Edition #20, June 2016


 
 
Brexit: a shake-up not an apocalypse
Article by Melanie Debono
 

In the latest of our series of guest articles, we are delighted to present an article by Melanie Debono of Capital Economics in London about the implications of Britain leaving the European Union, and the possible effects of this on Jersey’s finance industry.
 
Unless you’ve been living under (rather than on) a rock, you know that the United Kingdom will hold a referendum on whether to remain in the European Union on 23 June. The vote looks to be a close call especially following the recently-agreed reform deal – so it is worth thinking through carefully now the implications of a separation.

The impact on Jersey, and its financial sector, will depend critically on the economic and financial consequences for the United Kingdom and the City.
 
The influx of migrants is arguably the main reason Brits want to stop waving the twelve-starred flag. Annual net migration from Europe has more than doubled since 2012, reaching 172,000 in September 2015. Exiting the European Union doesn’t necessarily mean the United Kingdom will gain any power to restrict immigration from Europe – Britain may have to keep the free movement of labour to retain full access to the single market. However, it is more likely that policy will change in line with Britain’s needs – restricting low skilled workers and attracting more high skilled workers. Brexit may benefit the United Kingdom economy if it leads to a more tailored immigration policy.
 
Melanie Debono wrote this article for publication in Volaw Group’s latest Jersey Brief newsletter
 
Capital Economics
Melanie Debono
London
 
 
 
 


 
 
Brexit: the potential impact on the Isle of Man & Turnstone
Article by Ben Arthur
 

The impending referendum in the UK on whether to leave or remain within the EU will affect not just the mainland UK, but also the 14 Overseas Territories and 3 Crown Dependencies. The Isle of Man is one of the 3 Crown Dependencies, and Turnstone, which is a trust and corporate services provider, is based there.
 
The Isle of Man’s relationship with the EU is governed by Protocol 3 of the UK’s 1972 Accession Treaty, and as a consequence receives free access to the “Common Market”, as it was once called, for agricultural, fisheries and manufactured goods, but not for service industries, such as the trust and financial services industries, which generate the bulk of the island’s income and employment etc, however. Accordingly, I do not envisage that Turnstone will be directly affected in terms of a Brexit.
 
 
Turnstone Isle of Man
Ben Arthur
 
 
 
 


 
 
A Very Personal Perspective
Article by Zig Wilamowski
 

As one of the original five founder members of IPG started over a quarter of a century ago my vision was that of a worldwide association of lawyers, accountants and tax consultants and happily this is well on the way to being achieved. The aim was worldwide not merely European.
 
I am one of those old enough to have voted in the original in or out referendum in the mid-seventies when the European Economic Community (EEC) was being sold to us as an economic union so I voted to join.
 
I was born in the UK shortly after the end of the second World War to Polish '"refugee" parents - not economic migrants. In 1940 my parents along with many others were forcibly removed by the Russians from what was then the East of Poland (now Belarus) and taken in railway cattle wagons to forced labour camps in Siberia. When Hitler invaded Russia the Polish prisoners were released and told to find their own way to wherever they wished to go. Mercifully, thanks to a Polish general in exile (General Anders) who set about forming a new Polish army in exile and assisted Polish prisoners to make their way south my parents ended up in Iran (then Persia)  where the Shah, as an ally of the British gave them sanctuary. Of course many hundreds of thousands died before finding any sanctuary - my parents were one of the lucky ones and both joined the second Polish Army Corps to which the British gave excellent military training.
 
Hamels Consultants LLP
Zig Wilamowski
United Kingdom
 
 
 
 


 
 
Pros and Cons of leaving the EU ahead of the European Union Referendum
Article by Ashitha Nagesh for Metro.co.uk
 


 
 
IPG 2016 SPRING CONFERENCE (LONDON)
Article by Laurence P. Wiener of Wiener Soto Caparrós (Argentina)
 
 
On May 5-8, the Island of Albion hosted 107 IPG delegates, 30 of their significant others and 4 candidates for membership at the Spring Conference. 141 attendees, representing 29 jurisdictions from four continents, converged on the City of London, once again demonstrating IPG’s global reach and diversity. The tireless efforts of Conference Hosts Silverman Sherliker Solicitors LLP, Barnes Roffe LLP and DWFM Beckman brought together excellent programming and seamless organization.
 
These Hosts aptly chose the Tower Hotel on St. Katharine’s Dock, adjacent to Tower Bridge and the fabled Tower of London, for the Conference venue. The Delegates Program started early Thursday morning with optional Golf and Tennis events. Around 20 Delegates enjoyed a golf at the Royal Blackheath Golf Club or doubles and singles tennis on the beautifully manicured lawn tennis courts at the Blackheath Lawn Tennis Club. The two groups later joined amidst bright sunshine to enjoy lunch at the historic Royal Blackheath Golf Club manor house. Thursday evening brought all Delegates together at the nearby Dickens Inn to enjoy informal buffet, cocktails and, of course, a warm pint or two.
 

 
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From the Board
 
Dear Members,
 
although the number of members of IPG is still growing, we have quite a number of “white spots”. Francesca Falbo (Law), Rahul Chadha (responsible for Asia) and Jochen Hey (tax and accounting) are constantly looking for new members in all countries where we do not have members yet. Any recommendation is appreciated, but they do have their own top wish lists. These are as follows:
 
Jochen Hey needs your help finding accountants in:
1. Belgium
2. Brasil
3. Czech Republic
 
Francesca Falbo needs your help finding lawyers in:
1. All the Gulf Countries
2. Norway 
3. Sweden
 
Rahul Chadha needs your help finding new members in Asia and especially in:
1. Japan
2. Singapore
3. Indonesia
 
Followed by
 
4. Thailand
5. Korea
6. Vietnam
 
With helping them, you will also help yourself and your fellow members! Check your network and send an email with your suggestions to:
 
 
IPG International Practice Group
 
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