The leaders of the EU Member States have reached an agreement on the guidelines for the negotiations with the United Kingdom on the Brexit: the withdrawal of the state from the European Union. The EU will work in phases: first a division of property, only then the formalisation of the new relationship with the United Kingdom. The talks between the EU and the United Kingdom are conducted based on the British general election of 8 June 2017.
Brexit and bonus cap
A lot of (financial) institutions want to move their head offices to the European Union because of the Brexit. Amsterdam, too, is a potential location for a great deal of organisations. However, not many financial institutions seem to make the step to the Netherlands, partly because it has a strict bonus cap. Bankers in the Netherlands may not receive more than 20 percent of the fixed annual salary as a variable remuneration: the strictest cap in all EU Member States.
Lawyer Constant van Tuyll van Serooskerken, active in the Van Doorne Brexit-Team, discusses the ‘Dutch Bonus Cap’ in the daily newspaper Het Financieele Dagblad. The cap is very explicit, while legislation offers foreign companies opportunities to implement a 100 percent bonus scheme. This infographic clarifies this scheme.
Van Doorne Brexit-team
We have set up a special Brexit-team to support (foreign) companies in process and insurance law, financial institutions, tax law, privacy, employment law, consumer goods and retail and, of course, European and competition law.