GIBRALTAR INFO
Gibraltar is a flourishing financial services centre, offering an attractive tax climate with no VAT or other sales taxes, no capital gains tax, no wealth tax, no exchange controls, no inheritance or gift taxes or estate duty. It has tax efficient opportunities for international businesses and high net worth individuals, combined with strict financial supervision. As Gibraltar is part of the European Union, it is an excellent base for financial services throughout Europe. Gibraltar’s focus on financial services is a great advantage in business traffic. In addition, the emergence of the online betting and gaming industry has become an important factor in the growing economy of Gibraltar, as has the increase in the insurance sector.
On September 18, 2006, Gibraltar, Spain and the United Kingdom signed a historic agreement in Cordoba that provides an impulse to the development of Gibraltar and simultaneously improving its relations with Spain. The main accords include the enhanced use of the airport of Gibraltar and the improvement of the border crossings and transport and telecommunication links. This was a milestone in the history of Gibraltar that is of great significance to the economy and the business market. In July 2008 further cooperation initiatives were announced on the environment, maritime communications, judicial, customs and police cooperation, financial services and taxation, visa related issues and education.
Government investments in the construction of a new airport terminal, the north front road and the tunnel underneath the runway will make land and air access into Gibraltar much easier than it has been. Further parking and traffic improvement schemes as well as public transport initiatives and other public investments are also underway.
On December 18th, 2008 the European Court of Justice declared that Gibraltar has the autonomy to legislate and reform its own taxation system independently from the United Kingdom. This brings more certainty to the Gibraltar economy and finance centre on the basis that the proposed new “low tax” regime can now be implemented in place of the previous exempt company regime. It is anticipated that corporate tax will be reduced to between 10% to 12% by 2010.
All these developments open up new and exciting possibilities for business & commercial developments, which means that the timing for MidTown Gibraltar is ideal.
Gibraltar Government website.
Government information on taxation.
General information on Gibraltar.
Trilateral forum statement.
Wikipedia on Gibraltar
Take a tour around Gibraltar