In a historic shift, Gibraltar's land border with Spain will vanish on July 15, 2024, as part of a post-Brexit agreement that integrates the British Overseas Territory into the EU's Schengen area. This eliminates passport controls at the land border, allowing Gibraltar's 40,000 residents to move freely into Spain and the broader Schengen zone, though they remain subject to a 90-day stay limit that locals believe will be unenforceable. The deal also introduces a flat 15% transaction tax, replacing the current import duty of 0-12%, which businesses may pass on to customers.