Funds Presentation by Philip Canessa 20150323

gibraltarfinance.gi WITHIN THE EUROPEAN UNION SINGLE MARKET

A UNIQUE FUND JURISDICTION WITHIN THE EU


• UK Overseas Territory within continental Europe

• Self-governing

• Self-financing

• English common law system

GIBRALTAR IN BRIEF


GIBRALTAR IN BRIEF

DIVERSIFIED ECONOMY

• Financial services

• E-gaming

• Shipping and port services

• Tourism

• Pound Sterling (GBP)


GIBRALTAR’S BUDGET: JUNE 2014

• GDP growth estimated at 10.2% for the tax year 2013/14

• Gross public debt stands at 32% of GDP, with net public debt at 25% of GDP

• Budget surplus for financial year 2013/2014 is estimated to be a record

• Ranked in the top 20 globally for GDP growth and placed in the top 10 ranking of GDP per capita


WHY GIBRALTAR?

• International financial centre within the EU single market

• Passporting of financial services to a potential market of 520

million

• Responsive whilst regulated to EU and UK standards

• Favourable fiscal regime

• High-quality infrastructure

• High-quality lifestyle


LEGAL SYSTEM

• Only common law jurisdiction in continental Europe

(courts, statutes and principles of equity based on English

law)

• Very well developed expertise (funds, trusts, company

management and private banking)

• Separate and distinct jurisdiction

• Own legislature

• Business understanding of civil law systems


GIBRALTAR & AND THE EU

EU Treaties are applicable to Gibraltar

Exemptions from:

• VAT

• Customs Union

• Common Agricultural Policy


SINGLE MARKET FREEDOM

• Investment Services

• Banking and Insurance

• Freedom of establishment

• Freedom of services

• No separate licensing procedures

• Real benefits to institutions with targets in EEA territories


POWERFUL TAX PACKAGE

• 10% corporate tax

• 25% maximum effective tax rate for individuals

• No VAT

• No tax on investment income

• No capital gains tax

• No wealth tax

• No inheritance tax

• No estate duty


TAX INFORMATION EXCHANGES

• Implementation of UK standards and all EU Directives

• Gibraltar is FATF and IMF reviewed

• US FATCA / UK FATCA / Common Reporting Standard

• EOI arrangements with over 80 countries and territories

• OECD Global Forum Phase 2 peer review report (October

2014) rated Gibraltar as “largely compliant” (the same as UK

and Germany)


REGULATORY REGIME

• Financial services regulation matching EU and UK standards

• The Financial Services Commission (FSC) is a wholly

independent regulatory authority

• Sensible, approachable regulator

• Periodic audits of legislation and supervisory standards in

FSC by UK experts

• Full signatory to the Multilateral Memorandum of

Understanding (MMoU) of the International Organisation of

Securities Commissions (IOSCO)


EXPERIENCED INVESTOR FUND REGIME

• Pre-launch approval mechanism (speed to market)

• No investment or borrowing restrictions

• Fund may be self-managed

• Expedited start-up process and competitive start-up costs

• No limit to number of investors

• Reasonable ongoing operating costs

• Tax neutrality

• Two Gibraltar resident directors


EXPERIENCED INVESTOR

• A person or partnership whose business is investing or

providing investment advice

• A body corporate with net assets >€1M, or part of a group

with net assets >€1M

• The trustee of a trust with trust assets >€1M

• An individual whose net worth is >€1M

• A participant who invests a minimum of €50,000 in an EIF

and has been professionally advised

• A professional investor, as defined under the Financial

Services (Markets in Financial Instruments) Act 2006

• A participant in a fund that has re-domiciled to Gibraltar

with the regulator’s permission


AIFM – WHY GIBRALTAR?

• AIFMD transposed into Gibraltar law effective 22nd July

2013

• Fully compliant in respect of EU business and fund legislation

• Investment firms complying with AIFMD can avail

themselves of the European passport and market across

member states

• Licensed depositaries under AIFMD

• Small AIFM regime to be introduced

• Quick and efficient regulatory process

• Tax of 10% on profits of investment managers

• Professionals can apply for a specialist tax category limiting

annual personal tax to approx. GBP 30,000


Gibraltar Finance

@GibFinance

facebook.com/GibraltarFinanceCentre

youtube.com/GibraltarFinance

FURTHER INFORMATION

IN GIBRALTAR

Philip Canessa

Senior Executive, Funds & Asset Management

Gibraltar Finance

Tel +350 200 50011

[email protected]

https://www.facebook.com/GibraltarFinanceCentre

http://www.linkedin.com/groups/Gibraltar-Finance-Gibraltar-4888704

https://twitter.com/gibfinance

http://www.youtube.com/GibraltarFinance

Documents

Funds Presentation by Philip Canessa 20150323