John Culatto
GIBRALTAR is pushing for a greater portion of UK’s financial services and business market during a visit to the capital this week.
During meetings held this week in London, Minister for Business Albert Isola stated that the UK is ‘Gibraltar’s key partner’ after Brexit.
It followed the launch of the campaign, ‘Think Business, Think Gibraltar’, last September in the UK capital.
Isola travelled to the UK capital with Finance Services heads James Tipping, Michael Ashton, Paul Astengo and Tim Haynes.
They have talked to lawyers, accountants and experts in financial regulations about Gibraltar’s ‘unique relationship’ with the UK.
Isola is also meeting up with UK treasury and Foreign Office officials as well as the London press.
He noted that the ‘UK is Gibraltar’s key partner in terms of new business development for the Rock’.
This is especially true of insurance, which he stressed is one of the areas that is ‘passportable’.
In this context, a passport means the possibility to do business without any restrictions or controls from one country to another.
What makes Gibraltar more attractive to companies is its lower corporation tax and a faster process for registering profitable and legal businesses.
Although the Rock had this privilege for the whole of the EU, it has now lost it.
But considering that 90% of the territory’s business was with the UK, this connection is now being increased.
Single market
“With the added benefit of a Tax Agreement with the UK, we have a key message to deliver and reinforce,” said Isola.
“At the end of the transitional period post-Brexit there will continue to be a reciprocal single market in financial services between Gibraltar and the UK.”
This guarantee will replace the one that existed with the UK as part of the European Union.
It led to all relevant EU regulations being passed of Brussels-issued regulation.
It’s result in financial services was that it was removed as a tax haven, a squeaky clean image the territory wants to keep.
Both the government and the Gibraltar Financial Investment Association have stated they do not want to return to the bad old days.
With a deal needing to be made with Spain the need to keep clean is being recognised by regional experts.
A reception for Gibraltarians who work in financial services will take place during the visit.
“The Gibraltarians in London identified so far work in areas like insurance, banking, funds management, credit analysis, hedge funds and law,” said the Ministry of Finance.
“They will all be briefed on current issues and invited to join a new network supporting Gibraltar Finance’s work in business development in the UK.”
Blockchain
Only last week Isola attended another a European summit on Blockchain technology
It was held, ironically, within the European Parliament, focusing on the role governments can play within the fintech revolution in the banking industry.
“The Blockchain For Europe Summit provides hosted discussion around the role blockchain can play in our shared European society.
“We are all here to celebrate the coming together of technological advances, regulatory frameworks, and educational pursuits around DLT.
“We can all offer insights that drive efforts to accelerate blockchain deployment in our respective jurisdictions.”
