We are surprised as everyone else. 

However, we must accept the decision and look at the positives. 

Gibraltar has faced off some great challenges over the years and come out even stronger. So we simply do that again. Gibraltar has a chance to shape its own future, its own fiscal infrastructure and we can take advantage of that position if we need to. The short term will be uncertain. However, rushed decisions are generally bad decisions. So we should all hold our nerve and focus on repositioning the future. 

In terms of the impact on the property market, we were delighted to close our first post-referendum property deal at 9.05am this morning. Gibraltar employees moving in from Spain. Indeed, there are 12,000 frontier workers, many of whom may wish to live in Gibraltar. There may of course be some ex-pat residents making a rash decision to leave Gibraltar. So it depends upon which effect is the greater. No one knows. We do not foresee any mass exodus, more a wait and see.

We are believers in Gibraltar’s future. We are believers in a long term future for Chestertons in Gibraltar. We are both a local and international business and we have no reason to change that business model.

Stay calm, sit tight, and let’s strategise on a positive future for us all. 

As Gibraltar will always find a business model that works.