On 23 June 2016, the UK held a referendum where voters indicated
that the country should leave the EU.
The purpose of this client update is solely to comment on the
potential impact for the Cayman Islands and the BVI.
The referendum vote itself was advisory rather than binding and
the consequences of the vote, and the timing of the next steps,
will be determined by the UK Parliament.
We understand that the negotiation of the UK's withdrawal
from the EU is expected to take two years from the date on which
Article 50 of the Lisbon Treaty is triggered. Current reports
indicate that an Article 50 notification is only likely to occur
once a new UK Prime Minister has been appointed, which is
anticipated to happen by the time of the UK Conservative Party
conference in October 2016.
Although the Cayman Islands and the BVI are overseas territories
of the UK, they are not part of the EU (as is the case with
Accordingly, we do not foresee an immediate or significant
impact on the Cayman Islands or the BVI as a result of the
referendum outcome and are satisfied that the relationship between
the UK and each of the Cayman Islands and the BVI will remain the
As EU law does not apply to the Cayman Islands or the BVI,
current Cayman Islands legislation and BVI legislation will remain
unaffected. The current judicial system for both the Cayman
Islands and the BVI, with the UK's Privy Council as their
respective ultimate court of appeal, will remain unaffected.
If clients require more detailed EU-focused advice on the
referendum's implications, the partners in our full service law
firm in Ireland stand ready to assist. Alternatively, please
liaise with your usual Maples group contact or any of the above for
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.
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