Spain, by contrast has a much higher unemployment rate and Andalucía, which borders Gibraltar, is its worst affected region. Under Article 227 of the Treaty of Rome, Gibraltar is a member of the European Union, having gained membership automatically when the United Kingdom joined in 1973. Gibraltar has been a British territory for over 300 years. Today an estimated 60,000 vessels travel through the Straits of Gibraltar each year, according to statistics from the Gibraltar Port Authority. Gibraltar’s EIF regime was introduced in 2005, and its popularity has helped boost the growth of Gibraltar’s fund industry. Of course there is so much more to Gibraltar than just business opportunities and low taxes. 0000001135 00000 n A short distance from the stadium is Gibraltar’s World Trade Center, which officially opened on 15th February 2017. This Guide is intended to assist 0000037626 00000 n Gibraltar permits foreign shareholders, welcomes foreign investment and does not restrict capital imports or foreign earnings such as interest, royalty payments or other similar earnings. It enjoys an unemployment rate of 1% with the labour market bolstered by a combination of native and expatriate commuters arriving daily from Spain. Protected Cell Company (PCC) Under the Protected Cell Companies Act 2001, a new form of company was introduced in Gibraltar, the PCC. In addition to background facts about Gibraltar, it includes relevant information on business operations and taxation matters. The proposal, which featured in Bloomberg, would see Gibraltar-based insurers opening offices in the neighbouring La Linea De La Concepcion, which would, in turn, provide additional employment and investment to the Spanish border town. Establishing Residency. This state-of-the-art complex, overlooking the Straits of Gibraltar, combines innovative design with rapid connectivity and hosts some of the world’s most successful companies including Apple, Vodafone and Royal Dutch Shell. However, Gibraltar has implemented Directive 2005/60/EC on the … Additionally, Gibraltar also plays host to numerous gaming software providers including Playtech, Microgaming and IGT. Trust A trust can be set up for the purposes of asset protection, for the transfer of assets, ownership of property or for estate planning purposes. Sotomarket, oficina 8 Benefits of Doing Business in Gibraltar. treaties. Stamp duty is only payable in respect of the transfer of real property situated in Gibraltar and, in respect of the creation and increase of share capital. 0000044466 00000 n 0000042378 00000 n Indeed there is a strong case for cooperation; a total of 11,069 frontier workers commute back and forth over the border, according to statistics from the Gibraltar government. Banks and investment firms must also submit to an Independent Capital Adequacy Assessment Process (ICAAP) review and acquiesce to the FSC’s ruling on capital. FOREIGN INVESTMENT RESTRICTIONS AND CONDITIONS 6 Doing business in Gibraltar. Partnership • English speaking country with a Mediterranean climate and lifestyle, a vibrant culture and community and thriving property market plus ease of residency and added tax incentives for High Net Worth Individuals. British embassy or high commission Includes contact details for the Office of the Governor. These types of trusts require more disclosure, however, including registration with the GFSC and the Registrar of Dispositions. Gibraltar boasts an extremely efficient and modern telecommunications network, with multiple private operators offering high speed connectivity, including fixed fibre broadband and 3G and 4G mobile connectivity. While Brexit continues to dominate the headlines, the mood in Gibraltar remains one of cautious optimism. Gibraltar therefore banks perform rigorous due diligence and KYC (Know Your Customer) checks, which can be lengthy at times. Throughout its often-turbulent history, Gibraltar’s strategic importance, economic status and prosperity has rarely wavered. The handbook was written to give the busy executive a quick overview of the investment climate, taxation, forms of business organisation and business accounting practices in Gibraltar. Job growth was at 3.6%, with average annual earnings of £28,752, higher than the UK average of £27,600. 0000037738 00000 n The Gibraltarian lifestyle is a unique hybrid experience where British influences are paired with Mediterranean flair, alongside additional North African and Asian infusions. Gibraltar is not part of the UK, but contrary to all other British Overseas Territories was a … Withholding Tax There is no withholding tax on dividends, royalties or interest in Gibraltar. Online Gaming Tax Online Gaming operators (e.g. Airport, port and marina facilities. 0000003507 00000 n This means that, while Gibraltar-based companies are currently able to sell and provide their services to other Single Market countries, in a process known as “passporting”, imports and exports are still subject to local customs controls and excises. An Experienced Investor Fund (“EIF”) is a regulated collective investment scheme exclusively for investment by experienced investors and is established under the EIF Regulations 2012, and registered with the GFSC. This status is based on strict criteria; Category 2 individuals cannot ordinarily engage in a trade, business or employment in Gibraltar. Gibraltar affords special status, known as Category 2 status, to individuals whose net worth exceeds £2,000,000. There is also a requirement for any person working in Gibraltar to be registered in advance as an employee with the Employment Service (see above). BUSINESS PRESENSE • Gibraltar is an excellent hub for the establishment of international business. Gibraltar operates a PAYE system similar to the UK and therefore the onus is on employers to deduct accurate and appropriate tax and social insurance payments from their employees. Gibraltar’s country code is +350 and its domain extension is .gi. 0000043556 00000 n Such individuals must have a minimum net worth of £2 million and must purchase a qualifying residential property in Gibraltar. Spanish may be used in dealing with companies from that country that operate in Gibraltar. Doing Business Data Corrections and Findings of Internal Audit. This amazing change is certainly due to the biggest industries which invest in the country. Registering a place of business is generally more appropriate for non-trading entities with no selling activity in Gibraltar. Generally speaking, however, Gibraltar’s swift legislative turnaround means the jurisdiction is fully up to date with EU laws and directives, where applicable, such as the General Data Protection Regulation (GDPR), and will continue to maintain this harmonisation for the foreseeable future. It has endured fourteen sieges, Barbary pirate raids, Napoleonic wars, Axis aggression and a 16 year border blockade by the Franco regime. 0000042156 00000 n Business language. Tourism and retail are two significant contributors to Gibraltar’s economy, particularly where both areas intersect, with a steady stream of tourists year-round shopping for VAT-free bargains on jewellery, electronics, fashion and cosmetics. Economic and political outlook. This provides great flexibility in creating large authorised and issued share capital structures for Gibraltar registered entities. Are there any restrictions on doing business with certain countries or jurisdictions? As a member of the Commonwealth of Nations, Gibraltar also belongs to a close, international community which, in 2016, saw intra-member trade worth $560 billion. Gibraltar’s business-friendly environment, prudent regulation and unblemished global standing has proven particularly inviting to the finance and insurance industry. Gibraltar has also entered into arrangements with the US in respect of FATCA and with a separate Intergovernmental Agreement in respect of the automatic exchange of tax information with the United Kingdom. Management Review of Data Irregularities in the Doing Business Reports from 2016 to 2020: Verification Report. online casinos and bookmakers) based in Gibraltar are also liable to a 1% tax on income up to a maximum of £425,000. 4. 0000001033 00000 n The jurisdiction continually updates its financial regulation, supervisory legislation and anti-money laundering legislation to comply with UK standards, the most stringent standards in Europe. Reputation, regulation and credibility are at the forefront of Gibraltar’s priorities. The results mirrored the sovereignty referendums of 2002 and 1967 when 98.48% and 99.64% of voters respectively elected to remain British. Gibraltar is well equipped to host its roster of high-profile conferences, festivals and events, including the Gibraltar International FinTech Forum (GibFin) and the KPMG eSummit. Trust This Guide is intended to assist It has its own autonomous parliament and has competence to pass its own laws. Similar discussions are underway concerning Gibraltar and Malta-based insurers to find a mutually beneficial solution to the issue of passporting services post-Brexit. Company Companies are fully distinct legal entities which enjoy the benefits of limited liability. 0000042997 00000 n wheels in motion. In March 2018, the government released its Token Regulation Policy Document with clear definitions on token types and their utility, and the myriad responsibilities of token issuance. In 2015 the Gibraltar Stock Exchange began trading and the University of Gibraltar had its official opening. In order to do so they must first become sanctioned to do so by the GFSC and pay them an annual fee of £3,000 (plus an additional £1,000 for each cell). Gibraltar is also a popular jurisdiction for ship registration. A useful guide produced by Grant Thornton, Gibraltar offering a practical insight into key aspects of doing business in Gibraltar. • Home to some of the world’s biggest brands, market leader in insurance, finance and online gaming, blockchain/crypto industry frontrunner. Business language English is the official language of business in Gibraltar. It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. Plus, since Gibraltar law is based on English Common Law, red tape is at a bare minimum – especially when compared with the bureaucratic nightmares for which other Mediterranean countries are notorious. Doing Business and Investing in Gibraltar 4 The firms of the Pricewaterhouse Coopers global network (www.pwc.com) provide industry focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders The 95.9% of Gibraltarian voters who rejected Brexit understood all too well the potential existential threat that it posed. Trustees, however, can be resident in Gibraltar. Gibraltar has become a prime jurisdiction for funds in recent years, with legislation allowing for a range of options including Private Funds and Experienced Investor Funds. EIF’s. 0000063616 00000 n 0000037701 00000 n Immigration and the right to enter Gibraltar are governed by the Immigration Control Ordinance. Gibraltar currently has 27 Tax Information Exchange Agreements and enjoys full OECD, IMF and FATF “white list” status. Includes investing and setting up a business in the UK and doing business in Gibraltar. On January 1st, 2018, Gibraltar made headlines globally when it introduced its ground-breaking Distributed Ledger Technology (DLT) Regulations. English is the official language of business in Gibraltar. Brexit fears have not slowed foreign investment, which grew in 2017 and Gibraltar’s impressive advances in the blockchain sector continues to make headlines and has resulted in a massive surge in interest in the jurisdiction. The Rock itself was known to ancient mariners as one of the “Pillars of Hercules”, the other being Jebel Musa mountain in Morocco. The limited space and unique geography of Gibraltar means little to no agricultural activity or heavy manufacturing, therefore it imports the bulk of its produce, as well as machinery and equipment, from abroad. Asset Protection Trusts are particularly popular, since they offer various key benefits, including shielding a settlor’s strategic assets against future claims by creditors. While all indicators point to yet another year of strong economic growth, one cannot mention Gibraltar’s future prospects without first addressing the proverbial elephant in the room. An EIF can be established as a Gibraltar limited company, a Gibraltar unit trust, a Gibraltar limited partnership, a Gibraltar protected cell company or any other form recognised in Gibraltar (which may include foreign structures where the management and control is in Gibraltar) and which is approved by the GFSC. 0000006581 00000 n Individuals and companies pay income tax on local earnings, but not on any foreign income. 0000002252 00000 n Gibraltar is also the perfect place to raise a family, it’s safe, friendly and immaculate with plenty to entertain the little ones ones too. Stamp duty Stamp duty is payable only on real estate and capital transactions at the following rates: yShare capital £10 (flat rate) yLoan capital £10 (flat rate) It is payable on purchase of real estate as follows: First and second-time buyers Gibraltar has the largest bunkering port in the Mediterranean There is no restriction on the maximum number of shareholders that Gibraltar registered private or public companies may have. Legal 500 Doing Business in Gibraltar. Limited Liability Partnership (LLP) Similar to above but for one very important distinction; each partner in an LLP is insulated from liability which may result through the actions, or inactions, of any of other partners. The Gibraltar International Magazine's home page has the most accurate and up to date Information, now available to you with the click of a mouse. Doing Business in Gibraltar – The Handbook, has been prepared by EY Limited. 0000063031 00000 n • Consistent economic growth, scores high across key indicators with GDP per capital of £56,612 and an unemployment rate of just 1%. Foundation. Gibraltar’s banking industry is extremely business-friendly and enjoys a positive reputation globally. Doing Business in Gibraltar 2016 has been written for Moore Stephens Europe Ltd by Moore Stephens Limited. Limited Liability Partnership Gibraltar is exempt from EU legislation on VAT and enjoys full autonomy on all tax issues. The leading activities in Gibraltar are Financial Services and E-Commerce, Insurance, Bunkering, Property, Tourism and Transport as well as maritime related services given Gibraltar’s location. Only the first £80,000 of their assessable income is taxable in Gibraltar subject to a minimum tax payable of £22,000 and a maximum of £29,800. 0000043827 00000 n • Modern, dependable infrastructure built to British standards plus high speed mobile and fibre connectivity. Gibraltar’s fascinating culture and history and stunning landscape, combined with its sunny climate, makes it a popular tourist destination, with over ten million visitors arriving in 2016 alone, resulting in a total revenue of £211.9 million. Doing Business in Gibraltar Gibraltar combines strong economic growth and a favourable tax regime with a warm, Mediterranean climate and vibrant lifestyle. BUSINESS PRESENCE Gibraltar is an excellent hub for the establishment of international business. It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. Not surprisingly, the iconic Rock is one of Gibraltar’s most popular destinations, with tourists being particularly fond of its most famous residents, the Barbary macaque apes. Stamp Duty There is no stamp duty payable on the transfer of shares in a Gibraltar company, unless that Gibraltar company owns real property situated in Gibraltar. Gibraltar: Doing business and staying in touch Doing Business in Gibraltar. As this can be an extensive process it is advisable to arrange a meeting sooner, rather than later, in order to get the proverbial The GFSB is a non-profit organisation that exists to help small businesses in Gibraltar to start, grow and thrive. Making decisions about foreign operations is 0000042266 00000 n If all their combined conversations could be summed up in one word, that would be “opportunity”. (The exception being a specific sector of utility companies, who instead pay 20%.) Private funds are funds offered to a restricted class of up to 50 investors. Under the Supreme Court (Amendment) Act 2015, those who have been called to the Bar in England and Wales must then gain an additional certificate in Gibraltar law from the University of Gibraltar. Key Benefits of Gibraltar. Gibraltar’s status as a British Overseas Territory lends it several key advantages over other offshore jurisdictions. Whether entertaining clients, or just looking to relax after a long day, Gibraltar offers plenty of entertainment and diversion, including pubs, bars, clubs and casinos, and plenty of fine dining. EY Doing Business in Gibraltar 2016 - 2017 Published on Dec 12, 2016 Published annually by #EY #Gibraltar a comprehensive summary of the areas and benefits of doing business in #Gibraltar Business Restriction Gibraltar Private Companies cannot trade within Gibraltar or remit income to Gibraltar if the Company is to retain its Non-Resident status for tax purposes. Gibraltar’s economy is predominantly service-based with the majority of industrial activity engaged in shipping or allied industries. Both of these results speak volumes about Gibraltar and its people; who view themselves as distinctly British, but ultimately European. Tax Regime. This online handbook has been written to give the busy executive an overview of the investment climate, taxation, forms of business organisation and business accounting practices in Gibraltar. Doing business in Gibraltar A selection of articles, books and online resources to help you explore the key issues for doing business in Gibraltar. Gibraltar’s official currency, the Gibraltar Pound, is minted in Gibraltar and shares parity with the British Pound – both currencies are legal tender in Gibraltar. 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