2014 Family Wealth Management Conference
15
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET Location Location Location Paul G Astengo, Senior Executive – Private Clients
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#gibraltarfinance, represented by #PaulAstengo, as jurisdictional sponsors at the 2014 Family Wealth Management & Structuring Conference presented to the delegates on Location, Location, Location
Transcript of 2014 Family Wealth Management Conference
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Location Location Location
Paul G Astengo, Senior Executive – Private Clients
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Gibraltar Finance aims to promote Gibraltar as the EU
domicile of choice for financial services; including funds,
insurance companies and private clients
Gibraltar Finance offers a well regulated, transparent and
internationally-cooperative jurisdiction with access to
financial markets including the right to access the EU single
market in financial services
Our proposition is offered in a modern environment offering
competitive personal and corporate tax, high quality
infrastructure and a lifestyle that creates a compelling
combination.
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Gibraltar is a self-governing and self-financing parliamentary democracy within the European
Union.
A British Overseas Territory, Gibraltar is economically prosperous with a highly-diversified
economy including financial services, e-gaming, shipping and tourism.
Given its status within the EU, Gibraltar-licensed banks, investment services firms, UCITS,
insurance companies, reinsurance companies and insurance mediation firms benefit from
access to the single European market and therefore a potential client base of over 500m
people.
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
EU Treaties applicable to Gibraltar and transposition is
up to date
Exemptions from:
VAT
Customs Union
Common Agriculture Policy
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Passporting of financial services is a European Union mechanism which allows for firms authorised to provide financial services in one jurisdiction to provide them in another without the need for authorisation in this second jurisdiction.
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Only common law jurisdiction in continental Europe
(courts, statutes and principles of equity based on
English law)
Very well developed expertise (funds, trusts,
company management and private banking)
Own legislature
Business understanding of civil law systems
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
The Financial Services Commission (FSC) is an independent regulatory authority
US FATCA / UK FATCA / E5 Pilot programme
Tax evasion is a criminal offence
FATF and IMF reviewed
27 TIEAs and Multilateral Convention on Mutual
Administrative Assistance on Tax Matters since 1st
March 2014
Financial services regulation in line with EU and UK
standards
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
The following areas of legislation have either been enacted, refreshed or are in course to be implemented during 2014:
Foundations Private Trust Companies Anti Forced Heirship Customer Safeguard Accounts Purpose Trusts Perpetuity Period Companies Act Insolvency & Insolvency Regulations Limited Liability Partnerships
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
GDP growth touching 7.8% per annum
Ranked in the top 20 in global terms of GDP growth
and placed in the top 10 ranking of GDP per capita
Gross public debt has been reduced to 27.5% and
has been forecast to reduce further during the
current financial year
Net public debt stands at c.24% of GDP
Budget surplus for financial year 2012/2013 is
forecast to be a record
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Appropriate accommodation in Gibraltar for their
exclusive use
Income tax capped at between GBP24,000 and
GBP30,000
Revised regulations provide more flexibility on
residence, permitted activities and for spouses of
HNWIs
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
10% corporate tax
25% maximum effective tax rate for individuals
No tax on investment income
No capital gains tax
No wealth tax
No inheritance tax
No estate duty
No VAT
No exchange controls
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Competitively priced
Not an island - physically part of mainland Europe
Regulation of professional trustees since 1989
Registration of Asset Protection Trusts possible
Recognised jurisdiction for imported pension
(QROPS)
Onshore European jurisdiction with 10% corporate
tax on profits accrued and derived in Gibraltar
Sterling zone within the European Union single
market
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Reputation
Regulation Speed to market Quality
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Michael Ashton – insurance [email protected]
Philip Canessa – funds [email protected] Victor Galliano – multi disciplinary based in London [email protected] Paul Astengo – private clients [email protected]
gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET
Gibraltar Finance
@GibFinance
facebook.com/GibraltarFinanceCentre
youtube.com/GibraltarFinance
FURTHER INFORMATION
Gibraltar Finance, Gibraltar
Responsible for the development of new business
A centralised source of information and direction
Tel: +(350) 200 50011
