Japanese conglomerate Panasonic will move its European headquarters from the United Kingdom to Amsterdam in October, as Brexit is approaching. This way, the company aims to avoid potential tax issues linked to the UK’s decision to leave the European Union, reports BBC News. As Brexit is coming closer, more and more multinational firms plan to move their headquarters out of the United Kingdom.
A spokesperson confirmed to the new agency that registration of Panasonic’s European headquarters would move in October. Up to this moment, it is not clear what the number of people who would have to move to Amsterdam is.
In the meanwhile, the European Union and the United Kingdom are still struggling to reach a consensus on the terms of the UK’s exit. Panasonic might just be the first of many Japanese companies that will move their HQ from London to another European location. Japan is a major investor in the UK and, like Panasonic, other firms, including Nomura, Sumitomo Mitsui, and Daiwa already stated they will move their headquarters away from the UK as well.