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www.gibraltarinternational.com Gibraltar International 3 May/June/July 2017 Volume 2 3/ Number 2
Contents Profile p18 News p6 Competition prompts moves to maintain top position Cruise growth provides opportunity regardless of Brexit Business p22 Pensions p8 China focus - Gibraltar business looks east Gibraltar’s New Pension Regime Business p24 Banking p10 A Historic Delegation to the StartUp Nation Private bank customers get digital as tax disclosure becomes automatic Trusts & Company Management p26 Gibraltar Association of Trust and Company Managers eGaming p14 (ATCOM) Laws to safeguard cross border access for workers, as more firms move in Business round up p28 Editorial Comment Sovereignty overshadows border issues hen The Sun tabloid newspaper front page - projected on this year, noted that 30% of Gibraltar’s finance centre jobs and a whopping 60% The Rock for a short while, (apparently without in gaming were filled by residents of Spain! And, crucially, both business government knowledge) - “Hands off our Rock” - it sent a sectors together account for half of the total Gibraltar economy. W clear message yet again that Gibraltar is not for sale to the As the government fully accepts, it makes good business sense for firms to Spanish! consider their options, even possible relocation, if Brexit negotiations make The feelings of Gibraltar residents, last tested in a referendum 15 years remaining based in, and operating from, Gibraltar difficult. ago, are overwhelming plain; they are British - after more than 300 years as According to lawyer Peter Isola, there are guarantees for reasonable such – and want to remain so, come what may. They are not up for being continued access enshrined in EU laws concerning external borders, as Gibraltar used as a bargaining chip in negotiations for Britain’s withdrawal from the will become with Spain post-Brexit. There were “good logical reasons to be EU in two years’ time. cautiously optimistic”, he felt, but of course, there are similar border fluidity So no-one should doubt the strength of feeling when the European guarantees in place now even with EU membership – and that hasn’t stopped Council - to Britain and Gibraltar’s complete surprise - agreed that no Spain severely disrupting the flow of pedestrians and traffic whenever it feels Brexit deal can go ahead unless Spain is content – a seemingly slam dunk like it. veto that could sink the whole Brexit talks. This remember, is a EU in No wonder Chief Minister, Fabian Picardo, reflects on Spanish past form. which Gibraltar voted, by 96%, to remain! Spain continues to present, what some might regard as a “reasonable” eGaming leaders meeting on The Rock for an industry seminar voted offer, to share sovereignty of Gibraltar with the UK even though Spain gave The a free-flowing border to be by far the greatest issue – way behind open Rock to Britain in perpetuity. Yet, according to an April YouGov poll, one in business access - a sentiment reflected strongly in a government study of three people in Britain would be prepared to cede at least some sovereignty over the ‘Brexit effect’. It pointed to the 10,470 workers who cross the border Gibraltar for a better Brexit deal! daily and declared: “A frontier which lacked the necessary fluidity for Maybe it’s time for Gibraltar to up its game and present the negative effects people to be able to access their places of work would therefore put of such a deal beyond the completely understandable and impassioned “No way directly at risk the jobs of 40% of the entire Gibraltar workforce José” response that rejects any consideration of a compromise. To be sure, there [26,000+ people].” will be powerful reasons why any such arrangement is out of the question. That report, presented to the House of Lords EU Committee earlier Ray Spencer
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News Cruise growth provides opportunity regardless of Brexit revealed: “There are potential plans to Plans to extend facilities for cruise liners and their passengers are develop the cruise ship infrastructure in the being considered in separate initiatives involving the private sector, port, in conjunction with the Gibraltar Tourist after Gibraltar’s successes in attracting more operators and ships Board. These are the subject of discussions to call at the Port with the private sector.” The Port can handle all but the world’s he moves to expand the port activity year, including seven inaugural cruise ships; largest liners currently operating, or due to are seen as one way the economy can Panorama II of Variety Cruises that arrives operate, in the Mediterranean; in 2016 Tbe bolstered against the anticipated first in mid-May is making 20 visits in 2017! ‘Ovation of the Seas’ (length 347m) with effects of a ‘hard’ Brexit from the EU in two In June, The Rock hosts the 50th 4010 passenger capacity, became the largest years’ time; by definition, liners arrive by sea MedCruise Annual General Assembly of the to berth at Gibraltar. and are largely unaffected by the frontier, Association of Mediterranean Cruise Ports, which it is feared may be seriously interrupted which Gibraltar helped found 21 years ago. Larger ships possible by Spain. Cruise line executives and MedCruise “The outer berth would need to be dredged Government written evidence to the member ports will “discuss the latest in order to accommodate the deepest House of Lords (HoL) EU Select Committee developments of the cruise industry, the draught vessels”, Sanguinette confirmed. This in January observed, “there are for Gibraltar implications of cruising in the Med and its could form part of a wider infrastructure few opportunities worthy of mention” and adjoining seas, plus developments in the development project. declared: “The prospect of a closed or hard region”, said Nicky Guerrero, chief executive Measures to encourage cruise vessels to border is the most serious single issue that of Gibraltar Tourist Board. remain in port for longer, include permitting arises for Gibraltar from Brexit”. The event “provides an opportunity to their casinos and other revenue generating outlets to open after 6pm, which brings fuel saving and “passengers can benefit from a wider variety of shore excursion options”, Sanguinette explained, and “off-duty crew and passengers can go ashore to enjoy Gibraltar’s nightlife”. It “has been popular with cruise companies with just under 15% of cruise vessels taking advantage of this incentive during 2016”. two of the For the second successive year there has showcase Gibraltar to the cruise industry and Liners account for only a small cruise ships been a general improvement in operational to encourage cruise lines to increase their calls proportion of the 9,000 vessels handled by the that docked efficiency in handling of cruise ships and to Gibraltar”, he added. port last year, up 6 per cent on 2015, most simultaneously in the port on other vessels seeking bunker fuels, supplies, The port has capacity to berth four calls being for bunkers. 70 days in 2016 crew changes and repairs with the result that medium sized cruise ships, or two large and Sanguinette, who is also is Captain “considerable scope” remains to grow two small ones. Another cruise ship could of the Port, observed: “Gibraltar enjoys, business further. anchor in the Bay of Gibraltar, with strategically placed location at the meeting The Gibraltar cruise terminal experi- passengers transferred ashore by tender, point of a large number of very busy shipping enced a record 2016, both in respect of the although this did not happen last year. lanes at the entrance to the Mediterranean. So 224 cruise calls received (10% up) and a 17% Three cruise ships arrived simultaneous - whether Brexit changes the way we do increase in passengers (425,845), compared ly on 12 occasions in 2016, and two cruise business or not, that fundamentally will not with a year earlier. Some 40% of passengers ships on 70 days. Guerrero told Gibraltar change.” (See Profile, p18) and crew went ashore and in 2015 (the latest International: “Growth for us has been Yet in its HoL submission, the GPA figures available) show they spent £13.76m, consistent over the last few years and we hope noted that some 88% of all goods are import - up 32% on 2014. The average spend by ship this will prevail. The port is by no means at ed into Gibraltar by road via the border, visitors was over £40 per person, more than full capacity, aside from a few days each year including almost all food and fuel. “Should twice as much as those that crossed the where all berths are taken up; there still is access through the land border be denied for border. room for growth. all commercial/industrial traffic, the only “Gibraltar continues to grow as a port “Ideally we would want a ship to call alternative for importation of goods to destination in the Mediterranean, with 2017 every day of the year, but we must be realistic Gibraltar will be by sea”, it reasoned, adding: expected to be another busy year,” Gilbert about the industry seasonal trends.” “Even if possible at all, this would entail the Licudi, minister for Tourism and the Port Commodore Bob Sanguinette, Gibraltar entire reconfiguration of the Port.” reported. A total of 257 calls are expected this Port Authority (GPA) chief executive, Ray Spencer
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Pensions has established a new team specifically for Gibraltar’s New Pension Regime this area. The road leading to the new regime has An Overview by promise of high returns. Some administrators been a model of consultation and cooperation. provided poor services for high fees, often Driven by the Minister and establishing a Marcus Killick, with penal exit charges. Consumers could not working party comprising both the Gibraltar CEO, Isolas always easily distinguish the vast majority of Association of Pension Fund Administrators providers, who gave a competent and fairly (GAPFA), chaired by Gerry Kelly, and the he beginning of priced service, from the sharks. This became GFSC. As a result Government, industry and April saw the long hugely frustrating for the decent providers regulator have, together, produced an Tawaited introduction and created unfair competition as the sharks effective regime which will provide both of a licensing and regulatory would often offer a seemingly cheaper consumer protection and preserve regime for personal pension service, hiding the real charges in the small competitiveness. providers in Gibraltar. An print and undisclosed commissions. effective supervisory regime in this area had Even worse, pensions become open External events been the aim of Albert Isola, the Financial season for fraudsters placing pension assets in The process was accelerated by the Services Minister, since his appointment to worthless schemes, often controlled by announcement by the UK Government at the office, and this has now come to fruition. themselves. In some cases the consumer will end of last year to only allow pension not discover what has happened for many transfers, from April, into Recognised Beginnings years, until they try to access their pension Overseas Pension Schemes (ROPS) in So, what was the need and what changes do savings and find they have vanished or been jurisdictions where such activity is subject to the new requirements bring? hugely eroded. a regulatory regime. However much of the In the UK and elsewhere, pensions, work in Gibraltar had already been done, pension advice and pension administration Reducing risk making the new timescales imposed by the have often only partially and incidentally been The above risks existed in all finance centres UK achievable. covered by existing financial service regula - involved in the pensions business. In the UK Clearly the recent announcement by the tion. A significant amount of these activities there were scandals involving Small Self- UK of the imposition of a 25% exit charge, on fell outside the scope of the EU Directives in Administered Pension Schemes. Elsewhere many pension transfers to outside the UK, place. Historically they were often dealt with, problems arose in respect of some overseas will impact the Gibraltar market. Whilst if at all, under separate legislation (e.g. the pension schemes. In some cases attempts Gibraltar, as part of the EEA, is not Pensions Act in the UK). Yet an individual’s were made to “liberate” pensions, releasing automatically caught, a charge will be applied pension is normally their largest asset after funds before they were entitled to be, thereby if the client is living outside the EEA or their home and, with the need to supplement exposing the consumer to possibly huge tax moves to live outside within five years of the any state entitlement, is a vital mechanism to charges. transfer. This will adversely affect the prevent poverty in old age. Furthermore, as Something had to be done. The UK business models of a number of local life expectancy increases, so the need to save introduced new requirements in 2015 and providers. However significant opportunities for retirement grows still greater. now Gibraltar has. still exist and other have opened up because of We have also seen a massive decline in As a result all those involved in the the application of the charge to a number of the number of earnings related pension personal pension market in Gibraltar are now other QROPS jurisdictions that will therefore schemes provided by UK employers. These subject to the supervision of the Gibraltar no longer be able to compete in this market. defined benefit schemes have been closed by Financial Services Commission (GFSC). many firms due to their potentially ruinous There will be a licensing regime under which An unfinished journey cost. However the result has been a loss of all existing providers will have to apply There will be more to do; occupational certainty in respect of an individual’s income (transitional provisions will be in place to pensions and the schemes themselves are on level in retirement. Instead income at allow them to continue to operate whilst their course for regulatory and supervisory retirement has become dependent upon the application is considered). There will be improvements and the issue of existing growth of a person’s own pension pot during new conduct of business rules including pension assets sitting in inappropriate their working life. Furthermore the new requirements on the information that has to be investments will have to be addressed. flexibility in respect of pensions, introduced provided to clients (including charges). Exit However, given the manner in which the new by George Osborne, has meant that an charges will have to be reasonable and regime has been implemented, this work enormous amount of investable assets have outsourcing by firms, especially to outside seems destined to further enhance Gibraltar’s become more freely available for alternative Gibraltar, controlled and subject to approval. reputation as a safe harbour for consumers pension vehicles. This freedom brought issues Most importantly pension assets will only be seeking a home for their investments. which the lack of regulation exacerbated. permitted to be put into suitable investments. www.gibraltarlawyers.com For some in the finance industry the Except for professional clients, the test will be pension market became a feeding frenzy. On that the investment must be suitable for retail occasions unsophisticated investors with investors. newly flexible funds were encouraged to These measures, and others, will be move to far more risky investments on the monitored and enforced by the GFSC, which
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Artex Risk Solutions (Gibraltar) Limited and Artex Corporate Services (Gibraltar) Limited are regulated and authorised by the Gibraltar Financial Services Commission to carry on business as Insurance Managers and Company Managers. April 2017 Banking Private bank customers get digital as tax disclosure becomes automatic The British overseas territory’s private banking sector goes back fully-fledged bank, adapting to the ever changing regulatory market”, he explains. more than 160 years and today is developing new areas of With most clients being local or from the UK, operation, writes Ray Spencer in the second part of a report on he points to the bank’s “ability to constantly Gibraltar banking re-evaluate the world around us and create fresh perspectives”, a philosophy emphasised ey has been the adoption of digital established in 1993 by bankers, asset in its latest ‘Rethink Everything’ branding banking – albeit somewhat later than managers and lawyers from Geneva and campaign. K the retail banking side of business – Zurich, (where it has a representative office), The introduction of automatic exchange for private clients, a concept that seems to go and since January has offered internet access of tax information from this summer with against the image of close, even secretive, to accounts, check balances, make transfers more than 50 other jurisdictions as part of personal encounters with High Net Worth and contact individual relationship managers. Common Reporting Standard (CRS), adds “a Individuals (HNWI). Chief executive, Andreas Businger, new dimension to the on-boarding process for The merger of S G Hambros with relates: “It has been a major project, like new clients, and has placed an additional Kleinwort Benson (KB) last year by parent driving a car whilst at the same time building administrative burden on banks to report on Société Générale, to create Kleinwort and exchanging the motor, and a major impacted clients accurately and in a timely Hambros (KH) marked more than a change in challenge, but one that we – unlike some of fashion”, Caetano points out. name. “We are developing a digital banking the major private banks – have been able to strategy for private wealth management - Serious offence delivering a service through on-line advice,” More than 100 jurisdictions have committed new chief executive Eric Barnet, declared. to the swift implementation of the CRS and in He was introducing the rebranded 2018-19, CRS extends to much of the rest business to journalists in Gibraltar, where it of the world! Automatic exchange of has had operations since 1981 having bought information involves the systematic and Crédit Agricole in 2003 and ABM Hambros annual transmission of “bulk” taxpayer in 2008 – “a track record of commitment to information by the source jurisdiction to the the jurisdiction, which I hope, and expect, to residence jurisdiction of the taxpayer. continue”, he said. As James Tipping, director of Gibraltar The KB part of his business was already Government’s Finance Centre, points out: ahead, but by end-2017 Barnett expects KH “Since January 2011 tax evasion has been a “to have introduced digital account handling, serious criminal and indictable offence with with a wider range of customer services to possible imprisonment of up to seven years, include Kleinwort investment skills at lower Kleinwort Hambros has “track record of which was then a starting-gun for financial initial levels of entry – down from the present commitment” to Gibraltar, says Group chief services firms to review their client lists and, executive, eric Barnet £75,000 general minimum threshold to if they had any doubt about the origin of around a couple of thousand pounds when do.” Turicum says it does not depend on money they handle, they need to have people are investing - from pensions to ISAs, external financing and “in order to protect the reported it. for example”. Bank and our clients’ wealth we do not “Thus, it is an offence not to report any The rationale is that on-line competition engage in any risky banking activities”, suspicion as it could relate to money arises from tech start-ups that have no history including corporate and investment banking laundering as well as tax evasion.” It is a of investment, whereas with KH “people will services, mortgages or commercial loans. particular issue for banks generally, but know that it is a business used to dealing with Another Swiss-owned private bank, particularly so for private banks. money, they will gain reassurance, and we can Lombard Odier & Cie, has operated in For two years, the US FATCA (Foreign reach a wider range of clients and offer an Gibraltar for 30 years and provides a private Account Tax Compliance Act) has meant additional layer of comfort”. client investment and asset management banks provide information on US customer The Gibraltar operation is “profitable”, service, plus technology and banking accounts, to which a UK-originated version he told Gibraltar International , and growth in services. Peter Caetano, managing director of was added last year for Crown Dependencies assets under management in recent years the local business since 2015, says the bank and Overseas Territories, and automatic - at a rate of 5-10%pa – “has come from “has witnessed and undergone many changes exchange of information under the EU expanding the market with HNWIs locally in its time, most significantly the ability to Directive on Administrative Co-operation for and across the world, not from other players”. cater for Gibraltar resident clients following member States comes into effect in A Swiss privately-owned Gibraltar bank the end of the tax-exempt regime in 2010. September. and asset management firm, Turicum, was “We went from a booking office to a In addition, Gibraltar has circa 151 tax
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information exchange mechanisms with some The Rock has not always been a UK economy even if there was Brexit. 90 countries around the world, including 27 successful place for Swiss bankers. In 2013 “We are confident that the UK still will bi-lateral tax information exchange EFG Bank closed its loss-making Gibraltar remain the international centre for wealth agreements (TIEAs) that variously came into business (that it gained from Spanish-owned, management”, he asserts and the merger “is force from 2009 to allow for specific requests Banco Atlantico), along with banks in France part of a long-term plan to expand our by competent authorities for detailed and Sweden in a move that cost up to CHF business in the UK and Anglo Saxon information. It is believed that Gibraltar has 11.7m (around £8m). international jurisdictions” – the Channel received around 200 TIEA requests regarding In 1987, other Spanish banks began Islands and Gibraltar. The combined individuals resident overseas or entities private banking operations in Gibraltar, operation has £16bn of assets and saw £2bn controlled by such individuals, but none Banco de Bilbao and Banco Central, followed added in final 6 months of 2016, “demonstrat - have been sought by Gibraltar of other by BBVA Privanza International, and ing strong confidence in the business”, jurisdictions. Santander jointly with Royal Bank of Barnett declares. Scotland, but today none remain. The prospect of Brexit for Turicum, a Personal choice grows self-described ‘small to mid-sized bank’ (as The total funds under management for measured by funds under management), is not Gibraltar’s seven private banks at the final seen as a particular problem, given its quarter of 2016 was £7.4bn, compared to correspondent banking arrangements with £6.4bn a year earlier, but in that time there has Swiss, UK and Gibraltar banks. However, been a significant shift away from bank-led Businger says: “It does present an ironic twist, investment decisions to non-discretionary, as after Switzerland recorded a narrow client-made decisions – up 22% by value to binding referendum result in the early 1990’s reach £6.9bn. to stay outside of the then European There are five purely private banks in Economic Union, the bank’s founders Gibraltar and two others with an element of decided to set up in Gibraltar [which is at retail banking, including Danish-owned Jyske present in the EU], and which was developing Bank, which has been in the territory since as a financial services centre”. 1987 after taking over A.L. Galliano Banker’s Turicum says it does not depend on Limited, Gibraltar’s oldest private bank in Brexit provides “ironic twist” for turicum, says chief external financing and “in order to protect the private ownership that dated back to 1855. executive, andreas Businger Bank and our clients’ wealth we do not Jyske’s original business was 60-70% Barclays announced its withdrawal from engage in any risky banking activities”, with private clients, but it became “difficult Gibraltar after more than 100 years, first in including corporate and investment banking after the 2009 Lehman Bros collapse”, retail banking by early-2015 and closed all of services, mortgages or commercial loans. recalls Christian Bjørløw, chief executive of its operations locally by mid-2016 when it Staff numbers grew from 25 to 33 last Jyske Bank (Gibraltar). Five years ago, Jyske withdrew a small office dealing with large year as a result of “continuing steady growth decided to become a full service bank, so that companies and very HNWIs, transferring that from what he describes as “a relatively small today private clients account for around 40% business to London and Jersey. base of customers with an average investment of business, with assets handled expanded to Its origins in Gibraltar, however, went level above €2m, mostly from Germany, over £1m. With a minimum of £150,000, “an back to June 1888 when as the France, England and Gibraltar”. Bussinger increasing number of Gibraltar people are Anglo-Egyptian Bank Limited it became the reveals: “In 2015 our asset base rose by more able to invest”, he notes. first non-Gibraltarian bank to open a branch. than 30% and in 2016 it was a further 10% Last year Bank J. Safra Sarasin higher.” (Gibraltar), which opened in 2001, took over Remaining confident The Bank, he admits, is “a very the local branch of Credit Suisse as well as Lloyds Banking Group’s office in Gibraltar profitable enterprise” and Bussinger one in Monaco, acquisitions it describes as with 30 staff “provides a banking service emphasises: “Gibraltar is our home and we “an excellent strategic fit” that will allow it to several thousand UK expatriate or are fully committed to the jurisdiction as we “to extend its reach in these attractive private international customers that reside in Europe” are not part of a bigger banking group that banking jurisdictions”. This year saw Bank and for private banking they need to meet might decide to leave for internal political JSS (Gibraltar) establish, essentially the minimum eligibility criteria of a sole annual reasons.” Credit Suisse business it took over in income of £50,000 or hold £25,000 to save or Launched in May 2015 as a State-owned November, to provide wealth management invest (or currency equivalents), or hold at retail bank, Gibraltar International Bank services to private and institutional clients, least £100,000 to save or invest with the bank considers expanding into the private banking and it is expected to re-launch the combined within six months. sector as a possibility, and subject to Board businesses this autumn. Britain’s intended exit from the EU in and shareholder approval. “It will depend on Bank J. Safra Sarasin accepts deposits 2019 has not discouraged private bankers. the appetite of the market – we know there has both from individual clients and other Barnett says the merger of Kleinwort and been some movement in that market locally,” banking institutions, and said in November Hambros was completed before the observes Lawrence Podesta, chief executive. that it was “determined to further strengthen referendum vote in June 2016 and “our “We will need to see where we stand in a its position, as it believes in Gibraltar as an French parent was prepared to make an couple of years’ time and where Gibraltar important financial centre”. investment in the UK and its growth in the stands, given Brexit”,
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Anticipate tomorrow. Deliver today. eGaming Laws to safeguard cross border access for workers, as more firms move in “Unequivocal support” for the eGaming sector has helped to sports betting, 50+% of casino and on-line bingo, and 10% of poker games – but most encourage more on-line eGaming and financial services firms to also have separate individual licenses to relocate to Gibraltar since the UK’s vote to leave the EU, despite operate in European countries. concerns that a ‘hard’ BREXIT might lead to difficulties with border One of Gibraltar’s largest operators, access from Spain for thousands of staff, reports Ray Spencer 888, days earlier published its annual report that included a risk assessment on Brexit, which concluded that although the future was unclear, if the company operating in Gibraltar “…it’s ability to rely on EU freedom of services / establishment principles in supply - ing its services within the EU will be limited”; it might “become ineligible to retain existing licenses in some EU jurisdictions”. Although the company could not control political changes, it would “reconsider the appropriateness of remaining registered, licensed and operational in Gibraltar in these circumstances. Malta may be considered as an alternative ‘dot com’ licensing jurisdiction,” 888 noted. That position did not faze Minister for financial services and gaming, Albert Isola, who in opening the KPMG event, declared: “I would expect companies to make plans for Record numbers fter Brexit, Gibraltar’s frontier will border of Spain, but that “does not mean what may happen at the end of the Brexit attend KPmG become an external border of the EU Spain is free to act as it pleases”, Peter Isola process – it is only right and proper – and I esummit 2017 A and the threat of restrictions on free declared. There is EU legislation from last know every financial services and gaming flow of pedestrians and traffic “fills many September regulating the “efficient” firm has done exactly that.” He added: who live in Spain and work in Gibraltar with management of EU external borders that, “I don’t see that as a negative” and promised dread”, suggested Peter Isola, senior partner at although aimed at migration and potential consultation “with each of you to better local law firm, ISOLAS; the gaming industry future threats, is committed to ‘safeguarding understand what support and help we can that accounts for roundly a quarter of the the free movement of persons’ and give. I am certain we will have a solution for jurisdiction’s economy, he conceded, could be ‘processing of personal data should you.” “disproportionately affected”. respect the principles of necessity and So far this year, four licenses have been He was speaking as a sector expert proportionality’. granted to providers of games to the sector, panellist at the KPMG 2017 eSummit near In addition, he pointed to a new “which is where nearly all of the growth is end-March, the seventh in Gibraltar primarily European Agency being established under a coming from because we have all the for the gaming sector, that now employs 3,350 EU Directive that will ‘oversee the effective major eGaming companies here already”, people, two thirds of whom arrive daily from functioning of exterior borders (particularly Phil Brear, Gambling Commissioner and Spain. ‘neighbouring countries’) and ensure there are Regulator, told Gibraltar International . A ‘live’ poll amongst the 260 delegates necessary additional resources, including Despite eGaming industry consolida - at the Sunborn Hotel showed 53% reporting ‘equipment, infrastructure, staff, budgets and tion, with an expected loss of five licensed continued “free movement across the financial resources’. firms, and the shadow of Brexit, there frontier” was by far the greatest concern, continues to be around 30 firms based in the whilst continued access to the UK at 12% was Cautiously optimistic jurisdiction. Three more license applications the second biggest issue. As Isola remarked: “I do not mean to are in the pipeline, but Brear revealed: “We Yet Isola quickly pointed out that, underplay the challenge that this represents: continue to have expressions of interest that although there was no certainty of post-Brexit uncertainty is never good for business.” don’t meet our licensing requirements (either circumstances, “there are reasons –both Nevertheless, there are “good logical reasons from the businesses not being sufficiently practical and legal – why concerns may well to be cautiously optimistic”. well established, or not dealing with what we be overblown”. Gibraltar firms account for a substantial consider to be mainstream markets).” Post Brexit, Gibraltar will be an external part of the UK’s eGaming market - 60-70% of In financial services (that account for a
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further 20% of the economy, there had been point of consumption tax has been beneficial Anti Money Laundering (AML) activity 20 additional licences granted since the Brexit in some ways, in that it is has brought more is a growing consideration too, although it referendum, Minister Isola reported, and 20 traffic to Gibraltar, rather than to the UK.” was suggested eGaming had relatively little. more licenses were being processed, which Keith Bristow, chairman of the year-old together with more eGaming companies Double tax take Gambling Anti-Money Laundering Group demonstrated “continued interest in Gibraltar Clive Hawkswood, chief executive of the representing 70% of the UK sector, admitted as a safe, well-regulated jurisdiction”. Remote Gambling Association – an there was a risk the eGaming sector could be Isola assured his audience: “All of industry lobby group – said the UK tax exploited by criminals working hard to the discussions we have had with [UK introduced last year had been expected to ‘clean’ their money through gaming. “The government] across the spectre, whether raise £300m revenue, “but they are getting scale of money laundering generally is huge. fluidity at the border or continued access for double that.” He added: “The UK is the We are not talking about small amounts of financial services, has been very constructive. largest gambling jurisdiction online in Europe money; certainly in the UK it runs into Our relationship with the UK government is and the most mature.” billions, not millions [of pounds Sterling].” better than I could ever have hoped for and Now the sector also faced dealing with not just at a political level, but also filtering an EU ruling on VAT for gambling, “although Collaboration needed through to the officials, (which is always a there is some leeway in its application as it Now eGaming firms needed to work challenge). We have made clear that “this has could lead to the end of some markets as collaboratively on AML and study how to be done – there is a debt and an obligation being unviable”, Hawkswood warned. members could share information and to Gibraltar to maintain open trading links.” “Gibraltar is the exception [with no experiences – putting inter-company competi - tion aside – on a legal basis, given the UK Regulator was demanding the sector should do so. “The industry is low risk from a money laundering view point, but we can always do better”, Bristow conceded. “I am not seeing rampant money laundering through online gaming.” The Group intends publishing a report with suggestions for action later this year as part of transparent consultation, but requests from other jurisdictions to join the Group were been rejected for the time being. expert panel Challenges remained, he acknowledged, VAT]”, he said, “It is a very attractive “Whilst people want to know how we are discusses and his Brexit review team were exploring jurisdiction, because overall the business tackling this issue, there is less interest in Gibraltar outlook “options and ideas”. Government support for environment is very positive. The confirma - where the money comes from in the first place l-r, Peter isola, the sector is “unequivocal and we will do tion of the government’s unequivocal support – through mobile phone use, banks, etc”, he Peter montegriffo , Peter Howitt and whatever we have to do to support and for our sector is music to my ears.” declared. John tricker encourage you and ensure that you remain as In the UK there were increasing Gibraltar also is looking to improve profitable as possible during your stay in demands in respect of tax on gaming ‘bonus’ further its Gaming law. Minister Isola said: Gibraltar; you are an important part of the offerings, advertising standards, social media “Our gambling review got side tracked, but economy and it works for you and it works for activity and involvement of ‘affiliates’, he we are picking up all the issues around Brexit us.” declared, and “I expect there will be a lot of to put us in an even better place for the next Jay Stubina, co-founder of Continent 8, tightening up on regulation” of the sector. 10-20 years.” In 2016, the government a provider of managed hosting solutions That meant greater certainty for operators, but consulted on the internet block chain, Bitcoins secured over a global private network, told also more cost. and other virtual currencies, and as a result Gibraltar International investment of $US5m However, Hawkswood suggested that will publish by summer “a consultative for 200 data storage racks is being “there is a move away from evidence-based document on the framework for legislation contemplated nearly doubling the number it decision taking and more towards what a covering the gaming and financial services already has within The Rock. The firm, which government Minister wants to happen to sectors, because the technology overlaps both operates in 26 locations, spent $US10m in satisfy public reaction” and even media sectors.” 2011to open in Gibraltar, and is “waiting to references to the on-line gaming sector tended As part of that review, the proposal is to see how the dust settles” on Brexit before to add to negative public perceptions around establish later this year a new, enlarged expanding. people being addicted to gambling, even structure to strengthen and broaden the scope Gibtelecom, which has 300 data racks at though only 0.7% of the population was of regulation and licensing of the gaming Mount Pleasant serving local businesses, has classified as ‘problem gamblers’. sector. separated out its operation into a new “Internationally that percentage is very In parallel the government is looking to company Rockolo, and it will install a further low”, he maintained; the UK was the least appoint a successor to Phil Brear (60), who is 200 racks in 2019. affected, with Australia, Singapore and retiring at end-October after eight years, but Expert panellist, Peter Montegriffo, a Ireland being the top three jurisdictions for he will then play a leading consultative role lawyer at Hassans, maintained: “The UK problem gambling. “to ensure continuity of approach”.
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consuming. It was a complete change and came out of the blue,” he admits. Competition prompts moves Sanguinetti accepts Gibraltar and its port are physically small by comparison with most to maintain top position others that seek to become dominant players in the marine handling sector, but rationalises: Increasing capacity at Gibraltar Port as part of a plan to boost the “I was struck by the scale and breadth of wider economy has become “the dream job” for a local man, who activity that takes place in and from the Port spent 15 years at sea and turned down the chance of working in a of Gibraltar and its ability to pull together the key role at NATO headquarters in America to take up the challenge, bunker supplier, the companies that provide the fuel, the shipping agent who is going Ray Spencer discovers to sort out crew changes, flights, hotel “providing military commanders with the best accommodation, and the ship chandler who is possible information, political, geographical, going to provide fresh supplies or emergency military, security threats and so on”. spares.” He had returned to Gibraltar for regular “I challenge anyone to point to another short visits to see relatives a couple of times location, another port - strategically placed at after leaving aged 18 for a sponsored the meeting point of a large number of very university scheme involving a year based at busy shipping lanes at the entrance to the the Royal Naval College in Dartmouth before Mediterranean - that is able to do that.” studying engineering at Oxford University Gibraltar had supported both military and where he gained a Masters degree. Having commercial shipping for centuries, “so it’s in left Gibraltar on one occasion with no plans to our DNA.” return for several months, he was surprised to Competition is driving changes in the be flown a couple of days later back to the way the port operates in its three principle Rock along with 90 other naval trainees to activities, bunkering, cruise ships and super join his first ship, HMS Berwick, that had bro - yachts, after business falls following the glob - ken down in the Mediterranean on her way al economic crisis. “Our objective against back to Plymouth! that backdrop, has been to try and make our - Bob sanguienetti ifty one years old Royal Navy “Bizarrely, I also took up my second selves more attractive, continuously improve looking for Commodore Bob Sanguienetti had no ship command, the frigate HMS Grafton [one the way we do business”, he maintains. “continuous intention of returning to the Rock of eight ships on which he served] at Enhanced management information improvement” F to remain where he grew up. Not, that is, until two local end-1998 in Gibraltar. I was delighted and shared between the Authority and other competitive people separately alerted him to the proud to be serving afloat at a time when very entities using the Port, such as pilots, shipping opportunity in mid-2014 to become Captain few Gibraltarians were in the UK military.” agents and other service providers is of the Port with its main activity on the west delivered through VMS – a real-time vessel side of The Rock, just 2.5 nautical miles from Swapping sea for land management web-based system. In 2014 the Spanish mainland across the Bay of Half his service career was at sea, but incentives were introduced to encourage ships Gibraltar. Sanguinetti abandoned ships in late 2000 and to call at the Port, including reduced fees for “I don’t know why they did that – they took the conventional shore-based route “to vessels taking on supplies or crew on the east must have thought with my Navy background the next level of management; having been a side of the Rock – one of two 14-strong of over 30 years, it could be of interest – but practitioner, you then start being a planner and anchorages - and a discount on port fees for when I began my research on the scope of thinker, working on strategy, human ships that complete re-fuelling operations activity at the Port, I found myself becoming resources, and so on”, he explains. within an allocated time slot. more and more sucked into the possibility”, However, Sanguinetti reflects: “If I had he recalls. “And I hadn’t ever before written been writing a job description for something 20% more anchorage a CV.” that I wanted to do on leaving the Navy after Although getting proportionately less revenue Sanguietti went to Bayside School and 30+ years, it would have looked very much than previously, Sanguinetti maintains “it is was “always messing about in boats “being a like my terms of responsibility in this role. It not always the financial incentives” that member of the Calpe Rowing Club. provided immersion in the maritime environ - contribute to growth, and he notes: “It’s also The NATO job in Virginia, and a ment, which is very much in my veins; it had improvement of the efficiency in the way we possible promotion, meant moving from a strong commercial bias to it; it had manage ships coming into the Bay, both by London with his wife Sylvia and three interaction with a wide-range of stake holders, the information system and doubling in the teenage daughters – “an exciting prospect, both public and private sectors local and number of VTS (vessel traffic services) something different as we had never lived international; opportunities for growth; and operators in the last two years, as well as abroad as a family”. underpinning all of that, working with people. increasing the number of anchorage slots For the previous two years he was Head “I had never before seriously considered available for bunkering on the west side by of Intelligence at the UK’s National the possibility of coming back to Gibraltar, over 20%.” Operations Headquarters in North London, but when this came up it became all- He goes further: “We attribute our
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growth to having extra people running the Leaving EU presents target clearance agents, ship surveyors, “generates a shop to minimise the turnaround times for “Crew changes we do very well – 5,000 crew figure – it’s difficult to pinpoint – of 5 –10% ships coming to Gibraltar.” members flying in and out every year – and of Gibraltar’s [£1.77bn] GDP according to a Displaying his diplomatic side, [Gibraltar] being outside of the Schengen 2015 government study; clearly much bigger Sanguinetti avoids suggesting the port agreement means there is no need for a visa than the cost to run the Port.” previously was inefficient, but is candid: travelling via London; that is a service other Investment this year has the VTS system “When I first joined, in my travels the EU countries cannot provide.” being upgraded – “it’s like air traffic control, feedback was people saying ‘Gibraltar is a He jumps unprompted, to the prospect but for ships” – and four high spec infrared great place, we go there a lot, but it’s congest - of Brexit. “The fact that we have been outside CCTV cameras to come this autumn in a ed and there are delays’”. of the Customs Union, but still within the EU relocated GPA headquarters at Europa Point. It was a negative reputation that he has has given us certain advantages such as the Other initiatives include developing worked to change. Ships want minimal delay, ability to set [import] rates that affect the price regulatory standards for vessels fuelled by minimal fuss, he accepts. “If you are not of fuel. Leaving the EU, whilst bringing liquid natural gas (LNG). “The forecast is for running the operation as efficiently as you some challenges, also gives us the 10% of shipping to be LNG powered in the could do, it leads to delays and congestion opportunity to lobby government and legislate next 20-25 years - it’s long term, but outside, with ships slowing down, and that in such a way that makes provision of development of the market is on-going costs money.” shipping services more attractive”, he already,” he enthuses. He works closely with agents and other believes. Buoyed by Gibraltar’s use of LNG as a service providers to “explain how we have Sanguinetti’s target is the ship primary fuel for a new £100m quayside changed and improved things. I found that management companies that tend to be based power station later this year, Sanguinetti by developing a closer relationship at in Singapore, Hong Kong, and one or two observes: “It’s a bonus for us as it provides conferences and face-to-face direct with ship places in northern Europe and look after the synergies between LNG being delivered for the power station and the ability to provide LNG as a bunker fuel as the market develops.” Enhanced cruise ship infrastructure to handle greater numbers and on-shore fuel storage is also under consideration with the private sector.
Cordial relations in Bay Relations with Sanguinetti’s Spanish opposite number are “cordial” despite numerous Spanish State vessels entering British Gibraltar Territorial Waters (BGTW). Then a British Gibraltar operators or owners, we can overcome technical aspect of vessels – maintenance, pause before he adds: “Our primary territorial preconceived impressions,” Sanguinetti says servicing, refitting and repair work – and responsibility is the safety of navigation in our Waters surround earnestly. manpower, such as recruiting, training, busy waters and our teams work together the Rock, where Keen to build on his predecessors’ promotion. to coordinate and de-conflict shipping its Port handled initiatives, Sanguinetti highlights his “Gibraltar has an obvious attraction in movements wherever possible. 9,000 vessels last year. 55-strong staff professionalism and this area because we are very close to the “My primary role is to provide a safe commitment. “It's a team effort - I can set the shipping community, so if there are incentives and efficient working environment for the business direction, but my team has to get on that we could provide to attract ship Port and its users [within the three mile limit with it and deliver”, he states, adopting a management companies, we ought to of BGTW],” he clarifies rather ship’s commander tone. consider them”, he suggests. This would fur - He displays clear passion for his job to Feedback from his external visits ther raise the profile of Gibraltar within the extent that he irritates his wife by early confirmed that ships require “the widest range shipping and bring some management morning scanning of the port area through a of services – fuel, crew changes, stores, hull companies closer to their own vessels - and telescope on the deck at home.
cleaning, removal of waste fuel – all of which deliver increased Port activity. Now Sanguinetti’s daughters (Annabel, we do, but we must remain competitive across Sanguinetti has no explicit financial Helena and Christina) at UK universities “will the spectrum”, he acknowledges. target set by government, other than to cover say that in their first 18 years they lived in “We are constrained by geography, we operational costs (estimated at £5.5m in some 11 houses and if asked where they are have a limited number of operators whose 2016-17), but he aims to generate sufficient from, you will get a sucking of teeth and the operating costs could be higher than across mooring and other fees to contribute towards response – ‘well we went to school in the [Spanish] border for example, so we need new investment. “Equally I need to look at Hampshire and we lived some time in to find ways to add value to vessels calling at how much business we are facilitating more Portsmouth, my dad’s from Gibraltar, my the Bay.” He poses the question: “If the price widely for Gibraltar PLC,” he says. mum is Scottish’, and so on”, he declares. of fuel is the same in Gibraltar as it is in Spain, Warming to the subject, Sanguinetti After three years as Gibraltar’s Captain what do we need to do to make ourselves notes the 8-900 people working directly or of the Port, it is Sanguinetti’s longest posting more attractive for ships to call? associated with the Port - chandlers, customs – and he has no plans to up anchor.
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China DChina is likely to be Kong prior to the election, she will however views THAAD as a threat to itself, the world’s largest economy lead Hong Kong from 1 July for a five year bearing in mind its close proximity to the within the next two to ten term. area. The Chinese public are expressing their years. The precise year is anger by boycotting Korean products in huge uncertain, but the event itself China Capital controls numbers, threatening the South Korean is not. China has placed new restrictions on capital economy. South Korean conglomerate Lotte This period will also be outflows and outbound foreign investment, Group became a particular focus of anger pivotal for Gibraltar, with Article 50 which the extent of which has caught many in having agreed to an exchange of the land that was triggered on 29 March. Brexit now looks China and overseas by surprise. The restric - will be used for the THAAD deployment, unstoppable, with a hard Brexit in 2019 a tions are an attempt to halt the draining of and now finds its Chinese shops the subject possibility. Of course Brexit will not mean foreign exchange reserves and keep the ren - of popular protest. an end to Gibraltar - EU business, any minbi from further falls bearing in mind its more than it will bring an end to UK - EU depreciation against the dollar of around 6 Hong Kong’s new fund business, however it will place Gibraltar at a per cent in 2016. structure may challenge competitive disadvantage in terms of access It is understood that outbound mergers Cayman dominance to the EU market. On the positive side, an in excess of $10bn will be more closely Hong Kong is introducing a new mutual exit from the EU will allow Gibraltar to scrutinised and enterprises will not be fund product that may win it back business explore opportunities not readily available to allowed to invest more than $1bn on from the Cayman Islands. Restrictions in its it as an EU member. Brexit will enable property transactions. Individuals are companies law make Hong Kong companies Gibraltar to adapt its laws and enter generally limited to buying no more than unattractive for use as investment funds, international arrangements so as to attract $50,000 each year in foreign currency. It hence most Hong Kong funds being in unit business from new markets, unhindered by should be noted that all these thresholds are trust format. Most funds in corporate format EU law. One of those new markets will subject to change and could be tightened. are incorporated in the Cayman Islands. undoubtedly be China. China’s foreign reserves fell by around Hong Kong is introducing a new Open $300bn last year in part caused by selling Ended Fund Company (OFC) which Hong Kong Elections reserves to support the renminbi. It is remedies this position giving Hong Kong a Hong Kong went to the polls on 26 March to believed China is trying to maintain the corporate format that can compete with its elect its new Chief Executive, or rather an renminbi’s value at above 7 to the dollar. offshore competitors. The OFC will likely be Election Committee of 1,200 members did The restrictions are not directly available during the course of this year. so. The position of Chief Executive (Hong applicable to Hong Kong (which has its own Kong’s highest political office) is particular - currency), such as MTR’s recently Hong Kong : Switzerland ly important as Hong Kong has an executive announced investment in the UK rail mutual fund recognition led system of government, with the Chief industry. In late March 2017, MTR, which In another development, Hong Kong and Executive having far more powers than the runs the highly efficient Hong Kong Switzerland have agreed mutual recognition local parliament. There were 3 candidates in underground system, was awarded the of their mutual funds, a step that Switzerland the running, Carrie Lam (former Chief franchise to run South West Trains for the in particular sees as very positive for its Secretary of Administration) John Tsang next seven years, in partnership with First industry. Swiss funds, including equity (former Finance Secretary) and Woo Group. The new operators have committed funds, bond funds, ETFs, structured funds Kwok-hing (a retired judge). This was the to a £1.2 billion investment to improve the and derivative funds, can now be sold in first such election since the ‘umbrella’ franchise. Hong Kong, and Hong Kong funds in protests in Hong Kong in late 2014, a protest Switzerland. Hong Kong managers are relating to the manner of electing the Chief China - South Korea relations equally excited at the possibility of exporting Executive. China - South Korea relations have histori - their products to Switzerland, tapping into its With 777 votes, the winner of the cally been good, however they have recently lucrative private wealth sector. election and new Chief Executive is Carrie become strained following the deployment Switzerland of course is outside the Lam. According to the local press, in South Korea of a powerful U.S. anti- European Union and so free to make such Carrie Lam is respected but not particularly missile system it says is designed to protect arrangements with Hong Kong. Gibraltar popular with the Hong Kong public. Early in South Korea from North Korea, a country will no doubt take note of such her campaign she indicated a desire to causing more anxiety than usual as a developments, and the potential opportuni - continue the policies of the former Chief consequence of ballistic missile testing and ties that come with being outside of the EU.
22 Gibraltar International www.gibraltarinternational.com G
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Royal Gibraltar Regiment and the Moroccan Army’s Airborne Division in the regular Jebel Sahara exercises. School trips by Moroccan students over North and South the years have also helped to foster this friendship. You will be able to read about BREXIT doom and gloom elsewhere. In this article Business organisations in Gibraltar should not I seek to share what I believe to be the opportunities available to Gibraltar in these under estimate the importance of educational links times of change and challenge not just for the south but also with Spanish centres of learning. Over the last few months my colleagues at means inferior. In 2015 I was made an Honorary Professor of Charles A Gomez & Co and I have been exploring On the contrary, they reflect realities. I heard a International Law and International Relations at the opportunities across the Straits of Gibraltar in the hopefully apocryphal story of a delegation of people University of Cadiz. Under the leadership of the Kingdom of Morocco. In September 2016 I was from the Gibraltar finance sector who came back renowned Professor Alejandro del Valle, and one invited to speak at the OCP Policy Centre, a high saying that their counterparts in Morocco had “not time Head of Chambers of the President of the powered think-tank and research establishment in yet reached the level of progress in finance centre European Court of Justice, the faculty has created Rabat. I was left in no doubt that Morocco is matters that we in Gibraltar have achieved.” If the excellent links with the Moroccan Kingdom and is powering ahead in industrial and technological story is true you can choose whether to laugh clearly also keen to ensure that all avenues of terms. or cry. co-operation with Gibraltar are explored. Its relatively young population and a clearly Our own exchanges with officials and business The University of Cadiz has been at the discernible national ambition to make the country a people in Morocco convince us that the country has forefront of such initiatives as the possible creation success contrasts somewhat with attitudes on the not only youth on its side but also a creditable legal of European groupings of Territorial Co-operation northern side of the Mediterranean where years of system and a burgeoning ambition among its (which would not require Gibraltar to remain in the economic stability and a culture of entitlement has people that, absent any rude shocks, can only lead EU, and so will survive Brexit). For the last two softened up large segments of the population and to success. For just one example, look at the years the University of Cadiz has invited the top threaten to make entire swathes of Europe Tanger-Med 1 commercial port which has capacity specialists from Berlin and Brussels to advise on uncompetitive and dependent on immigration. to operate 8,000,000 containers, 7,000,000 these opportunities. Morocco is a developing country, but it is and passengers, 700,000 trucks, 2,000,000 vehicles and The concept is simple and that is that, always has been sophisticated. It would be a 10,000,000 metric tons of oil products a year. By the regardless of political shenanigans, the people who monumental error for Gibraltar based businesses time that Tanger-Med 2 is completed in 2018, it will live in the three countries that surround the straits seeking to open up Moroccan markets to expect our be the busiest port in the Mediterranean. of the UK-Gibraltar, Spain and Morocco, should neighbours to the south to adhere to our own That Gibraltar is well placed to be a bridge to make the very best of the obvious opportunities that comfortable notions how business should be done. the south is certain. There is moreover a strong our geographical and strategic position gives to us. There is no doubt that under the leadership of King feeling of friendship towards Gibraltar and the The use of Gibraltar as a bridgehead into Africa for Mohammed VI, Morocco is ploughing its own furrow United Kingdom as a whole, which has been the newly independent of the EU, UK, are obvious. and those wanting to do business there must brought about not only by the existence of what is At the moment Charles Gomez & Co is putting understand that the new systems being now a sizeable community of Moroccan origin together a number of exciting but realistic projects implemented may be different from what we among us, but also long historical trading ties and to bring this vision into reality. have been accustomed to, but they are by no the excellent co-operation that there is between the Charles Gomez Business A Historic Delegation to the StartUp Nation By Eran Shay, President, Gibraltar- Capital industry. raising over $1.1 Billion in investment. Israel Chamber of Commerce Whilst in Tel Aviv, amongst various Moving on to Haifa, the delegation had meetings with professional intermediaries, the the honour to visit Intel’s world renown labs, t the beginning of March, a business delegation also participated in the Tel Aviv where the latest computer microchip delegation from Gibraltar visited Fintech Week conference which this year saw processors are being developed and tested. A Israel for the first time ever. This heavy involvement of the UK Financial From there, delegates continued to one of historic delegation was led by Eran Shay and sector, including representatives from the the world’s most prestigious technology Ayelet Mamo Shay of the Gibraltar-Israel London Stock Exchange and the Financial institutions – the Technion. The Technion is a Chamber of Commerce (Gibrael) with Conduct Authority, hoping to lure Israeli tech global leader in science research and the objective of identifying business companies to the UK (anyone mentioned development and in the last 15 years alone the opportunities between the two countries as Brexit already...?). Technion has produced 4 Noble Prize well as to discover what has made Israel such In Jerusalem, after receiving a brief at Winners in Chemistry. It is a place where a technology power-house and the source of the Israeli Ministry of Economy and by the people, from as young as high school age, are many innovative and successful startup Israeli Ministry of Foreign Affairs, the taught to become innovators, think outside the companies. delegates were treated to a tour of the Israeli box and research solutions to some of the The delegation comprised of senior Parliament (Knesset) where they were world’s biggest problems. bankers, lawyers, accountants, company warmly welcomed and congratulated by the On the final evening, the delegation managers, investment managers, property Deputy Speaker of Knesset during a live was treated to a gala networking event, consultants as well as from the maritime parliamentary session. The delegation also attended by some of Israel’s top business sector in Gibraltar. The delegates visited visited the Headquarters of Jerusalem Venture entrepreneurs, VCs, leading legal and finance Israel’s three biggest cities, namely Tel Aviv, Partners (JVP) - one of Israel’s pioneering sector personas along with representative Jerusalem and Haifa, where they explored Venture Capital firms, and certainly amongst from various Government agencies. Mr. Dov some of Israel’s leading technology hubs, the most successful ones, having taken 32 Moran, the inventor of the USB stick shared startup incubators, accelerators and Venture Israeli companies from StartUp stage to IPO, his story of success and the entire event (held
24 Gibraltar International www.gibraltarinternational.com Business at Askimo Studios) was broadcast online on Israel’s Biz Channel. Over these three intensive days, the delegates met with a multitude of intermedi - aries, entrepreneurs and leading business personas, and some of the opportunities iden - tified have already successfully materialised into business results for the delegates. Equally important, the delegation has discovered some of the “secret ingredients” that have turned Israel into such an entrepreneurial society. Such ingredients include: l the public encouragement to take risks and the education to be entrepreneurial from young age; around the world, with the recognition that Israel’s success. Surly there are lessons here l the general acceptance in the business immigrants are an asset to a country rather for Gibraltar to learn if it wishes to diversify world that some failure is a necessary than a burden on its economy; its economy further, and the Gibraltar-Israel component to becoming successful - indeed l and finally, the existential threats and Chamber of Commerce will continue to play some VCs will NOT invest in an entrepreneur challenges that Israel has been faced with its role in the exchange of ideas and who has never failed before; from day one of its establishment in 1948. opportunities between the countries. In fact, l the compulsory military service at the Such challenges have forced the people of the next delegation to Israel is already age of 18, which teaches young people Israel to think outside the box, innovate and scheduled for mid - October 2017, with only a discipline, team work, and leadership and invent in order to survive. few more places left, so anyone who is gives them a practical path to professional These ingredients along with various interested should contact Gibrael Chamber development; Government support schemes and numerous now to secure their place. l the absorption of immigration from all private initiatives are indeed the secrets to www.gibrael.org
www.gibraltarinternational.com Gibraltar International 25 Trusts & Company Management Gibraltar Association of Trust and Company Managers (ATCOM) ATCOM was established in 1989 at legislation such as the Companies Act, interests. By working closely with the Insolvency Act, Customer Safeguard members’ expert opinions and views are the same time as the introduction of Accounts, inadequate Retail Banking considered and represented in any decisions the Financial Services Ordinance facilities, the establishment of a Regulatory and changes affecting the sector. ATCOM (now Act) that licenced trust and Reform Committee, licence fee increases and Gibraltar are well placed to see company management and FATCA/ CRS. The organisation has opportunity in the changing landscape to changed from our traditional business to a ensure Gibraltar is a jurisdiction of choice n January 1996 its 20+ members gave future that sees real presence in companies for those looking for a reputable finance cen - the association corporate form by and in the value added services as essential tre from which to operate internationally. Iestablishing a limited company that in the modern industry. As part of its CPD programmes, reflects the position today. ATCOM members make substantial ATCOM’s well attended seminars for the The membership has grown and their strides towards improving and expanding Industry have included presentations from voice become increasingly influential in the their products whilst ensuring compliance. leading London firms on relevant subjects Finance Centre and with Government. Its One particular main focus for ATCOM including: Tax Planning and mitigation; UK Board members regularly attend the Finance recently has been the automatic exchange of HMRC on what it will accept and expect in Centre Council that guide the Government information agenda which includes FATCA the future and tax guru Philip Baker QC on and regulatory body and assist them in and CRS. ATCOM has been instrumental in Data Protection, EU, Constitutional Rights v shaping policies and legislation. Gibraltar in obtaining guidance for the Disclosure. Indeed only this January ATCOM has been at the forefront of industry. ATCOM invited HMRC representatives to obstacles, challenges and opportunities Today ATCOM represents over 90% of explain recent UK tax changes. since 1989 and these have in more recent all licenced Company & Trust Professionals Moving forward ATCOM continues to times included the overhaul of significant and plays an active role in representing their be actively involved in issues that relate to
26 Gibraltar International www.gibraltarinternational.com Trusts & Company Management
the Industry. These include working with Put aside political correctness and managers almost 30 years ago and it Government on any Brexit challenges. By overly liberal rhetoric (as he sees it) and Nick embraces the new landscape and the impor -
July Gibraltar will be introducing a register Cruz, Barrister, Trust & Estate Practitioner, tance of having a level playing field. of beneficial ownership and ATCOM Insolvency Practitioner and the longest Gibraltar is a jurisdiction that recognises continue to work with the Government in serving Chairman of ATCOM will tell you it common law principles and understands order to ensure that appropriate safe guards is more relevant than ever. In a year where trusts and companies. Its practitioners and ‘ are in place to avoid abuse of data. Gibraltar trusts are recognised by HMRC as valid tax judges both understand and protect these joined MONEYVAL in 2015 which planning vehicles for resident non domiciles ancient concepts and its access to British will focus on the effectiveness of the jurisdiction’s processes and systems to com - Today ATCOM represents over 90% of all licenced bat money laundering and terrorist financing Company & Trust Professionals and plays an active and the Industry and regulated entities will be involved in such valuation. ATCOM will role in representing their interests be working with the GFSC and other organisations to ensure that international in the UK, ATCOM has prided itself in appeal courts including the Judicial standards are met and maintained in a ‘guiding and reinventing its industry in a Committee of the Privy Council mean that it manner that still allow compliant and modern modern acceptable compliant environment is a leading jurisdiction for compliant business. that accepts, that whilst exchange of international trading and private client, In an era that sees the implementation information with tax and enforcement family office establishment. It is against this of so much legislation in the UK, EU (for authorities is appropriate, there is always background that the real relevance of what it’s worth) and Gibraltar threatening the room for lawful family financial planning ATCOM can be judged. www.atcom.gi concepts of privacy, the question that should and competitive tax regimes for doing be asked is how relevant is private client business internationally. work? How relevant is that crusader concept Cruz does warn however that business of a “Trusts”. How can companies establish a has changed and there is no room for opaque credible vehicle or structure for international rogue like behaviour. Gibraltar led the way trade at competitive tax rates? with the licencing of trust & company
www.gibraltarinternational.com Gibraltar International 27 BUSINESS ROUND UP
Direct assurances from of State for the British Government, bullied into accepting inferior of 38 cross-party MEPs needed to the Rt Hon David Davis in the context of the Article 50 treatment for Gibraltar in the support the amendment or it needed MP process and the draft guidelines context of the negotiations to to be tabled by one of the main The Chief Minister, Fabian Picardo, which the European Council has come”. groups in the European Parliament. held various telephone published. conversations in April with David The telephone conversations European Parliament Davis, Secretary of State for exiting with Mr Davis are further to those determines its Brexit the European Union. held with the Prime Minister, Rt position Hon Theresa May MP and the The European Parliament in April Foreign Secretary, Rt Hon voted on the negotiating parameters Boris Johnson MP. for the European Union, in the Both Mrs May and Mr forthcoming process for the There were three amendments Johnson were entirely withdrawal of the UK from the EU. tabled about Gibraltar, one by the supportive of Gibraltar’s The resolution came about ECR group (which includes the UK position in their conversations following a pact between the main Conservatives), one by the EFDD with Mr Picardo and pledged groups in the European Parliament group (which includes UKIP) and a to defend and protect not just that there should be no amendments third amendment which was In the course of the Gibraltar’s sovereignty, but also its to it. supported by 58 MEPs from conversations, Mr Davis economic well being. The Resolution allows for different political groups and who confidentially briefed the Chief The Chief Minister bilateral arrangements which have represent a number of different Minister on the content of his commented: “I have had very been agreed by the EU-27. countries. discussion with Spanish positive contacts with Secretary of However, a number of MEPs counterparts during the course of his State Davis. He is clearly a strong sought to include amendments Chief Minister meets visit to Madrid in April. supporter of Gibraltar, having been which reflected the position of unions to discuss Brexit Mr Picardo was satisfied with Minister for Europe, and not a man Gibraltar in the Resolution. In order The Chief Minister held a meeting the position set out by the Secretary who is going to allow himself to be to progress this further, a minimum in early April with representatives of
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28 Gibraltar International www.gibraltarinternational.com BUSINESS ROUND UP the Gibraltar and Spanish trade strong links with those unions Lalit Khatwani and Kevin House Trust. unions. The meeting was attended because there is a clear common Duarte have been promoted from The trustees are undertaking by Unite, UGT and Comisiones interest for us, in staying in touch senior managers to directors in the the building and furnishing of three Obreras, with the Spanish unions during the Brexit process”. assurance department. adjoining properties to meet the represented by their top leadership ever increasing demand for in Andalucia. Promotions at PwC accommodation for sponsored The partners of PwC patients. When completed, these (Gibraltar) have announced buildings will provide 38 en-suite three promotions to senior rooms, large common rooms and management within the firm. kitchens. The total investment will Patrick Pilcher has been be in the region of £16,000,000. promoted to the board of Albert Poggio, Vice-President, Matters of current interest PricewaterhouseCoopers Limited PwC (Gibraltar) senior partner, Calpe House Trust, commented: were discussed, although the main and PwC Corporate Services Colin Vaughan, said: “I am very “An ambitious project such as this topic was the latest development on (Gibraltar) Limited. Patrick is a pleased for all three of them, as has required, and continues to Brexit and how it will affect the director in the tax department and their promotion is a recognition of require, much legal advice. For workers on both sides of the border. has been with the firm for over 20 the contribution they have all made Hassans to offer Moshe Levy as our Particular attention was paid to the years. He is a regular contributor to to the success of this honorary legal issue of the rights of new cross- the Gibraltar tax sections of firm”. advisor is a frontier workers after the UK and Jordan’s International Corporate tremendous help to Gibraltar have left the EU. Procedures Guide and is New appointment the trust and Mr Picardo said: “The responsible for the Gibraltar content at Calpe House demonstrates clearly opportunity to meet with the unions of the PwC Worldwide Tax Hassans’ associate, the dedicated support from across the frontier and fully Summaries, as well as the Gibraltar Moshe Levy, has been from Hassans as one brief them on developments is an firm’s ‘Tax Facts’ and ‘Doing appointed Honorary of our major important one. I have nurtured Business in Gibraltar’ publications. Legal adviser to Calpe sponsors.”
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www.gibraltarinternational.com Gibraltar International 29 WHY SHOULD YOUR COMPANY SPONSOR OR ADVERTISE IN THE GIBRALTAR INTERNATIONAL MAGAZINE? Answer: l We produce a quality, informative, business publication, with the aim of informing and encouraging international companies and investors to choose Gibraltar to invest and do business with your companies
l 10,000 Printed Copies Each Quarter, of which 2000 are mailed to Financial Advisers, Bankers, Lawyers, Accountants, HNWIs, across the UK and Continental Europe *
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30 Gibraltar International www.gibraltarinternational.com Professional Bodies based in Gibraltar Gibraltar Association of Pension Fund Administrators (GAPFA) Gibraltar Federation of Small Businesses Ltd (GFSB) Jane Caulfield, Chairwoman, Tel: + (350) 200 45877 Gemma Vasquez, Chairwoman, Tel: + (350) 200 47722 Email: [email protected] Email: [email protected] Association of Trust & Company Managers (ATCOM) Gibraltar Funds & Investments Association (GFIA) Nick Cruz, Chairman, Tel: + (350) 200 50418 Adrian Hogg, Chairman, Tel: + (350) 200 45502 Email: [email protected] Email: [email protected] Bar Council Gibraltar Insurance Association (GIA) Keith Azopardi, Chairman, Tel: + (350) 200 79423 Liz Quinn, Chairwoman, Tel: + (350) 200 74570 Email: [email protected] Email: [email protected] Gibraltar Association of Compliance Officers (GACO) Gibraltar Insurance Institute (GII) Carlos M. Martins, Chairman, Tel: + (350) 2000 2022 Lorraine Povedano, President, Tel: + (350) 54003732 Email: [email protected] Email: [email protected] Gibraltar Bankers Association (GBA) Gibraltar Society of Accountants (GSA) Benjamin Moss, President, Tel: + (350) 200 44144 Desiree McHard, President, Tel: + (350) 200 47300 Email: [email protected] Email: [email protected] Gibraltar Betting & Gaming Association (GBGA) Society of Trust & Estate Practitioners (STEP) Peter Howitt, Chief Executive, Tel: + (350) 200 68450 Peter Isola, Chairman, Tel: + (350) 2000 1892 Email: [email protected] Email: [email protected] Gibraltar Chamber of Commerce (GCC) Chartered Institute of Personnel & Development (CIPD) Christian Hernandez, President, Tel: + (350) 200 78376 Lesley Louise, Chairwoman, Tel: + (350) 54428000 Email: [email protected] Email: [email protected] Gibraltar Finance Centre Council (GFCC) Gibraltar Electronic Money Association (GEMA) Stephen J. Reyes, Chairman, Tel: + (350) 200 41200 Dani Spier, Chairman, Tel: + (350) 200 79645 Email: [email protected] Email: [email protected] For all the latest Gibraltar business news visit www.gibraltarinternational.com
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