Reputation, regulation and credibility are at the forefront of Gibraltar’s priorities. Gibraltar has its own international airport (GIB) with regular UK commercial flights to London, Manchester and Bristol, plus additional flights to Casablanca via Tangier with Royal Air Maroc. 0000063616 00000 n In addition to Gibraltar’s bars, restaurants and casinos, visitors can also enjoy VAT-free shopping while soaking in the unique atmosphere. There is also a strong regulatory emphasis on responsible gambling and anti money laundering legislation. British embassy or high commission Includes contact details for the Office of the Governor. Therefore a company that is resident in Gibraltar, but derives all profits from outside the jurisdiction, will not be liable to pay tax on this income. Under the Gambling Act 2005, all gaming operators in Gibraltar require a special gaming licence. 0000007558 00000 n Shipping, finance and insurance, property, and gaming represent the traditional “bread and butter” industries, while fintech is where the jurisdiction expects to see considerable growth well into the future. Interest Loan interest is only taxable at the rate of 10% to the extent that it is received or receivable by a Gibraltar registered company from another company and exceeds £100,000 per annum or, constitutes a trading receipt. Company The Gibraltar Tax Commissioner accepts the definition of PE set out in Article 5 of the Organisation for Economic Co-operation and Development (OECD) Model Convention. %PDF-1.5 %���� 336 0 obj <> endobj xref 336 32 0000000016 00000 n GFSB MEMBERS BENEFIT FROM: Gibraltar companies may also undertake court-sanctioned cross-border mergers, schemes of arrangement, amalgamations and reconstructions. As with a trust, a foundation can be used to protect assets and property, for example for estate planning purposes to safeguard assets against future financial uncertainty. Gibraltar’s economy is predominantly service-based with the majority of industrial activity engaged in shipping or allied industries. The Gibraltarian lifestyle is a unique hybrid experience where British influences are paired with Mediterranean flair, alongside additional North African and Asian infusions. Gibraltar combines strong economic growth and a favourable tax regime with a warm, Mediterranean climate and vibrant lifestyle. Trust It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. Cross-border discussions are also underway to find a mutually beneficial solution that safeguards jobs in the insurance industry. Gibraltar has been a British territory for over 300 years. This status is based on strict criteria; Category 2 individuals cannot ordinarily engage in a trade, business or employment in Gibraltar. The GFSB is a non-profit organisation that exists to help small businesses in Gibraltar to start, grow and thrive. Partnership A business comprised of two or more parties, who share the operation of the business, as well as the seed capital, running costs and risks of the business. A foundation is established by a Founder, who then provides a permanently binding transfer of an asset, or assets, to the foundation. 0000003507 00000 n Whatever the outcome, Gibraltar has a proven track record of maintaining stability in the face of crises spanning millennia. Source: Spotlight, Gibraltar Residential Market 2016, Savills. Autovía del Mediterráneo E-15, Salida 130, PO Box 199, Madison Building, Management Review of Data Irregularities in the Doing Business Reports from 2016 to 2020: Verification Report. It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. Doing Business in Gibraltar 2013 has been written for Moore Stephens Europe Ltd by Moore Stephens Limited. 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. Gibraltar’s country code is +350 and its domain extension is .gi. 0000002252 00000 n 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. The list of Gibraltar-based gaming companies includes 888, bet365, William Hill, Betfair, bwin, Gala Coral and Ladbrokes. Foreign Companies doing business in Gibraltar or from Gibraltar-Part XII and Part XIV (Branch) Registration Updated January 2018 1 A Foreign Company can carry on business in Gibraltar or from Gibraltar, provided that it registers under Part XII or Part XIV of the Companies Act. They are also subject to an annual tonnage tax. 0000044466 00000 n DOING BUSINESS IN GIBRALTAR GIBRALTAR Duke of Kent House, Cathedral Square, Gibraltar Tel: +350 20074950 Fax: +350 20074943 Email: information@tourism.gov.gi www.visitgibraltar.gi LONDON 150 Strand, London WC2R 1JA Tel: +44 (0)20 7836 0777 Fax: +44 (0)20 7240 6612 Email: info@gibraltar.gov.uk www.visitgibraltar.gi MADRID 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. Utilizamos cookies para asegurar que damos la mejor experiencia al usuario en nuestra web. However, Gibraltar has implemented Directive 2005/60/EC on the … Gibraltar’s position as a nexus point of global trade dates back to classical times. EIF’s. • Stable, business-friendly and non-bureaucratic government legal system based on English Common Law and Pound Sterling as currency. 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. 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. In Gibraltar there are two types of companies: resident and non-resident. 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. Similar discussions are underway concerning Gibraltar and Malta-based insurers to find a mutually beneficial solution to the issue of passporting services post-Brexit. There is no restriction on the maximum number of shareholders that Gibraltar registered private or public companies may have. Withholding Tax There is no withholding tax on dividends, royalties or interest in Gibraltar. Finance and insurance companies are regulated by the GFSC; to operate in Gibraltar companies (and indeed certain individuals) must be registered with the GFSC and possess a relevant licence. Doing Business in Gibraltar 2016 has been written for Moore Stephens Europe Ltd by Moore Stephens Limited. This provides great flexibility in creating large authorised and issued share capital structures for Gibraltar registered entities. We represent the business community and pressure Government on our members behalf. The move was welcomed by investors, widely applauded by others within the crypto community and resulted in a surge of licence applications to the Gibraltar government. Limited Liability Partnership 0000001135 00000 n Company Companies are fully distinct legal entities which enjoy the benefits of limited liability. 0000037701 00000 n In Gibraltar there are two types of companies: resident and non-resident. 0000006253 00000 n In addition to background facts about Gibraltar, it includes relevant information on business operations and taxation matters. 0000043827 00000 n UK-facing companies comprise the bulk of these; one interesting statistic to note is that one in five UK cars are insured with Gibraltar-based companies. 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. 0000037401 00000 n 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. Dress. PCCs allow specific assets and liabilities to be cordoned off into specific cells, which operate as part of the same core company, but are also distinct and separate from each other cell. Inheritance Tax & Estate Duty Gibraltar does not have inheritance tax or estate duty, Wealth Tax Gibraltar does not have wealth tax, Double Tax Treaties Gibraltar does not have any double tax These types of trusts require more disclosure, however, including registration with the GFSC and the Registrar of Dispositions. This can be attributed to the low student-to-teacher ratios in Gibraltar classrooms and the overall standard of schools in the country. Gibraltar’s GDP per capita during the same period was £56,612. 0000037476 00000 n Gibraltar serves a wide range of ancillary maritime industries including ship repair and conversion, and leads on ship arrests, thanks to an efficient set of maritime laws based on English Admiralty law. Gibraltar: Doing business and staying in touch Doing Business in Gibraltar. The effect of Brexit on Gibraltar concerns the status of Gibraltar after withdrawal of the United Kingdom from the European Union.The UK left the EU on 31 January 2020 after having voted to leave in the 2016 referendum and formally notified the EU of its intention to withdraw in March 2017. 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. 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. Gibraltar is also a popular jurisdiction for ship registration. treaties. 0000062747 00000 n Income Tax Individuals based in Gibraltar pay tax on income earned from between July 1st of one year, to June 30th the following year. 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… Interest income paid by banks, building societies, or other financial services institutions is exempt from income tax in Gibraltar. Registering a place of business is generally more appropriate for non-trading entities with no selling activity in Gibraltar. Asset Protection Trusts are particularly popular, since they offer various key benefits, including shielding a settlor’s strategic assets against future claims by creditors. • Home to some of the world’s biggest brands, market leader in insurance, finance and online gaming, blockchain/crypto industry frontrunner. 0000042266 00000 n Invest Gibraltar. 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. Recent developments in Gibraltar’s crypto industry, meanwhile, have prompted recommendations by the Gibraltar Funds and Investment Association (GFIA), that crypto funds be managed as Gibraltar’s financial industry is regulated by the Gibraltar Financial Services Commission (“GFSC”) which operates in concord with key overseas agencies including the OECD, IMF and FATF. In 2016 a full 84% of the electorate (compared to the British average of 72.2%) turned out to vote on June 24th, with 95.91% (the highest majority in all of Britain) voting to remain within the EU. As this can be an extensive process it is advisable to arrange a meeting sooner, rather than later, in order to get the proverbial Ships registered in Gibraltar are designated as British, and therefore fly a local variant of the Red Ensign flag. 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