This year Gibraltar celebrates its 40th year within the European Union. As a European law firm based in Gibraltar we also wish to celebrate Gibraltar’s success and share some key information about doing business.
Gibraltar is a European Jurisdiction of Choice
Gibraltar is fast becoming the jurisdiction of choice for many e-commerce, financial services businesses and investment fund managers that wish to be established within Europe.
Over the last 20 years Gibraltar has seen tremendous advances in development of the economy and the high quality of the regulatory environment here.
The figures speak for themselves…
A Few Surprising Statistics
- Despite the global downturn, Gibraltar has continued to grow and diversify its economy. Gibraltar’s GDP is estimated to have grown by 35% over the last five years and it is ranked in the top 20 in GDP growth globally.
- Gibraltar has one of the lowest public debt to GDP ratio’s in Europe and the world, a crucial measure of the fiscal health of a jurisdiction that is relevant for investors in these uncertain political and economic times.
- Gibraltar has been part of the European Union for over 40 years (since 1973) and has implemented all applicable Directives.
- Gibraltar licensed operators currently supply more than 50% of the UK online gambling market.It is the world’s leading online jurisdiction with over 15 years of experience and home to regulated FTSE and NASDAQ listed companies in the sector.
- The e-commerce industry also includes a growing e-money and payments sector and Gibraltar is now one of the leading EU jurisdictions for electronic payment companies.
- Gibraltar insurers have a greater share of the UK motor insurance market than Lloyds of London.
- Gibraltar has only recently started to focus on the collective investment scheme sector (CIS) and yet already it is one the four main EU jurisdictions of choice and has over 200 funds. The introduction of the Alternative Investment Fund Manager Directive allows Gibraltar fund managers to passport across Europe.
- Gibraltar’s laws are approved for EU law tax and tax transparency purposes. It has also entered into nearly 30 bilateral Tax Exchange Information Agreements. It is expected to enter into bilateral arrangements with the USA with respect to FATCA and with the UK for Son of FATCA.
UK Overseas Territory within the European Union
As a UK Overseas territory within the European Union, multinational businesses can establish themselves in Gibraltar and use it to provide cross-border services throughout Europe, including the ability to rely on the EU financial services ‘passporting’ regime. The UK relationship provides comfort that Gibraltar will remain politically stable whatever the weather.
English Law & Practice
A major commercial attraction is the practicality and certainty that flow from an English common law and equity legal system.
Diverse & Vibrant Community
Despite a small population of only 30,000 people Gibraltar has a vibrant community that is surprisingly diverse and cosmopolitan for its size – Gibraltar has experienced cross-border experts from around Europe and the world living and working here. The quality of the community and the experience of the people here is the major part of Gibraltar’s success story.
Competitive Tax environment
In addition, Gibraltar has favourable tax systems including competitive corporate tax rates, an attractive structure for cross-border dividend distributions and no capital gains tax or value added tax (VAT).
Gibraltar is a great place to locate your European business and investments Gibraltar continues to be a great place to live in and invest in. Please get in touch if you would like to know more: firstname.lastname@example.org or +350 200 68450.
Ramparts is a European law firm based in Gibraltar. We specialise in the e-commerce, technology and financial services sectors and transaction management with expertise in cross-border law issues. Our clients include individual entrepreneurs and early stage innovation companies to publicly listed multi-nationals.
Ramparts: no assumptions, just solutions.*
*We are delighted to announce that in January 2014, we will be joined by a new senior solutions manager, William Rawley (previously Head of Execution and Syndication of the EMEA Corporate Solutions team at Citigroup Global Markets in London). William will be heading up our new Corporate & Finance team.
Peter Howitt is an e-commerce and financial services specialist lawyer and is currently acting as the CEO of the Gibraltar Betting & Gaming Association (www.gbga.gi) and Secretary of Gibraltar E-money Association (www.gema.gi).