Gibraltar, as an International Finance Centre, has proved to be resilient, well regulated and adaptive in times of change. Gibraltar's story is one of reinvention and making the most of opportunities. From a sleepy economy that was almost wholly reliant on the UK's naval base, Gibraltar has transformed itself into an International Finance Centre that forms part of the Whitelist of Jurisdictions as set out by the OECD and G20 and enjoys annual economic growth with record surpluses.
Gibraltar's GDP per capita currently stands at £50,941.00 placing it high up in world rankings. A 2007 IMF Report on Gibraltar, which further cemented its position as a well regulated and growing jurisdiction, together with the Tax Information Exchange Agreements that Gibraltar has entered into - with the likes of the Unites States, Germany and the United Kingdom - confirms that Gibraltar is a transparent and internationally recognised jurisdiction where businesses and individuals can operate from, and establish in, with full confidence.
In addition to the Tax Information Exchange Agreements, Gibraltar has entered into Directive 2011/16/EU on administrative cooperation in the field of taxation and has had the OECD and Council of Europe Convention on Mutual Administrative Assistance in Tax extended to it. These initiatives bring the total number of agreements with countries to over 77, giving Gibraltar a top outcome in a Phase 2 Review by the OECD : Overall: largely compliant, the same ranking as the UK and Germany. Transparency is a top priority for Gibraltar to ensure that it can continue enjoying the success of its International Finance Centre without hindrance.
The regulatory structure in place complies wholly with EU Directives given Gibraltar's Membership of the EU since 1973; therefore, EU measures relating to beneficial ownership, anti-money laundering and countering terrorist financing apply wholly to Gibraltar. As the only British Overseas Territory to enjoy EU Membership, Gibraltar offers businesses establishing in the jurisdiction, the unparalleled opportunity of passporting their services into a market with a potential client base of over 500 million people. This benefit, coupled with our efficient tax regime - offering a 10% corporate tax rate across the board from income accrued and derived from within the jurisdiction - makes for a business environment that is conducive to growth and expansion at a low cost.
The Deposit Guarantee Scheme Act 1997, together with the Investor Compensation Scheme Act 2002, respectively transpose EU Directives 94/19/EC and 97/9/EC into Gibraltar Law. These provide depositors and investors in Gibraltar licensed firms with the confidence that their funds and investments are protected by law from misfeasance. As a condition, all banks licensed in Gibraltar must be part of the Deposit Guarantee Scheme as do Investment Firms in the Investor Compensation Scheme.
With communication between the government, regulator and relevant industries being almost seamless, Gibraltar has the ability to make things happen very quickly. With this structure of communication in place and an ability to get all sectors working in unison towards a common goal - that of constantly improving and growing our International Finance Centre - Gibraltar shall continue to attract new industries, ideas and hopefully prosperity to those who chose it as their jurisdiction of choice.
In summary, Gibraltar's geographic, fiscal and economic benefits come together to create a platform from where great things can happen. It offers an environment from where great ideas can be launched and in which great businesses can be established. All of this can be achieved with ease, confidence in the resilience of the jurisdiction and most importantly, at a very low cost.
