Gibraltar: Loving What I Do

You have to hand it to our editrix. She does like to present me with a challenge. A short while back, when setting deadline dates, she reminded me that the February edition is geared traditionally to the season of love – something to do with a special day in the middle of the month. "And this year", she went on, "try to make it, well, lovely".

So dear reader, imagine my dilemma. The month of love, treats and all things romantic. My simple job? Develop a theme for this month's finance column around the same subject. In recent years I have looked at partnerships and such like, so what could I do this time? As often happens when one is cogitating upon delicate matters, the answer just flew into my head one evening when I was least expecting it.

I was at a "do" in London representing the firm I work for. One of Gibraltar's greatest assets is that it is always a good conversation point when chatting in "cocktail party" mode – usually whilst juggling a glass of warm white wine and a shrivelled canapé – with people previously unknown. Everyone has heard of Gibraltar and almost everyone has an opinion about the Rock. These are not necessarily accurate and I generally see it as my duty to correct any miscomprehensions.

Back to the evening in question. We had quickly moved on from the inevitable geopolitical commentary and were now discussing Gibraltar in general. I was waxing lyrical about our financial services industry and stressing the finer points of our system of regulation. Warming to my theme, I was explaining why it is that so many clients choose Gibraltar over other jurisdictions when one of my audience – should that read "victims" – said: "It seems to me that you must really love your job."

Cue my theme for this month's column, I thought. Do I love my job? How many people who work for a living can really say that, especially in my world? I've always envied people who have turned their hobby or passion into their occupation, whether it's making fine art or fine cheese. They get paid for doing what they love best. But can this really hold true for financial services? To which of course the answer must be a resounding "yes". Read on.

First of all, the philosophical part. If we don't "love" what we do, why do it? I know that sounds smug, but in 2017 the range of opportunities open to jobseekers is so varied, even daunting, that the refrain "well it's just a job" should really have been consigned to history. Few individuals are now obliged, by social or geographic accident of birth, to carry on working for a lifetime at something to which they are ill disposed. Cynics might argue that is because there is now no job security, while employers might counter there is no job loyalty, but today's ease of travel and communications means that the way in which we work has changed beyond all recognition and working horizons are broader than ever before.

So what is it about my job that I supposedly "love"? I could of course suggest that I love slaving away at my keyboard to produce this column for you dear reader. This would not in fact be far wide of the mark, but the part of my job I enjoy most is putting solutions (or people) together – whether it is incorporating a new company, making a bank introduction or transferring a pension – in the most effective and efficient way possible. Like many jobs, the satisfaction comes from putting your expertise to work to the benefit of others. Even more so, perhaps, when you have to leave your comfort zone and extend your expertise to new areas.

That is all very well but what, I hear you ask, is there to love about Gibraltar's financial services industry? Regular readers of this column will not be surprised by my answer. Look at what is available in this well-regulated jurisdiction – and the people who deliver it. Without leaving the Rock, advice can be found on company and trust structuring, investments, funds, insurance, marine and aviation matters and much more. The list is impressive. And for once this column will not use the dreaded "B" word. Even when Article 50 has been triggered, I believe our industry will continue to thrive.

The right infrastructure is in place here too. I have written in the past about our impressive legal, accounting and investment capabilities on the Rock, which includes a fully-fledged stock exchange. Locally based professionals can deliver too on whatever structuring is required. Granted, more extensive banking options would provide clients with greater choice, but the scope offered by those that are here is wide-ranging. Some focus on the local retail market or corporate sector, whilst others focus on the wealth management aspects of private banking. Our banking staff are highly trained, experienced, multilingual (and I don't just mean English and Spanish) and they are committed to Gibraltar. In short, the financial sector is thriving and, just as importantly, it has the capability to keep pace with the ever-increasing demands of regulation.

The new Common Reporting Standard – or CRS – is now a reality and, in a perverse way, I find that this and the other international regulatory initiatives are actually of positive benefit to a jurisdiction like Gibraltar. Anyone holding a bank account outside their country of residence (or in some cases domicile) will have the existence of that account reported to their home tax authorities. This applies to bank deposits, privately held companies, trusts and other structures. These new rules are global and they are here to stay. And while they may necessitate increased due diligence and transparency, they are also an opportunity for Gibraltar to demonstrate its capacity to implement the highest standards and build on an international reputation for excellence. This is something that many of our "competitors" may struggle to do.

So even as the financial world continues to face enormous challenges, there is much to celebrate in Gibraltar. For a news junkie like me, the international "situation" has never been more uncertain – or, put another way, exciting. I see only ever expanding opportunities ahead for those willing to grasp them – both locally and further afield. It is a fine time to be involved in the financial services business and yes, dear reader, I love it.  

The acid test is, of course, the "lottery question". If I won the lottery tomorrow, would my "love" of what I do override the simple fact that I wouldn't actually need to work anymore? Would I carry on with the job or take myself off to a tropical paradise? As a youngster I was taught never to lie so, in all honesty, I'd have to say that paradise would, in all probability, win the day. But amidst the sun and sea and sand, I'm pretty sure that my thoughts would stray back with fondness to some, if not all, of my current responsibilities. So maybe the "love" I have for my job is conditional, but what's wrong with that?

That said, my boat hasn't come in yet – it sometimes feels like it hasn't even left the harbour – and for some reason the numbers on my lottery tickets always seem to be out by a few vital digits. Therefore this Valentine's Day, as for many years past and I hope for many to come, I'm afraid that my adoring public, colleagues and clients are going to have to continue putting up with me. But don't worry about the challenges posed by ever increasing regulation, difficult clients and the rest. Generally speaking, I love it.

Happy Valentine's Day.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.