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Gibraltar has stood guard over the western Mediterranean, its unique position making it the focus of a continuous struggle for power. This spectacular rock monolith, covering a land area of about six square kilometres, is situated at the southern tip of Spain overlooking the strait to Africa. It is known as the Meeting Place of Continents.
The origin of Gibraltar`s burgeoning financial services sector dates back to the enactment of the Companies (Taxation and Concessions) Ordinance in 1967, which made provision for a special tax regime for international business. The industry has made great strides since those early days, and now includes a broad spectrum of professional services, ranging from private banking to captive insurance management. Recent developments include the establishment on the Rock of a number of Swiss portfolio managers, the commencement of direct trading on Eurex, Liffe and other exchanges, and the pioneering use by Deutsche Bank of Gibraltar as a domicile for securitisation/repackaging. Other major investment banks including UBS Warburg have since followed suit.
As the only British international financial centre within the EU, Gibraltar has a common law framework, a highly-educated workforce, and UK-trained professionals. It is renowned as one of the best-regulated finance centres in the world, and as such, has been held out as a benchmark jurisdiction by both the former UK Foreign Secretary Robin Cook, and by Andrew Edwards in his Review of regulation in the Crown Dependencies.
A Deposit Guarantee Scheme came into effect in 1999 and an Investor Compensation Scheme followed in 2003. As part of the European Union, Gibraltar implements all relevant EU directives, and the Financial Services Commission, established in 1989 as an independent statutory body, goes further by matching UK standards in financial regulation and supervision.
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Office of the Financial and Development
Secretary
5th Floor, The Haven
23 John Mackintosh Square
Europort
Gibraltar.
E-Mail
financialsec@gibtelecom.net
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Website
www.gibraltar.gov.gi
Fax
+350 79901
Phone
+350 51167
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