Gibraltar has now firmly established itself as a reputable finance centre, with sound regulation and attractive fiscal incentives for non-resident companies or individuals.
As a member of the European Union, under Article 227(4) of the Treaty of Rome, Gibraltar is subject to all European Law (except for value added tax, customs purposes and the common agricultural policy). Gibraltar can already take advantage of European Union directives that facilitate cross border business within the European Union in respect of insurance (Gibraltar Insurance companies can operate in other member states without further licensing), and will soon be able to do so in other areas of financial services like banking and UCITS (Undertaking for Collective Investment in Transferrable Securities).
The legal system is based on English common and statute law with variations introduced by local statute law ('Ordinances') or regulations.
The unit of currency in Gibraltar is the Gibraltar Pound which is in monetory union with the United Kingdom pound sterling. There are no foreign exchange regulations in force and there is complete freedom to remit funds into and out of Gibraltar and to convert funds into other currencies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
