Gibraltar offers favourable tax incentives and observes high standards of supervision and financial regulation. The Gibraltar Financial Services Commission (FSC) is the regulatory authority for financial services providers operating in and from Gibraltar. Under its 1989 founding act, the FSC is required to match UK supervisory standards where European Union law applies.
Around 12% of the workforce is employed by Gibraltar’s big online gaming industry. Attracted by low taxes, several of the biggest names in online gambling have moved offshore to Gibraltar in recent years, including William Hill and Ladbrokes.
Gibraltar’s chief minister Fabian Picardo is rumoured to have made it his recent mission to attract hedge fund managers to move from Britain, saying they may only be liable for around £30,000 in income tax, regardless of how much they earn (there is also no inheritance tax, no VAT, no capital gains tax and low income and corporation tax).
The Gibraltar Stock Exchange, known as GSX, was launched on 1 November 2014, when it began inviting firms to apply to become listing members. The exchange will give funds greater exposure to investors in the European Union, while the listing process will require the funds to become more transparent, benefitting investors wishing to take advantage of Gibraltar’s strengths.
Tourism in Gibraltar constitutes one of the British Overseas Territory’s most important economic pillars, alongside financial services and shipping. Gibraltar’s main attractions are the Rock of Gibraltar and its resident population of Barbary macaques (or “apes”), the territory’s military heritage, duty-free shopping, casinos and marinas. Although the population of Gibraltar numbers only some 30,000 people, the territory recorded nearly 12 million visits in 2011, giving it one of the highest tourist-to-resident ratios in the world.
Because of the above, this makes Gibraltar a very attractive country to set up your new businesses, and with our knowledge and personal service, what better partnership is there for your finances!