Wealth Management in Gibraltar

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Wealth Management in Gibraltar Thomas Westh Olsen 19th November 2008

Wealth Management in Gibraltar. 6 reasons Reputation

Infrastructure

 Top quality finance centre  Size, work-force, regulation

Products & Services

 Private Banking, Estate planning, Funds

Fiscal environment

 Very attractive for business and investors

Niche

Financial sector

 EU, UK, HNWI focus  Subsidiaries or branches of international banks Produced by: Thomas Westh Olsen Date: 19th November Slide 2

Wealth Management in Gibraltar. 5 themes Unique Value Propositions The Financial Sector Representative Bodies

 A well established European finance centre with a “well regulated financial sector” IMF report May 2007

 Strong legal and regulatory infrastructure - Gibraltar must ensure compliance with regulation and supervision matching EU and UK standards as part of the European Union under the UK accession treaty

 Single European Passport for banking, insurance and Legal/Tax

Business Environment

investment services. Under the EU’s passporting provision, institutions incorporated in Gibraltar can provide cross/border financial services to clients in the EEA states

 A unique platform for products and services Produced by: Thomas Westh Olsen Date: 19th November Slide 3

Wealth Management in Gibraltar Unique Value Propositions The Financial Sector

 GBP 9 BN Client assets  GBP 7 BN third party funds under management  The Provision of investment services to non-resident clients is the most important function

 The banks provide various related services for wealth Representative Bodies

Legal/Tax

management

 The business may be directed to the banks through 

independent asset managers either located in Gibraltar or overseas Fiduciary deposits from parent banks

 Large European client base residing in the region Business Environment

 Mortgage lending for properties located in Southern Spain and Portugal

Produced by: Thomas Westh Olsen Date: 19th November Slide 4

Wealth Management in Gibraltar Unique Value Propositions The Financial Sector Representative Bodies

 GFCC (Gibraltar Finance Centre Council)  Gibraltar Bankers’ Association; 18 Institutions licensed under the banking ordinance

 Association of Trust and Company Managers (44 members)  Gibraltar Association of Stockbrokers and Investment 

Legal/Tax

Managers Society of Trust and Estate Practitioners (41 member firms)

 Gibraltar Society of Chartered and Certified Accountancy Bodies

Business Environment

 The General Counsel of the Bar (220 practicing barristers) Produced by: Thomas Westh Olsen Date: 19th November Slide 5

Wealth Management in Gibraltar Unique Value Propositions

 Gibraltar Provides an attractive fiscal environment for business and investors

 No VAT or other sales taxes The Financial Sector Representative Bodies

 No capital gains tax  No wealth tax  No exchange controls  No inheritance or gift taxes, or estate duty

Legal/Tax

Business Environment

 No stamp duties on securities  CATII HNWI status  Regulatory standards based in those of the EU and UK Produced by: Thomas Westh Olsen Date: 19th November Slide 6

Wealth Management in Gibraltar in review Unique Value Propositions The Financial Sector

 Proximity to growing HNWI ex-pat population in Spain & Portugal and very close links to the UK and Switzerland

 Growing fund business in Gibraltar with a focus on 

Representative Bodies

Experienced Investor Funds, Fund managers and Fund administrators Interesting outlook for low Corporate tax regime

 Independent asset managers & family offices. UHNWI  Further growth in other sectors within the industry

Legal/Tax

(on-line gaming, Insurance, Tourism, Oil-bunkering

 Estate planning & privileged tax status for HNWIs Business Environment

 From Off-shore centre to Finance Centre Produced by: Thomas Westh Olsen Date: 19th November Slide 7

A look forward to the trends and challenges ahead

Wealth Management in Gibraltar. Challenges & Opportunities Large growth potential

Competition from other finance centres

Regulation and fiscal environment

WE WELCOME YOU TO GIBRALTAR

Produced by: Thomas Westh Olsen Date: 19th November Slide 9