Bermudians’ free movement within the European Union is the greatest cause of concern following last night’s Brexit decision, Michael Dunkley said today.

The Premier told the House of Assembly much negotiating would take place after the British opted out of the EU.

Under a June 2014 agreement with the British Government, Overseas Territories citizens are allowed to travel through the EU Schengen Area for 90 days.

“The greatest concern for many Bermudians is the free movement within the EU for British Overseas Territory Citizens who possess British Citizenship as defined within the Treaty on the Functioning of the EU,” Mr Dunkley told MPs.

“For those who have obtained British Citizenship, the Treaty provisions state that ‘every person holding the nationality of a member state shall be a citizen of the Union’.

“It further outlines that ‘citizens of the Union shall enjoy the rights and be subject to the duties provided for in the Treaties.’

“This includes ‘every citizen of the Union shall have the right to move and reside freely within the territory of the member states’.

“Clearly, there is a likely impact on the free movement of Bermudians through the European Union. As indicated earlier, there is still much to be negotiated in this regard.”

Mr Dunkley also said an EU withdrawal will not affect Bermuda’s solvency equivalence.

And he said he had been advised there is no reason why any equivalency or unilateral decisions of the EU on insurance, audit or fund management should cease to exist on or before UK withdrawal. Bermuda is already treated as a “third country” by the EU, he said.

• To see Mr Dunkley’s statement in full, click on the PDF under “Related Media”.