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Tag: Brexit

Gibraltar Brexit Fears

Gibraltar Brexit fears are gaining pace

Gibraltar Brexit FearsGibraltar Brexit fears are rising as a decision is awaited from the European Court of Justice (ECJ). Gibraltarians want to stay in the single market with good reason. It has become a tax haven for many financial services and online gambling operators.

The small rocky territory borders with the southern Iberian peninsula. It became part of Great Britain in 1713 when it was ceded by the Spanish under the Treaty of Utrecht. It is a highly populated territory with around 33,000 residents.

After the millennium, many bookmakers and online gaming operators moved to Gibraltar to benefit from low corporation tax. The tax regime was later modified during January 2011 but resident companies still enjoy a favourable corporation tax rate of 10%.

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Online Gambling after Brexit

Online Gambling after Brexit may be a different ballgame

Online Gambling after BrexitWithin Europe many online casinos can operate freely if they are licensed within an EU Country. Online gambling after Brexit will probably be more restrictive than it now is. Many UK online casinos are licensed by the UK Gambling commission. That enables them to operate securely in the UK and in other countries where they are permitted to do so.

Some EU countries have been able to limit competition from foreign competitors. For example, Spain will not allow a foreign online casino to operate unless it has a Spanish domain name and is licensed in Spain. The Czech Republic has also done the same thing. The point here is that online casinos which do operate legally in Spain and the Czech Republic have to pay taxes in those countries. Finland has a free trade deal with Europe but they will not allow foreign online casino operators because their gambling industry is nationalised and prevents private gambling operations.

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