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The Spanish Royal Decree – What Happens if the UK Leaves the EU Without an Agreement…

05.03.2020 News

The Spanish Royal Decree 5/2020 was published in the Spanish Gazette (“Boletin Oficial del Estado”) on the 2nd March 2020. This Royal Decree, that will need to be ratified by the Spanish Congress Permanent Council, establishes the steps that the Spanish Government will follow (subject to UK reciprocity) should the UK leave the EU without an agreement.

Amongst other things, this Royal Decree provides for the following matters:

Citizenship & Residency

Should the UK leave the EU without a deal, UK nationals will have 21 months to apply for a Spanish residency. Until this law has been enacted by the Spanish parliament, UK nationals will be permitted to reside in Spain on the basis of the permissions that they were granted prior to Brexit.

Financial Services

Regulated UK and/or Gibraltar firms that currently provide banking, securities, insurance or other financial services into Spain under the passporting regimes (freedom to provide services or establish a branch), will continue to be able to provide such services after the UK leaves the EU. However, after Brexit, those firms will be treated as non-European firms and they will need to seek authorisation from Spanish authorities should they: (i) want to provide other financial services in Spain; (ii) introduce major changes to the financial services provided before Brexit; and (iii) enter into new business relationships.

The provisions of this Royal Decree: (i) apply to both Gibraltar & the UK; (ii) and will only apply for a period of 2 months from its approval as detailed above if the UK authorities do not take similar steps as the ones specified in this Royal Decree to guarantee Spanish nationals rights in the UK; therefore, the Spanish Government is expecting reciprocity from the UK Government.

Disclaimer:
This document has been issued on the 05th Mar 2020 by Triay Lawyers Limited, trading as Triay Lawyers, a Gibraltar private company limited by shares with registered office at 28 Irish Town, Gibraltar, GX11 1AA and with incorporation number 112599. The information in this document is for general information purposes only and does not constitute professional advice, legal or otherwise and does not intend to be comprehensive. Triay Lawyers does not accept responsibility for any loss that may arise from accessing or relying upon the information contained in this document.

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