CONTEXT AND TRENDSThe holy trinity of Gibraltan legal work continues to be tax, investment funds and gaming law, with most firms practicing all three.Recent changes in legislation, most notably the Gibraltar Income Tax Act 2010 have brought the country more in line with global and EU requirements on tax information sharing and the country is viewed with less suspicion than other similar tax havens....
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CONTEXT AND TRENDS
The holy trinity of Gibraltan legal work continues to be tax, investment funds and gaming law, with most firms practicing all three.
Recent changes in legislation, most notably the Gibraltar Income Tax Act 2010 have brought the country more in line with global and EU requirements on tax information sharing and the country is viewed with less suspicion than other similar tax havens. The Act itself reduced the corporate tax rate again to 10% in an effort to attract more corporates, but competition is fierce from other low tax jurisdictions like the Channel Islands, the Isle of Man and even the Republic of Ireland.
Funds work is still brisk and with the upcoming AIFMD (Alternative investment Fund Managers Directive) there will be plenty of regulatory advice needed so fund managers can assess their position and obligations. Structures such as the passportable UCITS (Undertakings for Collective Investment in Transferable Securities) and EIF (Experienced Investor Fund) continue to keep firms busy. The latter are a unique Gibraltan instrument targeted at high net worth individuals, private equity funds and real estate investments. The rules surrounding these funds were amended in early 2012 to allow, in certain circumstances, foreign administration. The changes also alter the description of what a 'experienced investor' actually is, bringing the definition more in line with Mifid (Markets in Financial Instruments Directive). The changes also allow investors in re-domiciled funds to be classified.
MAJOR LEGISLATION CHANGES
Financial Services (Experienced Investor
Funds) Regulations 2012
In effect as of April 2012
RISING STARS
Isolas
Joey Garcia
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