In an interview with Captive Review, Bedell Cristin Partner Richard Sharp reflects
on the potential advantages and position of Guernsey
post-Brexit.
Captive Review (CR): How will Brexit affect Guernsey's
captive insurance industry?
Richard Sharp (RS): The outcome of the UK referendum on 23 June
2016 to leave the EU was both shocking and unprecedented. To
understand what this means for Guernsey it is first necessary to
remind ourselves of the nature of its long-standing constitutional
relationship with the UK. Guernsey is part of the British Isles but
not part of the UK. It is in Europe but not in the EU or the EEA.
Guernsey's constitutional relationship with the UK is over 750
years old and will not be affected by the end of a much younger
relationship between the UK and the EU. Guernsey's status as a
Crown Dependency gives it the right to make its own laws, including
those concerning taxation, and Brexit does not put Guernsey's
tax neutrality under threat.
