Financial services in Gibraltar

Financial institutions operating in Gibraltar are regulated by the Gibraltar Financial Services Commission.{{cite web|title=Commission|url=http://www.fsc.gi/aboutus/commission.htm|publisher=Gibraltar Financial Services Commission|access-date=2013-10-06}}

Gibraltar licensed or authorised financial institutions are able to provide services to customers in the United Kingdom through the Gibraltar Authorisation Regime which treats them as authorised persons under the UK Financial Services and Market Act 2000.{{cite web|url=https://www.gibraltar.gov.gi/press-releases/government-publishes-technical-notice-on-financial-services-7482020-6328 |title=Government Publishes Technical Notice on Financial Services – 748/2020 |access-date=2021-01-01}}

Prior to Brexit on 31 January 2020, Gibraltar was a constituent part of the European Union as a Special Member State territory, having joined the European Economic Community with the United Kingdom in 1973, under the provisions of the Treaty of Rome relating to European dependent territories. However, it was exempt from the Common external tariff, the Common Agricultural Policy and the requirement to levy Value added tax.{{cite web |url=https://www.gibraltar.gov.gi/e-business/why-gibraltar |title=Why Gibraltar? |website=gibraltar.gov.gi |archive-url=https://web.archive.org/web/20091021095509/http://www.gibraltar.gov.gi/e-business/why-gibraltar |archive-date=2009-10-21}}

Subject to notifying the Gibraltar Financial Services Commission, which had to be satisfied that they meet certain criteria in accordance with the relevant EU Directive, Gibraltar licensed or authorised financial institutions were able to provide services throughout the EU and European Economic Area without having to seek separate licences or authorisation in the host Member State. This was known as the passporting of financial services.{{cite web|url=http://www.fsc.gi/gib/eea.htm |title=FSC – Gibraltar and the EEA |access-date=2013-10-06 |archive-url=https://web.archive.org/web/20070928041815/http://www.fsc.gi/gib/eea.htm |archive-date=28 September 2007 }}

Referred to as an International Finance Centre,{{cite web|url=http://www.fsc.gi/press/article20112004.htm |title=FSC- Press Article – Gibraltar Chronicle |date=2007-09-28 |access-date=2013-10-06 |archive-url=https://web.archive.org/web/20070928041740/http://www.fsc.gi/press/article20112004.htm |archive-date=28 September 2007 }} Gibraltar was among 35 jurisdictions identified by the Organisation for Economic Co-operation and Development (OECD) as a tax haven in June 2000.{{cite web|url=http://www.oecd.org/document/59/0,2340,en_2649_201185_2074555_1_1_1_1,00.html|title=Archived copy |access-date=13 May 2013 |archive-url=https://web.archive.org/web/20151015230752/http://www.oecd.org/document/59/0,2340,en_2649_201185_2074555_1_1_1_1,00.html |archive-date=15 October 2015 }} However, the list's disclaimer stated:{{cite web|url=http://www.oecd.org/ctp/harmful/2000progressreporttowardsglobaltaxco-operationprogressinidentifyingandeliminatingharmfultaxpractices.htm |title=2000 Progress Report: Towards Global Tax Co-operation: Progress in Identifying and Eliminating Harmful Tax Practices|publisher=OECD.org OECD. Organisation for Economic Co-operation and Development. Retrieved 2015-6-7}}

{{blockquote|That list should be seen in its historical context and as an evaluation by OECD member countries at a particular point in time of which countries met the criteria set out in the 1998 Report, Harmful Tax Competition: An Emerging Global Issue. More than five years have passed since the publication of the OECD list contained in the 2000 Report and positive changes have occurred in individual countries' transparency and exchange of information laws and practices since that time. The list has not been updated to reflect such changes.}}

As a result of having made a commitment in accordance with the OECD's 2001 Progress Report on the OECD's Project on Harmful Tax Practices, Gibraltar is not included in the OECD's list of uncooperative tax havens. It has also never been listed on the FATF Blacklist of uncooperative countries in the fight against money laundering. It may be referred to as an offshore financial centre, by international institutions such as the International Monetary Fund (IMF).{{cite web|url=http://www.imf.org/external/np/ofca/ofca.asp |title=Offshore Financial Centres (OFCs): IMF Staff Assessments |publisher=International Monetary Fund |access-date=2013-10-06}}

However, in its April 2009 progress report, the OECD listed Gibraltar in the list of jurisdictions which, although committed, had not yet "substantially implemented" the internationally agreed tax standard.{{cite web|url=http://www.oecd.org/dataoecd/38/14/42497950.pdf |title=A progress report on the jurisdictions surveyed by the OECD global forum in implementing the internationally agreed tax standard – Progress made as at 4 October 2009 |access-date=2010-01-01|date=4 April 2009 |work=OECD |publisher=Organisation for Economic Co-operation and Development |archive-url=https://web.archive.org/web/20091001100240/http://www.oecd.org/dataoecd/38/14/42497950.pdf |archive-date=1 October 2009}} Following Gibraltar's signing of 12 additional Tax Information Exchange Agreements (TIEAs), as of October 2009, with jurisdictions including the UK, US and Germany,{{cite web|url=http://www.chronicle.gi/headlines_details.php?id=17495 |title=Gibraltar 'white-listed' by OECD |access-date=2009-10-22 |date=22 October 2009 |publisher=The Gibraltar Chronicle |archive-url=https://web.archive.org/web/20110927140904/http://www.chronicle.gi/headlines_details.php?id=17495 |archive-date=27 September 2011 }} to sum 13, Gibraltar is currently listed in the OECD "white list", and is considered a jurisdiction that has substantially implemented the tax standard. It therefore shares the same status as OECD member states such as the UK, the US, Spain or Germany.{{cite web |url=http://www.oecd.org/dataoecd/50/0/43606256.pdf |title=A progress report on the jurisdictions surveyed by the OECD global forum in implementing the internationally agreed tax standard – Progress made as at 20 October 2009 |access-date=2009-10-22 |date=20 October 2009 |work=OECD |publisher=Organisation for Economic Co-operation and Development |archive-url=https://web.archive.org/web/20091007012156/http://www.oecd.org/dataoecd/50/0/43606256.pdf |archive-date=7 October 2009 }}

Fiscal advantages, including no tax on capital income, are offered to a maximum of 8,464 offshore qualified companies incorporated in Gibraltar.{{cite web|url=http://www.gibraltaroffshore.com/gibraltar-tax-exempt-company-changes.htm |title=Gibraltar Tax Exempt Company Changes |publisher=Gibraltaroffshore.com|access-date=2013-10-06}} After an agreement with the European Union in 2005, this tax exempt regime was due to disappear on 31 December 2010.

A 2007 IMF report on the regulatory environment and anti-money laundering again endorsed Gibraltar's robust regulatory environment.{{cite web|url=http://www.gibraltar.gov.gi/latest_news/press_releases/2007/118-2007.pdf |title=Publication of the IMF Evaluation on Gibraltar's Supervision of Banking, Insurance and Anti-Money Laundering Measures |author=Government of Gibraltar |access-date=2008-10-17 |archive-url=https://web.archive.org/web/20081118191855/http://www.gibraltar.gov.gi/latest_news/press_releases/2007/118-2007.pdf |archive-date=18 November 2008 }}

According to the report:{{Cite web|url=http://www.imf.org/External/Pubs/FT/scr/2007/cr07157.pdf |title=Gibraltar: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism |publisher=IMF |date=1 May 2007 |access-date=8 December 2014}}

{{blockquote|Gibraltar has a well-regulated financial sector.[http://www.baltic-legal.com/offshores-company-gibraltar-eng.htm Gibraltar company finances] The Gibraltar authorities are concerned with protecting the reputation and integrity of Gibraltar as a financial center, and are cognizant of the importance of adopting and applying international regulatory standards and best supervisory practices. Gibraltar has a good reputation internationally for cooperation and information sharing.}}

In 2008 Gibraltar was listed for the first time in the Global Financial Centres Index published by the City of London Corporation. The Rock was ranked 26th in a list of 69 leading finance centres around the world based on an online survey of 1,236 business professionals, who provided a total of 18,878 assessments.{{cite web |url=http://www.cityoflondon.gov.uk/Corporation/business_city/research_statistics/research_publications.htm |title=Research publications |website=cityoflondon.gov.uk |access-date=13 January 2022 |archive-url=https://web.archive.org/web/20080312140423/http://www.cityoflondon.gov.uk/Corporation/business_city/research_statistics/research_publications.htm |archive-date=12 March 2008 }} In the most recent GFCI report of 2011, Gibraltar was ranked 63rd in the world, and 8th of the leading offshore financial centres (OFCs).{{cite web |url=http://www.zyen.com/GFCI/GFCI%209.pdf |title=The Global Financial Centres Index 9: March 2011 |publisher=Zyen.com|access-date=2013-10-06 |archive-url=https://web.archive.org/web/20121128152601/http://www.zyen.com/GFCI/GFCI%209.pdf |archive-date=28 November 2012 }}

Gibraltar was also ranked in the top 20 centres for e-readiness, coming 20th after major capitals and leading offshore centres.{{cite web|url=http://www.chronicle.gi/readarticle.php?id=000013083|title=Archived copy|access-date=14 October 2007 |archive-url=https://web.archive.org/web/20080614144921/http://www.chronicle.gi/readarticle.php?id=000013083 |archive-date=14 June 2008 }}

{{Reflist}}

• Economy of Gibraltar
• List of banks in Gibraltar

Category:Economy of Gibraltar