more.
Popularity of the British Overseas Territory is backed up by leading estate agency Chestertons’ Gibraltar office that has reported a 48% increase in users looking for property on its website from January 1, up until October 2021, compared with the same period the previous year.
Bentley Investments and Chestertons have joined forces to host a unique webinar to consider the situation key blockchain business sectors face in relation to doing business with Europe. Digital and Financial Services Minister, Albert Isola MP will be joined by Joey Garcia, considered a pioneer for the regulation of bitcoin and distributed ledger technology, with other senior business figures.
The country is renowned for its excellence in blockchain, DLT, fintech, gaming, insurance and other financial services, so the Summit Gibraltar First for Business Webinar taking place in November will look at how to make the most of a uniquely connected and positioned country, 11 months on after Brexit.
Gibraltar will remain in the Schengen zone, allowing for unrestricted travel and business transactions, making it an attractive proposition as a place to invest. Anna Cherepakhova, Director, at Bentley Investments, comments: “This webinar offers a digital opportunity to engage with key policy makers and senior business leaders to gain valuable insights into the competitive advantage offered by the jurisdiction.
“Blockchain businesses will be able to discover the inside track to a successful post-Brexit transition, how to navigate Gibraltar’s complementary UK-EU tax frameworks; access its best in class regulatory standards and optimise the advantages of a world beating digital infrastructure.”
As well as unfetted access to the UK, the advantages to business are vast for a number of sectors. For example, blockchain companies operating out of Gibraltar will have the benefit of working in a smaller jurisdiction that has a robust legal environment and hub for crypto and DLT. The country also has the fifth fastest internet speed in the world, is strongly regulated so can operate in the UK via passporting rights and because of the size of the country, there is no travel time lost during the day as it is easier to travel to meetings.
CEO for Chestertons, Mike Nicholls adds: “There has been a surge in interest this year, not only from investors but real people, who want to be able to move around the EU without worrying about the strict 90 day rules.
“For firms, the attraction lies in an ease of doing business here. For companies considering relocating, the Summit Webinar will provide an opportunity to hear why Gibraltar is a first for business, especially for companies based in the EU that will have difficulty dealing with the UK from now on in.
“With inflation increasing in major economies across the world, including Gibraltar at 2.4% (up from 1.4% in April and 1% in January), property is proving to be a solid store of value and remains good value for those who want to move here. We’re literally running out of property.”
To register for the Summit on Wednesday 17 November, 1pm-2pm CET / 11am – 12pm GMT for 35 minutes plus Q&A session, find out more by visiting www.summitgibraltar.com
About Bentley Investments
Founded in 2000, Bentley Investments has become one of Gibraltar’s major real estate players, working with internationally-renowned partners to bring world-class design and levels of service to the residential, commercial and office spaces that they develop, build and manage. Key to that success has been a focus on the changing expectations of residents and businesses, meeting them through exemplary commercial and office spaces and distinctive homes offering outstanding design, exceptional interiors, and integrated communities. EuroCity, Bentley Investments most recent development, offers a major and distinctive upgrade to Gibraltar’s central business district. The project is underpinned by an uncompromising dedication to design quality and aims to add a diverse destination to both live and work in Gibraltar (www.bentley.gi).
About Chestertons Gibraltar
Renowned for their independence and professionalism, Chestertons is the largest estate agent in Gibraltar. Using in-depth market knowledge and vast industry experience, Chestertons specialise in all areas of the property market including: sales and lettings; short lets; commercial property; property management; property development consultancy; market appraisals; relocation; vacant property management and raising debt or equity for property project. Chestertons have also grown into Gibraltar’s largest independent development consultant, with extensive knowledge of the off-plan property industry. Going the extra mile to achieve the best results in everything they do, Chestertons have now been voted Best Agent Gibraltar by the European Property Awards for 3 consecutive years. (www.chestertons.gi)