Gibraltar's Finance Industry
Gibraltar's Finance Industry
Gibraltar E-Money Services
Gibraltar's financial services sector dates back to the enactment of the Companies (Taxation and Concessions) Ordinance in 1967, which made provision for a special tax regime for international business. The industry includes a broad spectrum of professional services, ranging from e-money to captive insurance management.Gibraltar is a unique EU jurisdiction for the promotion and development of financial services. It has a common law legal system, highly-developed professional infrastructure, strong regulation and access to the EU single market in financial services.
In the important sphere of regulation, cardholders can rest assured that Gibraltar's financial services are regulated to the highest standards. As a member of the European Union, Gibraltar not only implements all relevant EU directives, but the Financial Services Commission goes further by regulating the industry similar to UK standards.
Such is the reputation that Gibraltar has acquired in recent years that it is increasingly being referred to as a regulatory benchmark for other jurisdictions. In fact, the Edwards report (commissioned by the UK in 1998 to review regulatory practices in the Channel Islands and the Isle of Man) used Gibraltar as a point of comparison when making recommendations for other centres.
Banking Legislation
Banking operations in Gibraltar are governed by the Banking Ordinance 1992 which brought Gibraltar's banking legislation in line with the EU First and Second Banking Co-ordination Directives. The Ordinance is administered by the Commissioner of Banking. Gibraltar licensed E-money institutions may passport into Europe.
Advantages of Gibraltar
- Favorable tax status for e-money institutions undertaking international business.
- Stable government and status within the European Union.
- Good geographical location and attractive fiscal regime.
- No exchange controls.
- Good communications.
- Common law banking confidentiality.
