Fiona Chandler of Harneys discusses the potential impact of
Brexit on the Overseas Territories including the Cayman
Islands.
What impact will the UK vote to leave the EU have on
the UK's Overseas Territories?
Bermuda, the British Virgin Islands (BVI) and the Cayman Islands
are each Overseas Country and Territories of the EU (OCTs) under
the Treaty of Rome and successive EC/EU treaties, by virtue of
being Overseas Territories of the United Kingdom. They are not,
however, direct members of the EU, and EU law does not apply
directly to them.
Following the UK's vote to leave the EU on 23 June 2016,
nothing has changed for these jurisdictions as they each have their
own separate legal systems and it is very much business as usual
for them as leading international finance centres. Although the UK
Government has now announced that it will formally give notice to
leave the EU under Article 50 of the Lisbon Treaty by the end of
March 2017 (and once it does give notice
