GIBRALTAR – Land border checkpoints between Spain and the British territorry ceased to exist overnight after a historic post-Brexit deal came into action, ushering in a new era of openness in a world in which tougher border controls are being erected elsewhere.
The mood in Gibraltar is one of excitement ahead of the removal of the passport controls between the territory and continental Europe, which is expected to allow residents to circumvent the rules that limit Britons to staying only 90 days in every 180 in the European Union.
Gregory Butcher, a major property investor in Gibraltar who moved to the Rock from the UK 30 years ago, said the deal will bring investment opportunities in the low-tax territory.
“This will mean that Gibraltar could become a conduit for [British] investment into Spain,” he said. “British firms are excellent at services including, for example, insurance. Gibraltar does well in insurance but lacks the population of Bermuda, so insurance could create back office jobs in Spain.”
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