Q What is Gibraltar's relationship with the United Kingdom?
A Gibraltar is an overseas territory of the United Kingdom. It is a distinct jurisdiction with its own constitution, granted by the British Parliament. Gibraltar's Parliament is a democratically elected legislature.
Q What is Gibraltar's status within the European Union?
A Gibraltar is the only British overseas territory that is part of the European Union. Although full membership of the EU extends to Gibraltar it is not subject to the Common Customs Tariff, VAT or the Common Agricultural Policy.
Q What is the basis of law in Gibraltar?
A The legal system and jurisdiction of Gibraltar are entirely separate from the UK, but they are based on English common and statute law as well as locally drafted law.
Q Has Gibraltar implemented all EU Directives related to financial services?
A Yes. Gibraltar has implemented all relevant EU Directives in a way that virtually mirrors UK legislation.
Q What type of tax regime does Gibraltar operate?
A Gibraltar is a jurisdiction with a highly competitive tax regime for both companies and individuals. It does not levy VAT, capital gains tax, inheritance tax or wealth tax.
Q What is 'passporting'?
A 'Passporting' means that financial services businesses registered in Gibraltar may conduct business in any other EU member state without having to obtain further licensing. Applying for and obtaining a financial services licence in Gibraltar is fast and efficient, especially when compared with procedures in most other countries.