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Finance Centre
Gibraltar as a Finance Centre
Gibraltar is recognised as one of the best regulated offshore finance centres in the world.
Regulation is exercised by the Gibraltar Financial Services Commission which is responsible for the licensing and supervision of all companies and individuals who offer financial services or products to the public from Gibraltar. The Commission comprises eight members who are appointed by the Governor with the approval of the Foreign and Commonwealth Secretary of the United Kingdom. The Commission is independent of the local government and finance industry. In addition its workings are subject to independent audit.
The Government of Gibraltar has introduced tough legislation to combat money laundering on an all crimes basis. This legislation is up to UK and EU standards.
These high regulatory standards have been publicly confirmed by the UK government.
The anti-money laundering regime
in place in Gibraltar has recently been endorsed by the Financial Action
Task Force. The regulation and supervision of financial services was
also endorsed by the IMF in a report dated October 2001.
The Gibraltar Finance Centre comprises a pool of expertise in financial activities and an increasing range of facilities.
There is a well-established banking sector which presently comprises 16 banks with a total deposit base of £2.6 billion. Most of these banks are branches or subsidiaries of major UK or other European financial institutions. The banking sector provides a wide range of facilities including private banking and investment services.
Company management is also a major part of the finance centre. There are currently some 28,000 active Gibraltar companies.
Over 1,500 people are employed in the finance industry and provide high standards in banking, insurance, legal and fiduciary services.
Gibraltar’s law is based on common law and the rules of equity, as in England. The application of these general principles and certain specific enactments of English law are covered by the Application of English Law Ordinance 1962. Statute law is mostly based on ordinances passed by the local parliament, the House of Assembly. Only UK qualified barristers and solicitors may practise law in Gibraltar. The legal system therefore embodies the advantages and security of English law which is generally regarded as being particularly appropriate for finance centre activities.
Fiscal and Investment Incentives
Gibraltar offers various fiscal incentives which make the territory an attractive place from which to do business. These include the following:
- Companies
- Individuals
- Trusts
General
Asset Protection
- Savings Income
- Other taxes
- Investment Incentives
Government of Gibraltar Financial Assistance
EU funds
Development Aid
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