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Relocating to Gibraltar Residency & Taxation www.gibraltarlawyers.com RELOCATING TO GIBRALTAR RESIDENCY & TAXATION INTRODUCTION The coast of Morocco lies some 16 or matters in which there is any conflict or kilometres to the south across the Straits. variance between the common law and the The Gibraltar economy is well diversified The climate is Mediterranean. rules of equity with reference to the same and its main industries are finance, gaming, subject, the rules of equity prevail. The fintech, tourism and shipping, with Gibraltar Political system English Law (Application) Act further lists in being one of the busiest bunkering ports in The legislature of Gibraltar consists of the its schedule the statute law of England that Europe. Governor and the Gibraltar Parliament. The applies to Gibraltar. Gibraltar has had particular success with the Gibraltar Parliament consists of the speaker Whilst the legal system is based on that online gaming industry, with the majority and at least 17 democratically elected of England, the statute law has developed of the main players operating here. Online members. Usually elections are held every differently in so far as the Gibraltar gaming certainly has put Gibraltar on the four years. Parliament has enacted and amended laws to world stage as leading the globe in this area. Defence, foreign policy and internal security suit Gibraltar’s own particular requirements. Moreover, Gibraltar has attracted a string of remain the responsibility of the United This can be seen in particular areas such specialist business executives who relocate Kingdom, which appoints the Governor as taxation and landlord and tenant law as to Gibraltar because of the favourable tax as the representative of the Crown in regards the protection of the right of all regime and better quality of life that they Gibraltar. In all other matters Gibraltar is Gibraltarians to a secure home balanced may be able to take advantage of. self-governing. The power of the legislature against the need for the development of to make laws is exercisable by Bills passed Relocating anywhere in the world can Gibraltar as an EU Finance Centre. by the Gibraltar Parliament, known as Acts, be fraught with difficulties not least the and assented to by the Governor on behalf Communication and travel personal upheaval of moving you and your of her Majesty. The official and commercial language of family abroad. This article will give you an Gibraltar is English although the majority of insight some areas you should consider Whilst the executive authority vests in the population are also fluent in Spanish. before choosing Gibraltar as your next the Governor, it is the Chief Minister and destination. usually nine ministers, with responsibility for Gibraltar has an excellent digital and fibre- defined domestic matters, who constitute optic telecommunications system along This article is based on the law and practice the Government of Gibraltar. with a modern postal service. in Gibraltar as at 8 February 2018 and is intended to provide a general guide only. Legal System There are daily scheduled air services to The legal system of Gibraltar is based on and from London Gatwick and London GIBRALTAR KEY FACTS the common law and statute law of England Heathrow. There are also weekly flights Geography and climate and therefore embodies the advantages and to and from Manchester, Bristol and Casablanca (via Tangier) (Morocco). A ferry Gibraltar ‘the Rock’, is a peninsula of security of English company and trust law. service also operates to Tangier. approximately seven square kilometres In 1962 Gibraltar passed the English Law at the southernmost tip of Spain. It is (Application) Act declaring the extent to Gibraltar is also a port of call for container approximately five kilometres long and 1.2 which English law is in force in Gibraltar. ships and some of the world’s most kilometres wide, dominated by the famous The common law and the rules of equity prestigious cruise liners. A cruise liner rock which rises to 1,396 feet above sea- from time to time in force in England apply terminal provides modern facilities for level at its highest point and towers above to Gibraltar subject to any modifications or passengers. the Strait of Gibraltar, the strategic waterway exclusions made by Her Majesty in Council, Gibraltar is also within easy reach of the which connects the Mediterranean and the an Act of Parliament or an Act passed by increasingly utilised airport of Malaga Atlantic Ocean. the Parliament of Gibraltar. In all causes (Spain), which is a one-hour drive away. RELOCATING TO GIBRALTAR FEBRUARY 2018 Gibraltar has recently transposed the new General Data Protection Regulation that sets a higher standard of control and security measures that must be implemented by Data Controllers. Medical services The Medial Group Practice Scheme is funded by grant and by compulsory weekly contributions through social insurance. Not only are persons registered under the Scheme entitled to benefit but also the spouses and children of the registered person. In case of illnesses, which cannot be treated locally, patients will be sent for specialist treatment in the UK or Spain. There are a number of doctors and medical European Union status centres which provide medical diagnosis Gibraltar is a member of the European Union Students may continue for a further two and treatment. Private medical insurance (EU) by virtue of Article 227 of the Treaty of years to obtain their A-level examinations. is available through schemes such as the Rome which states that the provision of the Grants or scholarships are given for further Hospital Savings Association (HSA), the Treaty “apply to the European territories for study at UK universities and institutions of British United Provident Association (BUPA) whose external relations a member state is further education. Further, Gibraltar also and a Le Carte Healthcare. responsible”. Gibraltar is therefore treated recently opened its own university which It is possible for a retiree that becomes as part of the member state of the United offers a large range of further education resident in Gibraltar and was previously Kingdom. courses. resident in the UK, and who has Gibraltar is also part of the European Private schooling is also available in Gibraltar accumulated contributions in the UK to Economic Area (EEA) by virtue of the and in Spain. pass these contributions on to Gibraltar Treaty of Accession. Entities established in in order to benefit from Gibraltar’s public Gibraltar can therefore take advantage of Currency and exchange of controls health system. European rules on the free movement of The official currency is Sterling. However, Leisure services. As long as a Member State has the Government of Gibraltar issues Sterling Gibraltar has a state of the art sports facility implemented legislation giving effect to notes and coins locally which circulate which includes football pitches, paddle relevant European Directives, an entity in alongside those issued by the Bank of tennis courts, tennis courts, squash courts, that Member State will be able to provide its England. gyms, hockey pitches, water sports facilities services or operate throughout the EU and A number of local banks are linked into the and more much. the EEA states. United Kingdom clearing system. The Euro It also has two stunning waterfront marinas Gibraltar entities enjoy passporting rights is also widely accepted. which includes a casino, luxury residential into the EU and the EEA single market in There are no exchange controls and properties, a five star luxury yacht hotel, respect of investment services, insurance residents and non-residents alike may bars, clubs and other leisure facilities. and banking. Additionally, Gibraltar entities maintain accounts denominated in foreign Gibraltar is only a 20 minute drive away are able to provide services within the currencies. EU which are not regulated by relevant from the renowned Costa de Sol which Time zone directives provided they comply with the includes towns such as Marbella which is laws of that Member State. There is no other Gibraltar time is the Greenwich Mean Time well known for its beautiful beaches and for finance centre that can claim to have these (GMT) plus one hour with clocks being having some of the leading golf courses in advantages. advanced one hour between March and Spain, such as Valderrama. October. Gibraltar was placed on the Organisation for Travel and sightseeing Economic Co-operation and Development Bank and public holidays Gibraltar is rich in history and offers and (OECD) White List of territories that Public holidays include the 8 public holidays array of attractions such as the upper rock, has substantially implemented the of England and in addition Commonwealth the Moorish Castle, St. Michaels Cave, the internationally agreed standard on tax Day, the Queen’s Birthday, Gibraltar Great Siege Tunnels, the dolphin trips, the information exchange. National Day and Worker’s Memorial Day. botanical gardens, commonwealth park and the Gibraltar museum to name a few. Furthermore, the OECD’s Global Forum on Data protection transparency and exchange of information During 2004, Gibraltar transposed the for tax purposes issued its Phase II report on EU directive relating to the protection of Gibraltar, with an overall rating of “Largely individuals with regard to the processing of Compliant” – the same rating as Germany, personal data and on privacy rights of that the UK and the US. data. The data Protection Act came into Education force in 2006. In general, with effect from This is modelled on the UK system 1 July 2006, all organizations that process with Comprehensive schools providing and keep personal information must register free compulsory education to National with the Data Protection Commissioner. In Curriculum standard to the children of addition such organizations must, inter-alia, people ordinarily resident in Gibraltar, up to ensure that the data is secure, accurate, for age 15 and terminating in the examinations defined purposes only and accessible to and coursework for the General Certificate those individuals where information is held of Secondary Education (GCSE).
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