CONTENTS:
INFRASTRUCTURE
Gibraltar has provided offshore services for approximately 30 years and has developed an excellent infrastructure to support a major offshore centre.
LABOUR
The labour market in Gibraltar is very flexible and the local professional workforce is highly educated. More than 50% of school leavers in Gibraltar go on to further education in UK universities and many of them go on to attain UK professional qualifications.
Most importantly, salary costs in Gibraltar are approximately 50% of those paid to equivalent staff in the City of London.
There are no job quotas in Gibraltar and no requirements to employ local staff. There are also no restrictions on residence or work permits for EEA nationals.
There is a beneficial tax regime for expatriates with specialist skills working in the insurance sector (see Taxation).
PROPERTY
There is approximately 500,000 square feet of modern, high quality office space available to rent in Gibraltar at very competitive prices (from approximately £7 per square foot).
Many people working in the finance centre in Gibraltar commute daily from Spain.
BANKING
There are approximately 26 banks and financial institutions established in Gibraltar offering a full range of banking services to the insurance sector. Many of the banks are global players and household names.
LEGAL SYSTEM
The legal system in Gibraltar is based on the English common and statute law as varied by local laws.
LAWYERS
Gibraltar has the highest per capita population of lawyers in the world. All lawyers practising in Gibraltar are UK qualified and many of the larger firms have associations with international law firms.
ACCOUNTANTS
Five of the "Big Six" international accountancy firms are established in Gibraltar. There are also a large number of other well established international and local accountancy firms.
LANGUAGE
English and Spanish are both first languages spoken in Gibraltar. The official and business language in Gibraltar is English.
CURRENCY
The unit of currency in Gibraltar is the Pound Sterling. There is local note and coinage issue which is on par with Sterling. The ECU is also legal tender in Gibraltar.
EXCAHNGE CONTROLS
There are no exchange control restrictions in Gibraltar. There is complete freedom to remit funds into or out of Gibraltar and to convert funds into other currencies.
TRANSPORT
There are daily flights to and from London. Many other international destinations may reached via Malaga airport which is one hour from Gibraltar.
TELECOMMUNICATIONS
Gibraltar provides a full range of state of the art digital, satellite, mobile and internet communication services.
"PROFIT FROM OUR LIFESTYLE"
Lifestyle
An average of 300 days annual sunshine per annum
60 top class golf courses on its doorstep, including the 1997 Ryder Cup course at Valderamma which is only 20 minutes from Gibraltar.
A whole variety of sports including tennis, sailing, polo, diving, shooting, horseriding, skiing , all within easy reach of Gibraltar.
TAXATION - "PROFIT FROM OUR OPPORTUNITIES"
TAX EFFICIENT
A Gibraltar insurance company can be established either as an "exempt company " or a "qualifying company", provided it has no Gibraltarian shareholder, nor does business in the domestic Gibraltar market.
EXEMPT COMPANIES
Gibraltar exempt companies pay a fixed annual tax of £225. Exempt status is valid for 25 years from the date of issue.
QUALIFYING COMPANIES
Gibraltar qualifying companies are chargeable to tax on their profits at such rates as may be agreed by the Financial and Development Secretary, up to a maximum rate of 35%. A fee of £250 and deposit of £1000 is payable for obtaining a qualifying certificate. The criteria for qualifying companies are the same as for exempt companies.
CHOICE OF TAX REGIMES
The choice of tax regimes gives the company the flexibility to choose the tax structure which best suits its group tax circumstances.
There is also an attractive tax regime for insurance specialists working in the insurance sector in Gibraltar. Individuals qualifying for REPSS (Relocated Executives Possessing Specialist Skills) status pay a fixed amount of tax in Gibraltar of £10,000 regardless of their world-wide income.
NO VALUE ADDED TAX (VAT)
There is no Value Added Tax in Gibraltar, giving a price advantage to service operations whose charges may be chargeable to VAT, in other European territories.
OTHER TAXES
There is no capital gains tax, gift tax, wealth tax or inheritance tax in Gibraltar.
AUTHORISED INSTITUTIONS IN GIBRALTAR
AUTHORISED BANKS
Abbey National (Gibraltar) Ltd Tel No: + 350 76090 Fax No: + 350 72028 ABN AMRO Bank (Gibraltar) Ltd Tel No: + 350 79220 Fax No: + 350 78512 Banco Atlantico (Gibraltar) Ltd Tel No: + 350 40117 Fax No: + 350 40110 Banco Bilbao Vizcaya (Gibraltar) Ltd Tel No: + 350 77796 / 77871 / 77896 Fax No: + 350 77621 Banco Bilbao Vizcaya International (Gibraltar) Ltd Tel No: + 350 79420 Fax No: + 350 73870 Banque Indosuez Tel No: + 350 75090 Fax No: + 350 79618 Barclays Bank Offshore Financial Services (Gibraltar) Ltd Tel No: + 350 78565 Fax No: + 350 79987 Barclays Bank PLC Tel No: + 350 78565 Fax No: + 350 79987 Credit Suisse (Gibraltar) Ltd Tel No: + 350 78399 / 76606 Fax No: + 350 76027 Discover Card Bank Limited Tel No: + 350 41914 Fax No: + 350 41915 Hambros Bank (Gibraltar) Ltd Tel No: + 350 74850 Fax No: + 350 79037 Hambros Bank Ltd Tel No: + 350 74850 Fax No: + 350 79037 Hispano Commerzbank (Gib) Ltd Tel No: + 350 74199 Fax No: + 350 74174 Jyske Bank (Gibraltar) Ltd Tel No: + 350 72782 Fax No: + 350 72732 Lloyds Bank PLC Tel No: + 350 77373 Fax No: + 350 70023 National Westminster Bank PLC Tel No: + 350 77737 Fax No: + 350 74557 Newcastle Bank (Gibraltar) Ltd Tel No: + 350 76168 Fax No: + 350 76169 Republic National Bank of New York (Gibraltar) Ltd Tel No: + 350 79374 Fax No: + 350 75684 Springfield Bank & Trust Ltd Tel No: + 350 42670 Fax No: + 350 42676 The Gibraltar Private Bank Ltd Tel No: + 350 73350 Fax No: + 350 73475 The Royal Bank of Scotland (Gibraltar) Ltd Tel No: + 350 73200 Fax No: + 350 70152 Turicum Private Bank Ltd Tel No: + 350 44144 Fax No: + 350 44145
CAPTIVE INSURANCE MANAGEMENT
AIG Insurance Management Services (Gibraltar) Ltd PO Box 703 Regal House 3 Queensway Gibraltar Caledonian Insurance Management Services Ltd (trading as Sinser) PO Box 371 13 Ragged Staff Wharf Gibraltar Norwich Union Fire Insurance Society (Gibraltar) Ltd Tel No: + 350 79520 Fax No: + 350 70942 Sinser (Gibraltar) Agency Tel No: + 350 45578 Fax No: + 350 45579 Willis Corroon Management (Gib) Ltd Tel No: + 350 51801 Fax No: + 350 51802
COMPANY MANAGERS & PROFESSIONAL TRUSTEES
ABN AMRO Bank (Gibraltar) Ltd Tel No: + 350 79220 Fax No: + 350 78512 Anglo Swiss Fiduciary Services Ltd Tel No: + 350 70318 Fax No: + 350 44422 Arbor Trust Ltd Tel No: + 350 45066 Fax No: + 350 45067 Argenta Management Company Ltd Tel No: + 350 45460 Fax No: + 350 45450 Atlas Trust Company Ltd Tel No: + 350 50447 Fax No: + 350 74718 Banco Bilbao Vizcaya International (Gibraltar) Ltd Tel No: + 350 79420 Fax No: + 350 73870 Banco Indosuez Tel No: + 350 75090 Fax No: + 350 79618 Barclays Bank Offshore Financial Services (Gibraltar) Ltd Tel No: + 350 78565 Fax No: + 350 79987 BDO Fidecs Trust Company Ltd Tel No: + 350 42686 Fax No: + 350 42701 Budlaw Management Ltd Tel No: + 350 73571 Castle Trust & Management Services Ltd Tel No: + 350 40466 Fax No: + 350 43370 Citco Gibraltar Ltd Tel No: + 350 78202 Fax No: + 350 74436 Clifton Management Services Ltd Tel No: + 350 76761 Fax No: CNW Company Ltd Tel No: + 350 74537 Fax No: + 350 74535 Consult Ltd Tel No: + 350 44170 Fax No: + 350 77848 Coopers & Lybrand Tel No: + 350 73520 Fax No: + 350 76689 Cornish & Co Tel No: + 350 41800 Fax No: + 350 41931 Credit Suisse Trust Ltd Tel No: + 350 78399 Fax No: + 350 42500 CV Management Services Ltd Tel No: + 350 76933 Fax No: + 350 76718 Deloitte & Touche Trust & Corporate Services Ltd Tel No: + 350 41200 Fax No: + 350 41201 E-Mail: deloitte@gibnet.gi E & W Corporate Services Ltd Suite 5, International House Bell Lane Gibraltar ECS International Ltd Tel No: + 350 76513 Fax No: + 350 79523 Eldo Secretaries Ltd Suite 4, 9th floor International Commercial Centre Casemates Square Gibraltar Equitable trust Company Ltd Tel No: + 350 76974 Fax No: + 350 42701 Eurolife Management Services Ltd Tel No: + 350 73495 Fax No: + 350 73120 Europa Trust Company Ltd Tel No: + 350 79013/ 79038 Fax No: + 350 70101 F G Management Ltd Suite E, Regal House Queensway PO Box 246 Gibraltar Fiduciary Management Limited Tel No: + 350 76651 Fax No: + 350 42599 First Rock Trustees Ltd Suite 41/42 Victoria House 22/26 Main Street PO Box 743 Gibraltar Form-A-Co Tel No: + 350 79959 Fax No: + 350 79894 Gibland Secretarial Services Limited Tel No: + 350 44200 Fax No: + 350 42601 Gibraltar Asset Management Ltd Tel No: + 350 75181 Fax No: + 350 74209 Gibraltar International Trust Corporation Ltd Tel No: + 350 79423 Fax No: + 350 71405 Gibro Corporate Management Ltd Tel No: + 350 43777 Fax No: + 350 43538 Glendower Management Services Ltd Tel No: + 350 41380 Fax No: + 350 41827 Grays Management Services Ltd Tel No: + 350 40388 Fax No: + 350 40398 Hambros Bank (Gibraltar) Ltd Tel No: + 350 74850 Fax No: + 350 79037 Havelet Trust Company (Gibraltar) Ltd Tel No: + 350 79557 / 79719 Fax No: + 350 76672 / 78329 Hispano Commerzbank (Gibraltar) Ltd Tel No: + 350 74199 Fax No: + 350 74174 International Company Services (Gibraltar) Ltd Tel No: + 350 76173 Fax No: + 350 70158 Jordans (Gibraltar) Ltd Tel No: + 350 75446 Fax No: + 350 79902 Jyske Bank (Gibraltar) Ltd Tel No: + 350 72782 Fax No: + 350 72732 Kincraig Ltd Tel No: + 350 76636 Langtry Trust Corporation (Gibraltar) Ltd Suite 7B and 8B 50 Town Range Gibraltar Line Management Services Ltd Tel No: + 350 79000 Fax No: + 350 71966 Lloyds Bank PLC Tel No: + 350 77373 Fax No: + 350 70023 Logistable Ltd Tel No: + 350 41955 Fax No: + 350 41957 Lombard Services Ltd Tel No: + 350 74593 M & M Management Services Ltd Tel No: + 350 40888 Fax No: + 350 40999 Mediterranean Trust Corporation Ltd Clintons Chartered Accountants Suites 2 & 3 Gibraltar Heights 215 Main Street Gibraltar Merkur Corporate Services Ltd Tel No: + 350 71851 Fax No: + 350 76573 Minister Management Services Ltd Tel No: + 350 76677 Fax No: + 350 76868 North Atlantic Trust Company Ltd Tel No: + 350 42889 Fax No: + 350 40003 Oliver Company Management Ltd Tel No: + 350 77122 Fax No: + 350 40274 Overseas Company Registration Agents Ltd Suite E, Ground Floor Regal House Queensway Gibraltar PMM Trust Company Ltd Suite C, 3rd Floor Regal House Queensway PO Box 191 Gibraltar Portex Corporation Services Ltd Tel No: + 350 77000 Fax No: + 350 50555 Prime Trust Corporation Tel No: 74572 Fax No: + 350 79381 Professional & Corporate Trust Ltd Tel No: + 350 74573 Fax No: + 350 70359 Ray Pilley Solicitor Tel No: + 350 41056 Fax No: + 350 42595 Retainer Ltd 3/3 Turnbull's Lane PO Box 832 Gibraltar Sector Corporate Services Ltd Tel No: + 350 40653 Fax No: + 350 40654 Springfield Financial Services Group Tel No: + 350 42670 Fax No: + 350 42676 Stag Management Services Ltd Tel No: + 350 73530 Fax No: + 350 71431 Stockwell Fiduciary & Management Services Ltd Suites 1 œ 3 Irish Place PO Box 466 Gibraltar Summit Management Services Ltd Tel No: + 350 74261 T & T Management Services Ltd Tel No: + 350 72020 The Gibraltar Private Bank Ltd Tel No: + 350 73350 Fax No: + 350 73475 The Royal Bank of Scotland Tel No: + 350 73200 Fax No: + 350 70152 The Seamark Trust Company of Gibraltar Ltd Tel No: + 350 42858 Fax No: + 350 42862 Trimar Management Services Ltd Suite 3 6 Engineer Lane PO Box 567 Gibraltar Valcross Trust Company Ltd Suites 7B and 8B 50 Town Range Gibraltar Valmet Corporate Services Ltd Tel No: + 350 40000 Fax No: + 350 40404INSURANCE INTERMEDIARIES
A M Capurro & Sons Ltd Tel No: + 350 75149 Fax No: + 350 70513 Abbey National (Gibraltar) Ltd Tel No: + 350 76090 Fax No: + 350 72028 BDO Fidecs Trust Company Ltd Tel No: + 350 42686 Fax No: + 350 42701 Callaghan Insurance Brokers Ltd Tel No: + 350 43636 Fax No: + 350 43870 Castiel Winser Financial Consultants Ltd Tel No: + 350 77723 Fax No: + 350 79257 Eurolinx (Gibraltar) Ltd Tel No: + 350 40240 Fax No: + 350 40241 General Accident Life Services Ltd 2 Rougier Street York YOI IHR United Kingdom Gibraltar Asset Management Ltd Tel No: + 350 75181 Fax No: + 350 74209 Gibro Insurance Services Ltd Tel No: + 350 43777 Fax No: + 350 43538 Green Cross Ltd Suites C & D Regal House 3 Queensway Gibraltar Havelet Trust Company (Gibraltar) Ltd Tel No: + 350 79557 / 79719 Fax No: + 350 76672 / 78329 Hursley Ltd Suite 5a 50 Town Range Gibraltar Mascarenhas Insurance & Finance Ltd Tel No: + 350 76434 National Westminster Bank PLC Tel No: + 350 77737 Fax No: + 350 74557 Newcastle Building Society Tel No: + 350 42136 Fax No: + 350 42137 Offshore Insurance Agents Ltd Tel No: + 350 42882 Fax No: + 350 43572 Ophir Insurance Services Ltd Tel No: + 350 73871 Fax No: + 350 70359 Prescott Ltd Tel No: + 350 71531 Fax No: + 350 51333 R D Garson Ltd 82 Irish Town Gibraltar RLS Insurance & Financial Consultants Ltd Tel No: + 350 71111 Fax No: + 350 42030 Savignon Insurance Brokers Ltd Tel No: + 350 79620 Fax No: + 350 70942 Solrac & Co Ltd Tel No: + 350 77622 Fax No: + 350 76394 Steel & Company (Gibraltar) Ltd Tel No: + 350 75740 Fax No: + 350 79687 The Royal Bank of Scotland Tel No: + 350 73200 Fax No: + 350 70152 Valmet Corporate Services Ltd Tel No: + 350 40000 Fax No: + 350 40404
INVESTMENT BROKERS, DEALERS & MANAGERS
ABN AMRO Bank (Gibraltar) Ltd Tel No: + 350 79220 Fax No: + 350 78512 Aurelia Research Ltd Tel No: + 350 78228 Fax No: + 350 43617 Banco Atlantico (Gib) Ltd Tel No: + 350 40117 Fax No: + 350 40110 Banco Bilbao Vizcaya International (Gibraltar) Ltd Tel No: + 350 77796 / 77871 Fax No: + 350 77621 Banque Indosuez Tel No: + 350 75090 Fax No: + 350 79618 Barclays Bank Offshore Financial Services (Gibraltar) Ltd Tel No: + 350 78565 Fax No: + 350 79987 Barclays Bank PLC Tel No: + 350 78565 Fax No: + 350 79987 BDO Fidecs Trust Company Ltd Tel No: + 350 42686 Fax No: + 350 42701 Bondpartners International (Gibraltar) Ltd Tel No: + 350 44362 Fax No: + 350 44361 Credit Suisse (Gibraltar) Ltd Tel No: + 350 78399 Fax No: + 350 46023 Credit Suisse Trust Ltd Tel No: + 350 78399 Fax No: + 350 42500 Eurolinx (Gibraltar) Ltd Tel No: + 350 40240 Fax No: + 350 40241 Finanziaria Indosuez International Ltd Tel No: + 350 75090 Fax No: + 350 79618 Gibraltar Asset Management Ltd Tel No: + 350 75181 Fax No: + 350 74209 Hambros Bank (Gibraltar) Ltd Tel No: + 350 74850 Fax No: + 350 79037 Havelet Trust Company (Gibraltar) Ltd Tel No: + 350 79557 / 79719 Fax No: + 350 76672 / 78329 Hispano Commerzbank (Gibraltar) Ltd Tel No: + 350 74199 Fax No: + 350 74174 Jyske Bank (Gibraltar) Ltd Tel No: + 350 72782 Fax No: + 350 72732 Labrow International Financial Management Ltd Tel No: + 350 76342 Fax No: + 350 79373 Lloyds Bank PLC Tel No: + 350 77373 Fax No: + 350 70023 Logistable Ltd Tel No: + 350 41955 Fax No: + 350 41957 Mascarenhas Insurance & Finance Ltd Tel No: + 350 76434 National Westminster Bank PLC Tel No: + 350 77737 Fax No: + 350 74557 Norwich & Peterborough Building Society Peterborough Business Park Lynch Wood Peterborough PE2 6WZ United Kingdom Rock Ltd Tel No: + 350 51600 Fax No: + 350 51601 Springfield Financial Services Group Tel No: + 350 42670 Fax No: + 350 42676 The Gibraltar Private Bank Ltd Tel No: + 350 73350 Fax No: + 350 73475 The Royal Bank of Scotland Tel No: + 350 73200 Fax No: + 350 70152 Turicum Private Bank Ltd Tel No: + 350 44144 Fax No: + 350 44145
CONTACT
Anthony Fisher Finance Centre Development Director Department of Trade & Industry Government of Gibraltar Suite 771, Europort Gibraltar Tel No No: + 350 50011 Fax No: + 350 47677 E-mail: finance@gibnynex.gi Website: Click Contact Link
You may also wish to read through related material on business and finance in Gibraltar provided by the Gibraltar Finance Centre.
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.