#EmbraceSpain XXVII: Brexit is here, play your bets, gentlemen!

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#EmbraceSpain XXVII: Brexit is here, play your bets, gentlemen!

The United Kingdom finally notified the EC of its intention to leave the EU, and now two years of negotiations are under way in which the future of trade and expatriate relations in the country is at stake.

#Brexit is here. It is here to stay. This past Wednesday, March 29, British Prime Minister Theresa May activated Article 50 of the TEU, notifying the European Commission in a letter. From now on, negotiations with Brussels will last for at least two years to discuss, on the one hand, the British exit conditions of the EU and, on the other hand, the new legal framework of the future relations of the United Kingdom with the European Union.

Commercial relations and the situation of British and European citizens on either side of the Channel will be two of the major issues of negotiation. As for the future status of EU citizens living in the United Kingdom, both Theresa May and Chancellor Philip Hammond have said that they will respect their rights and that there will be no obstacles to the movement of EU citizens across the country. In this aspect,  from Del Canto Chambers we facilitate the obtaining of the Certificate of Permanent Residency to citizens of the European Union.

Also yesterday, Del Canto Chambers, together with different associations of Spanish citizens in UK, attended the briefing held by the Spanish Embassy in the United Kingdom with the presence of His Excellency Ambassador Carlos Bastarreche who, accompanied by different departments,  announced the one-stop shop that the embassy offers citizens who wish to express their concerns or raise issues that affect them as a result of Brexit and the departure of the UK from the EU. The ambassador commented; “It is very important, and we have said so, that the British authorities respect the acquired rights of European citizens in the United Kingdom.”

In an article in our blog, we stress that: “precisely the British position as a major recipient of foreign investment worldwide has been boosted after the Brexit (…) On the eve of the start of the negotiations of British exit from the EU, London and Doha tighten their already strong economic ties by launching a message of strength.”

In this regard, the day after the activation of the Brexit, the Qatari government announced an investment of 5,000 million pounds in the United Kingdom during the next five years in the transportation, real estate and digital technology sectors. The announcement is part of the “Bilateral Business and Investment Forum between Qatar and the United Kingdom” held this week in London and Birmingham. The latter has been selected as the second most populous city in the United Kingdom, with promising investment opportunities, while at the same time being connected to the national high-speed train network.

With respect to Qatar, the government continues to strive to increase trade links with European countries. In addition to the news of the millionaire investment in United Kingdom, there is also the promotion that the Qatar Financial Center (QFC) has made of Qatar as an investment destination in Germany, and the decision to convert this Gulf country into a power in the economy of knowledge. On the other hand, forecasts for growth in the real estate market ensure the good health of this sector in the coming years.

In the tax area in Spain, a study has concluded that tax evasion costs Spain 5,000 million euros per year (about 1,000 to the United Kingdom). In addition, it has been proposed at the Madrid Assembly, through a non-law proposition, to put on the same level marriages and domestic partnerships, for taxation purposes, amending Law 40/2003 of 18 November.

On the other hand, in the real estate market we highlight the entry into the stock market for the first time in ten years of a real estate company, as well as the increase in the supply of mixed mortgages. Lastly, a study revealed that the Spanish passport is the third globally that allows more visits to countries without the need for visas or paperwork, about 158.

In Córdoba, our partner and director of Trampoline Publishers, Encarna Castillo, presented this week her book “La Venta de Rayo” within the 44th edition of the Córdoba Book Fair. The event was moderated by our lawyer Claudio Rodríguez Vera and the professor of the University of Córdoba, Antonio Manuel, who, in the presentation, referred to the tapestry of the collective memory commenting how “this book does justice to the day laborers who hoped that one day justice would be done after their death. “

The book recounts that chapter of our history of which little or nothing has been told, on how the consequences of the Francoist coup d’état led to the exile within the country of so many workers and landless laborers, and which the regime disguised as economic emigration.

Our Managing Partner, Leon Fernando del Canto, has published a review in the Huffington Post about this novel with a prologue by Judge Baltasar Garzón: “‘Venta del Rayo‘: the philosopher’s stone that transforms history into memory.”

Theresa May has already moved tab on Brexit and now only awaits the response of the European Union, set for next April 29 at an extraordinary European Council. The exit negotiations will be very complex and we are committed to share with you our point of view on these and other current tax and mercantile news from our blog and on social networks (Twitter, Facebook, Linkedin).

Xavier Nova (@xavinova)

Director of Del Canto Chambers