A UNIQUE FUND JURISDICTION WITHIN THE EU
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GIBRALTAR IN BRIEF
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UK Overseas Territory within continental Europe
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Self-governing
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Self-financing
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English common law system
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GIBRALTAR IN BRIEF DIVERSIFIED ECONOMY
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Financial services
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E-gaming
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Shipping and port services
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Tourism
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Pound Sterling (GBP)
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GIBRALTAR’S BUDGET: JUNE 2014
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GDP growth estimated at 10.2% for the tax year 2013/14
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Gross public debt stands at 32% of GDP, with net public debt at 25% of GDP
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Budget surplus for financial year 2013/2014 is estimated to be a record
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Ranked in the top 20 globally for GDP growth and placed in the top 10 ranking of GDP per capita
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WHY GIBRALTAR?
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International financial centre within the EU single market
Passporting of financial services to a potential market of 520 million
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Responsive whilst regulated to EU and UK standards
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Favourable fiscal regime
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High-quality infrastructure
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High-quality lifestyle
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LEGAL SYSTEM
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Only common law jurisdiction in continental Europe
(courts, statutes and principles of equity based on English law)
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Very well developed expertise (funds, trusts, company management and private banking)
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Separate and distinct jurisdiction
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Own legislature
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Business understanding of civil law systems
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GIBRALTAR & AND THE EU EU Treaties are applicable to Gibraltar
Exemptions from:
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VAT
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Customs Union
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Common Agricultural Policy
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SINGLE MARKET FREEDOM
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Investment Services
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Banking and Insurance
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Freedom of establishment
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Freedom of services
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No separate licensing procedures
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Real benefits to institutions with targets in EEA territories
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POWERFUL TAX PACKAGE
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10% corporate tax
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25% maximum effective tax rate for individuals
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No VAT
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No tax on investment income
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No capital gains tax
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No wealth tax
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No inheritance tax
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No estate duty
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TAX INFORMATION EXCHANGES
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Implementation of UK standards and all EU Directives
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Gibraltar is FATF and IMF reviewed
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US FATCA / UK FATCA / Common Reporting Standard
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EOI arrangements with over 80 countries and territories
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OECD Global Forum Phase 2 peer review report (October 2014) rated Gibraltar as “largely compliant” (the same as UK and Germany)
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REGULATORY REGIME
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Financial services regulation matching EU and UK standards
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The Financial Services Commission (FSC) is a wholly independent regulatory authority
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Sensible, approachable regulator
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Periodic audits of legislation and supervisory standards in FSC by UK experts
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Full signatory to the Multilateral Memorandum of Understanding (MMoU) of the International Organisation of Securities Commissions (IOSCO)
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EXPERIENCED INVESTOR FUND REGIME
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Pre-launch approval mechanism (speed to market)
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No investment or borrowing restrictions
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Fund may be self-managed
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Expedited start-up process and competitive start-up costs
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No limit to number of investors
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Reasonable ongoing operating costs
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Tax neutrality
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Two Gibraltar resident directors
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EXPERIENCED INVESTOR
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A person or partnership whose business is investing or providing investment advice
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A body corporate with net assets >€1M, or part of a group with net assets >€1M
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The trustee of a trust with trust assets >€1M
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An individual whose net worth is >€1M
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A participant who invests a minimum of €50,000 in an EIF and has been professionally advised
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A professional investor, as defined under the Financial Services (Markets in Financial Instruments) Act 2006
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A participant in a fund that has re-domiciled to Gibraltar with the regulator’s permission
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AIFM – WHY GIBRALTAR?
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AIFMD transposed into Gibraltar law effective 22nd July 2013
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Fully compliant in respect of EU business and fund legislation
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Investment firms complying with AIFMD can avail themselves of the European passport and market across member states
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Licensed depositaries under AIFMD
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Small AIFM regime to be introduced
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Quick and efficient regulatory process
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Tax of 10% on profits of investment managers
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Professionals can apply for a specialist tax category limiting annual personal tax to approx. GBP 30,000
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FURTHER INFORMATION IN GIBRALTAR Philip Canessa Senior Executive, Funds & Asset Management Gibraltar Finance Tel +350 200 50011 philip.canessa@financecentre.gov.gi
Gibraltar Finance @GibFinance
facebook.com/GibraltarFinanceCentre youtube.com/GibraltarFinance
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