Moving to Gibraltar - Isn't it time you made your move?
Isn't it about time to start thinking about moving to Gibraltar? The goalposts are being moved over and over again and the screws are being tightened on businesses and individuals alike in the world's larger financial centres. In England, there’s already a 50p income tax for those earning more than £150,000 a year as well as the one-off super tax of 50% on any banker’s bonuses over £25,000. In Switzerland, the canton of Zurich has abolished the lump sum tax regime and it is feared that others might follow suit.
The solution taken by an increasing number of funds managers, bankers and other high-net worth individuals, has been to relocate to a 'friendlier' jurisdiction, one where the benefits of a sophisticated and well-developed finance centre within Europe can be enjoyed in tandem with the advantages of the Mediterranean lifestyle. British professionalism and predictability of law allied to a quality of life that's second to none.
Welcome to Gibraltar!
There are obviously a number of aspects to consider when choosing a new jurisdiction for your business and/or your family. We believe moving to Gibraltar ticks all the boxes.
Gibraltar's location, two and a half hours flying time from London and within the central European time zone means that there are only advantages to be had from relocating home, business or both here to Gibraltar. Located on the Mediterranean and therefore in continental Europe yet endowed with a familiar, reliable and predictable common-law system, you get the best of both worlds. Combine this with the easy and developing connections from Gibraltar Airport to London, Manchester, Madrid and Barcelona, you have access to a number of international hubs, all within a couple of hours of the Peninsula.
For its size, Gibraltar boasts one the most diversified small economies in Europe with no over-reliance on any one pillar of its economy. Gibraltar's economy is built on our offerings in the Tourism sector, shipping and port services and, of course, financial services.
We have a very well-developed single-day visit tourist product which attracts millions of visitors a year, feeding local small product and service businesses. Gibraltar's location at the entrance to the Mediterranean is also responsible for significant revenues from a well-developed shipping and port services industry. Financial Services has, over the last 20 years represented a large part of Gibraltar's economic development in the years following the Ministry of Defence's downsizing of its presence in Gibraltar.
Gibraltar has its own legal system, which is based on the English model, with variations introduced by local statutes termed ‘Acts’, from time to time, in keeping with the development of Gibraltar as a finance centre. Gibraltar is at liberty to enact its own tax legislation independent from the United Kingdom as confirmed by the European Court of First Instance in their decision on 18 December 2008.
It has a diverse Financial Services offering which exploits Gibraltar's status as part of the EU and the subsequent passporting advantages available to Gibraltar licensed institutions. This, coupled with a dynamic and approachable Regulator in the guise of the Financial Services Commission makes Gibraltar a very attractive jurisdiction for business looking for a new home.
Gibraltar offers a variety of taxation and financial products, allied to a fully developed industry of Fiduciary Services and vehicles such as protected cell companies, asset protection trusts and a variety of funds products. In terms of personal taxation, Gibraltar’s high-net-worth individual tax status offers a low tax regime for the wealthy individual looking to relocate whilst the gross income based regime means that anyone making up to £50,000 will pay income tax at a rate of only 25%. No capital gains tax, no wealth tax, no inheritance tax or tax on dividends or pension income add up to more than just an interesting prospect. Gibraltar is today a real alternative.
There are circa 20,000 people in permanent employment in Gibraltar, local and foreign. Gibraltar's location allows it to take advantage of a large number of foreign workers and professionals who take up residence across the border in the local Spanish area whilst working in Gibraltar. More than 50% of school leavers in Gibraltar go on to further education in the UK which puts local UK trained professionals at the disposal of local business. Lawyers, accountants and business graduates are the most common.
The home of Miss World 2009, the advantages Gibraltar offers are many and varied. It is no coincidence that the biggest names in private and retail banking, insurance and online gaming are proud to call Gibraltar home too. Isn’t it time you made your move?