21 February 2023

Private Client Laws And Regulations 2023



ISOLAS LLP is a full service Gibraltar law firm and can advise on the full range of legal services available in Gibraltar. An award-winning firm, ranked by the world’s leading directories as a leader in the market, our only focus is on our clients and on delivering the best solutions.
ISOLAS Partners Adrian Pilcher, Emma Lejeune, and Stuart Dalmedo, have once again contributed to the Private Client 2023 Guide for Gibraltar in the International Comparative Legal Guides (ICLG).
Gibraltar Tax
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1. Connection Factors

1.1 To what extent is domicile or habitual residence relevant in determining liability to taxation in your jurisdiction?

Domicile or habitual residence does not determine liability to taxation in Gibraltar.

1.2 If domicile or habitual residence is relevant, how is it defined for taxation purposes?

This is not applicable.

1.3 To what extent is residence relevant in determining liability to taxation in your jurisdiction?

Gibraltar levies tax on a territorial basis; generally, individuals would be chargeable to tax on income that accrues in and derives from Gibraltar. Income that is accrued in and derived from outside Gibraltar is generally not subject to tax in Gibraltar when remitted back to Gibraltar, although it should be noted that individuals who are ordinarily resident in Gibraltar may also be subject to tax on specific types or worldwide income regardless of where this is accrued in and derived from by virtue of the fact that they are ordinarily resident in Gibraltar.

1.4 If residence is relevant, how is it defined for taxation purposes?

An ordinarily resident individual is an individual who is present in Gibraltar:

  1. for a period of (or periods together and amounting to) at least 183 days; or
  2. for 300 days in aggregate over a consecutive period of three years of assessment.

Presence in Gibraltar for any part of a 24-hour period commencing at midnight shall be counted as a day of presence, irrespective of whether or not any accommodation is used in Gibraltar.

There are also special tax status regimes, known as the Category 2 status and HEPSS (high executive possessing specialist skills) status, afforded to high-net-worth individuals and individuals who possess specialist skills and are employed by a Gibraltar-based company on the basis of those specialist skills.

1.5 To what extent is nationality relevant in determining liability to taxation in your jurisdiction?

Nationality is not a determining factor of tax residence.

1.6 If nationality is relevant, how is it defined for taxation purposes?

This is not applicable.

1.7 What other connecting factors (if any) are relevant in determining a person's liability to tax in your jurisdiction?

In addition to meeting the day test, for the most part, Gibraltar's income tax regime operates on an accrued and derived basis. "Accrued in and derived from" is defined by reference to the location of the activities that give rise to the profits. Therefore, any individual, regardless of his residence, domicile or nationality, will be liable to pay income tax in Gibraltar in respect of income that has accrued in or derived from activities or sources undertaken or performed in or from Gibraltar.

1.8 Have the definitions or requirements in relation to any connecting factors been amended to take account of involuntary presence in (or absence from) your jurisdiction as a result of the coronavirus pandemic?

No, they have not.

2. General Taxation Regime

2.1 What gift, estate or wealth taxes apply that are relevant to persons becoming established in your jurisdiction?

There are no estate, inheritance, gift or wealth taxes in Gibraltar.

2.2 How and to what extent are persons who become established in your jurisdiction liable to income and capital gains tax?

There is no capital gains tax in Gibraltar.

Income tax is chargeable, for the most part, on an accrued and derived basis, except in the case of ordinarily resident individuals who may be liable to tax on specific elements of worldwide income, irrespective of where it may have accrued in or derived from.

Persons may elect to pay tax under either the gross income-based system or the allowance-based system, as set out below.

Gross Income-based System

Under this system, individuals are taxed on their gross income with very few allowances being taken into account or deductions being made. The following rates apply (2022/2023).

Individuals with a gross income of less than £25,000 per annum:

  • the first £10,000 at 8%;
  • the next £7,000 at 22%; and
  • the balance at 30%.

Individuals with a gross income above £25,000 per annum:

  • the first £17,000 at 18%;
  • the next £8,000 at 21%;
  • the next £15,000 at 27%;
  • the next £65,000 at 30%; and
  • the balance at 27%.

Allowance-based System

Under this system, persons may claim allowances and deductions and will be taxed on their taxable gross income less allowances as follows:

  • the first £4,000 of assessable income at the rate of 16%;
  • the next £12,000 of assessable income at the rate of 19%; and
  • the remainder of assessable income at the rate of 41%.

Allowances include things such as mortgage interest relief, medical insurance, child allowances and pension tax-relief.

Although Category 2 individuals (see question 11.2) and HEPSS individuals (see question 11.5) pay tax on specified statutory rates as other taxpayers, their total liability is capped (see questions 11.2 and 11.5).

2.3 What other direct taxes (if any) apply to persons who become established in your jurisdiction?

There are no taxes other than income tax that are payable on the basis of residence.

2.4 What indirect taxes (sales taxes/VAT and customs & excise duties) apply to persons becoming established in your jurisdiction?

Having been excluded from the Customs Union, there is no VAT in Gibraltar. Goods that are imported into Gibraltar are nevertheless subject to import duty at varying rates (with some exemptions). There are certain exceptions for some goods that are instead subject to fixed duty, irrespective of their value. These include alcohol, fuel and tobacco. However, any diesel fuel supplied to a superyacht, jet ski or pleasure craft of any type incurs a 12% duty rate. Finally, personal motor vehicles will also attract import duty, calculated at varied rates ranging between 2–35%, depending on the value, the size and type of car.

2.5 Are there any anti-avoidance taxation provisions that apply to the offshore arrangements of persons who have become established in your jurisdiction?

Gibraltar does have Controlled Foreign Company (CFC) rules – these attribute to a Gibraltar company the undistributed profits of a CFC arising from non-genuine arrangements that have been put in place for the essential purpose of obtaining a tax advantage.

Gibraltar also has "transfer of assets abroad" legislation, which is designed to enable the Gibraltar tax authorities to, in certain circumstances, assess the income of offshore structures on persons who are ordinarily resident for tax purposes.

2.6 Is there any general anti-avoidance or anti-abuse rule to counteract tax advantages?

The overarching anti-avoidance provision (GAAR) in place in Gibraltar relates to the principle of "artificial and fictitious", as defined in the Income Tax Act as referring to transactions that are seen as inauthentic and not real. The Income Tax Act also refers to transactions that are not consistent with the OECD's Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

Additionally, there are specific anti-avoidance provisions in Schedule 4 of the Income Tax Act relating to transactions with connected persons, thin capitalisation, interest limitation rules and hybrid mismatches.

2.7 Are there any arrangements in place in your jurisdiction for the disclosure of aggressive tax planning schemes?

Section 41 of the Income Tax Act imposes an obligation on promoters of tax planning arrangements, requiring them to notify the Commissioner within a 30-day period of any arrangement entered into that enables, or might be expected to enable, any person to obtain an advantage in relation to tax. The provisions of the Act factor in reporting requirements under the EU's Directive on Administrative Co-operation (DAC6) and Mandatory Disclosure Rules (MDR).

3. Pre-entry Tax Planning

3.1 In your jurisdiction, what pre-entry estate, gift and/or wealth tax planning can be undertaken?

There are no estate, gift, inheritance or wealth taxes in Gibraltar.

3.2 In your jurisdiction, what pre-entry income and capital gains tax planning can be undertaken?

Liability to income tax generally depends on whether income is accrued and derived, and whether an individual becomes ordinarily resident in Gibraltar (as mentioned above).

There is no capital gains tax, so with efficient tax planning (depending on the individual's existing place of residence), tax planning opportunities could be available.

3.3 In your jurisdiction, can pre-entry planning be undertaken for any other taxes?

Pre-entry planning for individuals is normally restricted to the points noted above in relation to income tax, capital gains tax and inheritance tax.

4. Taxation Issues on Inward Investment

4.1 What liabilities are there to tax on the acquisition, holding or disposal of, or receipt of income from investments made by a non-resident in your jurisdiction?

Generally, no tax arises on the acquisition, holding or disposal of, or receipt of income from investments made by a non-resident in Gibraltar.

There are no withholding taxes on interest or dividend payments in Gibraltar.

Stamp duty is payable (by the buyer) on the transfer or sale of any Gibraltar real estate or shares in a company owning Gibraltar real estate (on an amount based on the market value of the real estate) (see question 4.3).

4.2 What taxes are there on the importation of assets into your jurisdiction, including excise taxes?

See question 2.4.

4.3 Are there any particular tax issues in relation to the purchase of residential properties by non-residents?

Stamp duty is payable (by the buyer, whether resident or non-resident) on the transfer or sale of any Gibraltar real estate or shares in a company owning Gibraltar real estate (on an amount based on the market value of the real estate) at the following rates:


% value of consideration

£200,000 or less


£201,000 to £350,000

2% on the first £250,000 and 5.5% on the balance

Over £350,000

3% on the first £350,000 and 3.5% on the balance

For first- and second-time buyers, there is no stamp duty to pay on the first £260,000 of the cost of the property, irrespective of the total cost. Stamp duty is also payable on mortgages secured on Gibraltar real estate at the following rates:

  • mortgages of £200,000 or less, 0.13%; and
  • mortgages over £200,000, 0.2%

Stamp duty on transfers of properties between spouses is nil.

5. Taxation of Corporate Vehicles

5.1 What is the test for a corporation to be taxable in your jurisdiction?

Companies are taxed on a territorial basis, meaning that only income accrued in or derived from Gibraltar will be subject to taxation in Gibraltar. "Accrued in or derived from" refers to the location of the activities that give rise to the profits of the company.

A business whose income arises from an underlying activity that requires a licence and regulation under any law of Gibraltar (such as a business licence or a licence issued by the Gibraltar Financial Services Commission), or that is licensed in another jurisdiction but enjoys passporting rights into Gibraltar, shall be deemed to accrue in and derive from Gibraltar.

Intercompany loan interest (which exceeds £100,000 per annum) and royalty income shall be deemed to accrue in and derive from Gibraltar if it is received by a company that is registered in Gibraltar.

5.2 What are the main tax liabilities payable by a corporation which is subject to tax in your jurisdiction?

Companies pay corporate tax on their income at a standard rate of 12.5%. A higher rate of 20% is payable by utility and fuel supply companies and companies abusing a dominant market position. For telecommunications companies, the 12.5% rate will apply to the gains and profits arising from their non-telecommunications business and activities.

Companies that operate in the gaming/gambling space also pay a gaming tax of 0.15% on gross revenue over £100,000.

5.3 How are branches of foreign corporations taxed in your jurisdiction?

Branches of foreign corporations are taxed in the same way as any other company, i.e. they will be liable to tax on income that is accrued in or derived from Gibraltar.

6. Tax Treaties

6.1 Has your jurisdiction entered into income tax and capital gains tax treaties and, if so, what is their impact?

Gibraltar has entered into exchange of information agreements pursuant to OECD requirements.

Gibraltar and the UK signed a new income tax treaty in October 2019, which came into force in April 2020. As there are no capital gains taxes under Gibraltar law, the double taxation treaty (DTT) does not cover capital gains taxes. This DTT is now fully in force.

An International Tax Agreement between the UK and Spain concerning Gibraltar (the UK acting in its position as the recognised State responsible for Gibraltar's external relations) was signed in March 2019 and is now in force.

6.2 Do the income tax and capital gains tax treaties generally follow the OECD or another model?

The UK and Gibraltar DTT follows the OECD model, but applies only to income tax and not capital gains tax.

The International Tax Agreement between UK and Spain relating to Gibraltar is a bespoke agreement that takes into account the extent of the proximity between Spain and Gibraltar and the resulting level of cross-border activity. It does not follow the OECD model.

6.3 Has your jurisdiction entered into estate and gift tax treaties and, if so, what is their impact?

There are no estate taxes or gift taxes in Gibraltar. As a result, Gibraltar has not entered into any estate and gift tax treaties.

6.4 Do the estate or gift tax treaties generally follow the OECD or another model?

As mentioned above, there are no gift or estate taxes in Gibraltar.

7. Succession Planning

7.1 What are the relevant private international law (conflict of law) rules on succession and wills, including tests of essential validity and formal validity in your jurisdiction?

The law of Gibraltar in relation to a deceased person who dies domiciled outside Gibraltar closely resembles the law of England and Wales. The Supreme Court of Gibraltar will treat movable property differently to immovable property. For a grant of probate or grant of letters of administration (with or without a will annexed) to be made there must be movable property in Gibraltar. Domicile has the same meaning under Gibraltar law as it does under the law of England and Wales.

In the case of movable property, the law of the country in which the deceased died domiciled is applied. The Supreme Court will make its own decisions based on the evidence of experts in the relevant foreign law. The Supreme Court will take into consideration any decision made by a foreign court concerning the estate of the deceased.

In respect of immovable property, the deceased must also obtain probate in the country where the property is situated, if this is required by the law of that country. If most of the immovable property is situated in Gibraltar, then, provided the will is valid under the Wills Act 2009, probate will be granted.

In Gibraltar, there is no forced heirship provision whereby a testator must leave certain of his/her assets for the testator's family and dependants. This principle, known as freedom of testamentary disposition, is enshrined in Section 3 of the Wills Act 2009. Where the deceased dies domiciled abroad, conflict of law issues may arise. However, the Trusts (Private International Law) Act 2015 introduced "Firewall" legislation restricting the application of foreign laws and judgments, particularly on forced heirship.

As a general rule, a testator is free to bequeath the testator's estate to whomever the testator so wishes. If there is a valid will, then it is a matter of interpreting the will, although family and dependants have certain statutory rights of provision from the estate.

A distinction needs to be drawn between the formal validity of a will – which depends upon fulfilling the statutory requirements – and its actual validity, which may depend on other matters such as capacity, undue influence, fraud or forgery.

The formalities required for a valid will are contained in Section 9 of the Wills Act 2009, which provides that no will shall be valid unless:

  1. it is in writing and signed by the testator, or by some other person in the testator's presence and by the testator's direction;
  2. it appears that the testator intended the testator's signature to give effect to the will;
  3. the signature is made or acknowledged by the testator in the presence of two or more witnesses present at the same time; and
  4. each witness attests and subscribes the will in the presence of the testator.

However, no form of attestation is necessary.

Recognition of foreign wills locally

The general rule as to formal validity is that a will shall be treated as properly executed if its execution conformed to the law in force in the country where it was executed, or in a country where, at the time of its execution or of the testator's death, the testator was domiciled or had habitual residence, or in a State in which, at either of those times, he/she was a national.

Without prejudice to this general rule, the Wills Act 2009 sets out situations where a will shall be treated as properly executed:

  1. a will executed on board a vessel or aircraft of any description, if the execution of the will conformed to the internal law of the territory with which, having regard to its registration (if any) and other relevant circumstances, the vessel or aircraft may be taken to have been most closely connected;
  2. a will, so far as it disposes of immovable property, if its execution conformed to the internal law in force in the territory where the property was situated;
  3. a will, so far as it revokes: a will that, under the Wills Act 2009, would be treated as properly executed; or the provision that, under the Wills Act, would be treated as comprised in a properly executed will, if the execution of the latter will conform to any law by reference to which the revoked will or provision would be so treated; and
  4. a will, so far as it exercises a power of appointment, if the execution of the will conformed to the law governing the essential validity of the power.

7.2 Are there particular rules that apply to real estate held in your jurisdiction or elsewhere?

Other than the rules set out in question 7.1, Gibraltar follows those of the UK, and enshrines the principle of the lex situs (the law of the land where the land is situated).

7.3 What rules exist in your jurisdiction which restrict testamentary freedom?

Although the principle of testamentary disposition is enshrined in Section 3 of the Wills Act 2009, Gibraltar's Inheritance (Provision for Family Dependants) Act transposes certain provisions of the UK Law Reform (Miscellaneous Provisions) Act 1970 into the Inheritance (Provision for Family and Dependants) Act 1975, which was enacted in 1977 in Gibraltar. This empowers the Supreme Court to make provisions out of the estate of the deceased person for the spouse, the former spouse, the child, the child of the family, or the dependant of the deceased person. The powers of the Supreme Court to make such provision out of the estate of the deceased person are wide. Reasonable financial provision is defined as such financial provision as would be reasonable, in the circumstances of the case, for the husband or wife to receive, whether or not that provision is required for his or her maintenance. However, the deceased must have died domiciled in Gibraltar for the Act to apply.

8. Powers of Attorney

8.1 In your jurisdiction, can an individual create a power of attorney which continues to be effective after the individual has lost capacity?

Yes, under the Lasting Powers of Attorney and Capacity Act 2018, a donor can make a lasting power of attorney (LPA) in relation to the donor's property and affairs or specified matters concerning the donor's property and affairs (Property and Financial LPA), as well as the donor's health and welfare or specified matters concerning the donor's health and welfare (Health and Welfare LPA), which includes the authority to make such decisions in circumstances when the donor no longer has capacity.

8.2 To what extent would such a power of attorney made by an individual in their home jurisdiction be effective to allow the attorney to deal with assets belonging to the individual which are located in your jurisdiction?

In order to deal with an individual's assets located in Gibraltar, the LPA must be registered in the Supreme Court of Gibraltar and comply with the execution requirements as set out under the Lasting Powers of Attorney and Capacity Act 2018.

9. Trusts and Foundations

9.1 Are trusts recognised/permitted in your jurisdiction?

Since Gibraltar is a common law jurisdiction, its trust law is based largely on that of England and Wales; Gibraltar recognises and gives full effect to the concept of trusts.

9.2 How are trusts/settlors/beneficiaries taxed in your jurisdiction?

Gibraltar's Income Tax Act provides that trusts established for non-residents of Gibraltar are not subject to tax in Gibraltar, even where the trustees are Gibraltar residents and the trust is fully managed from Gibraltar.

The income received by a trust created by or on behalf of a non-resident person, or a Category 2 individual (see question 11.2), is exempted from tax.

A Gibraltar trust is established by a Gibraltar resident individual, subject to taxation in Gibraltar, at the rate of 12.5%, on the same sources of income that would be taxable in the hands of an ordinarily resident individual (see question 1.3). Non-resident beneficiaries are not liable to tax on distributions from a Gibraltar trust.

An ordinarily resident beneficiary would be liable to tax on: any distribution received from the trust that can be matched to income that was taxable in the hands of the trustees (i.e. where the source of the distribution was income taxable in Gibraltar); and where the tax already paid by the trustees (and at source) is set off from the beneficiary's liability to tax.

There are no gift taxes or inheritance taxes in Gibraltar, so settlors are not liable to pay tax for settlements or dispositions into a trust.

9.3 How are trusts affected by succession and forced heirship rules in your jurisdiction?

The Trusts (Private International Law) Act 2015 introduced "Firewall" legislation restricting the application of foreign laws and judgments, particularly on forced heirship (see question 7.1). Among other things, it provides that all of the following matters shall be determined in accordance with the law of Gibraltar to the exclusion of any rule of foreign law:

  1. the validity or interpretation of a trust;
  2. the validity or effect of any transfer or other disposition of property to a trust;
  3. the capacity of a settlor, trustee, beneficiary, protector, enforcer or object of a power;
  4. the administration of the trust;
  5. the existence and extent of powers, conferred or retained, including powers of variation or revocation of the trust and powers of appointment and the validity of any exercise of such powers;
  6. the relationships between the trustees and the beneficiaries including the personal liability of the trustees to the beneficiaries;
  7. the distribution of trust assets;
  8. the duty of trustees to account for their administration;
  9. restrictions upon the duration of the trust and upon the power to accumulate the income of the trust;
  10. the nature and extent of any beneficial rights or interests in the property; or
  11. the fiduciary powers, obligations or duties of the trustees.

9.4 Are private foundations recognised/permitted in your jurisdiction?

Gibraltar law recognises and permits private foundations and, in 2017, enacted the Private Foundations Act 2017, which provides for the establishment of a Gibraltar private foundation. The Act allows Gibraltar foundations to be established for any purpose or purposes, including for the benefit of beneficiaries.

9.5 How are foundations/founders/beneficiaries taxed in your jurisdiction?

Foundations are taxed in exactly the same way as trusts (see question 8.2).

9.6 How are foundations affected by succession and forced heirship rules in your jurisdiction?

Section 44 of the Private Foundations Act 2017 replicates the provisions of the Trusts (Private International Law) Act 2015 in the context of Gibraltar foundations, thereby restricting the application of foreign laws and judgments, particularly on forced heirship (see question 8.3).

10. Matrimonial Issues

10.1 Are civil partnerships/same-sex marriages permitted/recognised in your jurisdiction?

Civil partnerships and same-sex marriages are both permitted and recognised under the laws of Gibraltar by virtue of the Civil Partnership Act 2014.

10.2 What matrimonial property regimes are permitted/recognised in your jurisdiction?

Gibraltar does not have a matrimonial property regime as such; there is no community of property and thus marriage, in principle, does not have a proprietary effect. This is the result of both the UK and Gibraltar having opted out of the EU Matrimonial Property Regulation (2016/1103). Nevertheless, it is important to highlight that the local courts possess discretionary powers, which allows them to make financial orders in respect of divorce proceedings.

10.3 Are pre-/post-marital agreements/marriage contracts permitted/recognised in your jurisdiction?

Pre-/post-marital agreements or contracts are permitted and recognised in Gibraltar pursuant to Part VIA of the Matrimonial Causes Act 1962. However, there are several requirements that must be complied with. For instance, there is a requirement that such agreements are carried out in writing and are also certified by an independent legal representative acting on behalf of each party to the agreement, who acknowledges that the applicant has been provided with both the advantages and disadvantages of the financial agreement being agreed. In addition, the court has wide powers to set aside the agreements on the grounds of, among other things, fraud, the defrauding or defeating of creditors, unenforceability, impracticality, material changes in circumstances and unconscionability.

10.4 What are the main principles which will apply in your jurisdiction in relation to financial provision on divorce?

Under the Matrimonial Causes Act 1962, the court has the power to make financial orders, including property adjustment orders and orders for sale of property, having first considered the factors and circumstances of the individuals in the divorce proceedings. At all times, the courts must have regard to Section 37 of the Act, which sets out a long list of factors that the court must take into account when exercising its powers in relation to financial provision on divorce. Among other things, the court must take account of: the welfare of any child who has not attained the age of 18; the duration of the marriage; the contributions of each individual to the marriage; and the financial needs, obligations and responsibilities of the divorcees.

11. Immigration Issues

11.1 What restrictions or qualifications does your jurisdiction impose for entry into the country?

There are different entry requirements to enter into Gibraltar. Generally, as a British or EU State passport holder you have an automatic right to enter Gibraltar.

For non-EU passport holders, entry requirements will differ depending on the passport holder's nationality. Certain nationals may be allowed to enter Gibraltar for limited periods (e.g., three months) without a visa, while others may require a visa to enter Gibraltar.

11.2 Does your jurisdiction have any investor and/or other special categories for entry?

Gibraltar offers a specialist tax residency status referred to as Category 2 residency. A Category 2 individual will only be subject to tax on the first £118,000 of assessable income, with a minimum tax payable per annum of £37,000 and a maximum of circa £44,740.

In order to qualify, the applicant must:

  • acquire approved residential accommodation in Gibraltar available for their exclusive use;
  • not have been resident in Gibraltar for the five years preceding the application; and
  • must have a net worth of at least £2 million.

11.3 What are the requirements in your jurisdiction in order to qualify for nationality?

In order to qualify for a British Overseas Territory Citizenship or for British Nationality, the applicant must be regarded as ordinarily resident and must have lived in Gibraltar under such status for at least the preceding five years before the application is made. The applicant must have sufficient evidence to demonstrate their presence in Gibraltar for this period, in the form of utility/bank statements, references, social insurance contributions, etc.

11.4 Are there any taxation implications in obtaining nationality in your jurisdiction?

There are no taxation implications based on nationality in Gibraltar.

11.5 Are there any special tax/immigration/citizenship programmes designed to attract foreigners to become resident in your jurisdiction?

As well as Category 2 status (see question 11.2), a special employment tax status known as HEPSS is available for employees that meet certain criteria.

Under the HEPSS rules, tax will be payable only on the first £160,000 per annum of income, which currently equates to a total tax charge in the region of £43,140.

This status is available to individuals who: possess skills not available in Gibraltar and that are, in the Government's opinion, necessary to promote and sustain economic activity of particular value to Gibraltar; will occupy a high executive or senior management position; and will earn more than £160,000 per annum of income in Gibraltar.

The new applicants must not have been gainfully occupied or resident in Gibraltar for any part of the period of 36 months immediately preceding the year in which the application is made. The qualifying individual needs to have, available for their exclusive use, residential accommodation in Gibraltar, which is approved for this purpose by the Finance Centre Director and adequate for their and any/all of their dependent family in Gibraltar.

12. Reporting Requirements/Privacy

12.1 What automatic exchange of information agreements has your jurisdiction entered into with other countries?

Gibraltar has entered into a "Model 1" intergovernmental agreement with the US to implement the US Foreign Account Tax Compliant Act (FATCA) and has also enacted the required domestic legislation.

Gibraltar has also signed up to the OECD's CRS as an early adopter, which requires the automatic exchange of information on a global level.

Each of the FATCA and CRS arrangements generally require Gibraltar financial institutions to undertake due diligence and certification procedures in order to identify and exchange information on persons who are resident in the partner jurisdiction(s).

12.2 What reporting requirements are imposed by domestic law in your jurisdiction in respect of structures outside your jurisdiction with which a person in your jurisdiction is involved?

There are no reporting requirements imposed under domestic law in Gibraltar except insofar as it is mentioned in question 12.1. Under the Income Tax Act, an individual who is ordinarily resident in Gibraltar must, however, declare all taxable income received worldwide, including income received from structures outside Gibraltar.

12.3 Are there any public registers of owners/beneficial owners/trustees/board members of, or of other persons with significant control or influence over companies, foundations or trusts established or resident in your jurisdiction?

Yes. The Register of Ultimate Beneficial Owners was established by the Register of Ultimate Beneficial Owners Regulations 2017. The Register is accessible by the public in relation to companies only.

Only those trusts and foundations that pay tax in Gibraltar must disclose beneficial ownership information to the Registrar, but this information is accessible only to law enforcement authorities and members of the public who can show that they have a legitimate interest in the information.

The Companies Registry is accessible by the public and contains information relating to companies, including the names of shareholders, directors and secretaries of the company. However, the Companies Registry does not contain information or record of beneficial owners.

In addition, and in accordance with the Registered Trust Act 1999, a trust can be registered voluntarily with the Registrar of Registered Trusts.

Originally published by International Comparative Legal Guides.

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.

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