Will The UK's Exit From The EU Impact The Cayman Islands And The BVI?

On 23 June 2016, the UK held a referendum where voters indicated that the country should leave the EU.

The purpose of this client update is solely to comment on the potential impact for the Cayman Islands and the BVI.

The referendum vote itself was advisory rather than binding and the consequences of the vote, and the timing of the next steps, will be determined by the UK Parliament.

We understand that the negotiation of the UK's withdrawal from the EU is expected to take two years from the date on which Article 50 of the Lisbon Treaty is triggered.  Current reports indicate that an Article 50 notification is only likely to occur once a new UK Prime Minister has been appointed, which is anticipated to happen by the time of the UK Conservative Party conference in October 2016.