Wealth Management in Gibraltar

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Wealth Management in Gibraltar Thomas Westh Olsen 1st October 2009

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: September 2009 Slide 2

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

Legal/Tax

Business Environment


A well established European finance centre with “wellregulated financial sector” IMF report May 2007


Strong legal and regulatory infrastructure Gibraltar must ensure compliance with European Union law (Gibraltar is part of the EU under the UK accession treaty),


Single European Passport for banking, insurance and 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: September 2009 Slide 3

Wealth Management in Gibraltar Unique Value Propositions The Financial Sector


GBP 10.7 BN 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 management

Representative Bodies


The business may be directed to the banks through


Legal/Tax

Business Environment

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


Large European client base residing in the region
Mortgage lending for properties located in Southern Spain and Portugal

Produced by: Thomas Westh Olsen Date: September 2009 Slide 4

Wealth Management in Gibraltar Unique Value Propositions The Financial Sector


GFCC (Gibraltar Finance Centre Council)
Gibraltar Bankers’ Association:17 Institutions licensed under


the Financial Services (Banking) Act for deposit taking business of Trust and Company Managers (44 members) Association


Gibraltar Funds & Investment Association (44 member firms) Representative Bodies


Society of Trust and Estate Practitioners (40 members)
Gibraltar Society of Chartered and Certified Accountancy

Legal/Tax

Bodies (16 member firms)


Gibraltar Bar Council (31 members) Business Environment


8th October Gibraltar Finance Centre Council conference Gibraltar 2015 Produced by: Thomas Westh Olsen Date: September 2009 Slide 5

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


Gibraltar Provides an attractive fiscal environment for business and investors


No VAT or other sales taxes
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 on those of the EU and UK Produced by: Thomas Westh Olsen Date: September 2009 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 & CAT II tax status for HNWIs Business Environment


From Offshore centre to Finance centre

Produced by: Thomas Westh Olsen Date: September 2009 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: September 2009 Slide 9

DISCLAIMER

The information and opinions expressed in this report were produced by Credit Suisse (Gibraltar) Limited as of the date of writing and are subject to change without notice. The report is published solely for information purposes and does not constitute an offer or an invitation by, or on behalf of, Credit Suisse (Gibraltar) Limited to buy or sell any securities or related financial instruments or to recommend or suggest any particular investment strategy, nor investment research. It has been prepared without taking account of the investment objectives, financial situation, knowledge and experience of any particular investor. Although the information has been obtained from and is based upon sources that Credit Suisse (Gibraltar) Limited believes to be reliable, no representation is made that the information is accurate or complete. Credit Suisse (Gibraltar) Limited does not accept liability for any loss arising from the use of this report. The price and value of investments mentioned and any income that might accrue may fluctuate and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any products mentioned in this document. Alternative investments, derivative or structured products are complex instruments, typically involve a high degree of risk and are intended for sale only to investors who are capable of understanding and assuming all the risks involved. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks; economic risks; credit risks; currency risks; and market risks. An investment in the funds described in this document should be made only after careful study of the most recent prospectus and other fund information and basic legal information contained therein. Prospectuses and other fund information may be obtained from the fund management companies and/or from their agents. Before entering into any transaction, investors should consider the suitability of the transaction to their individual investment objectives, financial situation, knowledge and experience. Credit Suisse (Gibraltar) Limited recommends that investors independently assess, with a professional financial advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. The issuer of the securities referred to herein or a Credit Suisse company may have acted upon the information and analysis contained in this publication before being made available to clients of Credit Suisse. A Credit Suisse Produced by: Thomas Westh company may, to the extent permitted by law, participate or invest in other financing transactions with the Olsen September 2009 Slide 10 issuer of the securities referred to herein, perform services or solicit business from such Date: issuers, and/or have a position or effect transactions in the securities or options thereof. This report is distributed by Credit Suisse