Of Special Interest


[x] [x]

24th February 2012

Gibraltar plan to attract more funds

Gibraltar is seeking to attract the fund industry by modifying the law. Currently a fund based in Gibraltar must have the administrator in Gibraltar also. The plan is to remove this condition. The change is likely to be enacted from July 2013.

Financial Services Minister Gilbert Licudi insisted that the country would not become a brass plate country for funds seeking to avoid full scrutiny and said that the plan was to be selective and not to 'open the door to everyone'.

The financial sector accounts for nearly a third of the country's earnings. Gibraltar has tax information sharing agreements with most large countries.