Finance NEWS

Offshore Banking in Gibraltar

Published by author on February 23, 2009

Gibraltar is small in size but big on savings tax. The country of Gibraltar only covers 2.642 miles square of land, an area roughly half the size of Rhode Island. For a small country is a dynamic financial center for investors worldwide.

This British dependent territory located near the entrance to the Mediterranean, overlooking the Strait of Gibraltar at the southern tip of the Iberian Peninsula and Europe. Share is the northern border with Spain.

Gibraltar has close historical ties with Britain military and is home to one of Royal England, naval bases. The country has an economy supported by transportation and offshore banking, tourism-which adds even more to its coffers by about 7 million tourists who arrive at their destination each year. These 3 industries added an estimated 25% -30% of the GDP of each Gibraltar. The support of the British military just add another 7% to the total economy.

Gibraltar’s population is estimated at more than 28,000 people, with a GDP per capita of $ 38,200 (2005 est.), with a large number of them employed in the service and industrial sectors. The official currency is the pound Gibraltar (GI, GIB). The Gibraltar Pound is divided into 100 pence.

The wealth management and private banking in Gibraltar has attracted many renowned players such as Barclays, ABN Amro, and IDT Financial. Because the regulation of high and low taxation in this country offers, is one of the most ideal offshore banking and offers attractive fiscal terms for companies that invest in it. Asset management is primarily what the foreign sector is focused on people who are high net worth. There are no taxes on wealth, inheritances and gifts, and become a resident of Gibraltar does not require physical presence, it would be prudent to consider the investment not only in the high seas in Gibraltar, but living there.

Very often banks here will cater for the rich and a higher net value. Special rates are available, and have their private banking services to the lime light. “Customer Relationship Management is a specialty of many offshore banks in Gibraltar. However, some care needs to be taken when approaching the private banking sector here, as in many other countries. Keep in mind in making its due diligence and see how the bank is structured. Many are simply front ends of investment funds, which can be a fine, or maybe not. If a bank is offering personal attention, bear in mind exactly what he is doing this and what I expected from you deposit your money.

English Peter Macfarlane is an author and professor of offshore finance, investment, due diligence and issues of wealth creation. After fifteen years advising high net worth clients protection structures offshore assets such as corporations, trusts and private foundations, he decided on a career change and now mentors people who are interested in creating, preservation and growth of wealth in a secure environment at sea.

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