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Funds: Investment Managers: Regulatory Overload - AIFMD GpI10 EcBonomy RAp14 TaxaLtion TFebA/March/ARpril 2013 INTERNATIONAL FINANCE l INVESTMENT l BUSINESS Funds: Investment Managers: Regulatory Overload - AIFMD www.gibraltarinternational.com SPONSORS Gibraltar International Magazine is grateful for the support of the finance industry and allied services (with the encouragement of the Finance Council) in the form of committed sponsorship. We would like to thank the following sponsors: GIBRALTAR FINANCE CENTRE Tel: + (350) 200 50011 • Fax: + (350) 200 51818 www.gibraltar.gov.gi DELOITTE ISOLAS / FIDUCIARY GROUP Tel: + (350) 200 41200 • Fax + (350) 200 41201 Tel: + (350) 200 78363 www.deloitte.gi Tel: + (350) 200 76651 www.gibraltarlawyers.com EUROPA TRUST COMPANY LIMITED www.fiduciarygroup.com Tel: + (350) 200 79013 • Fax + (350) 200 70101 www.europa.gi BARCLAYS Tel: + (350) 200 41222 MONARCH AIRLINES www.barclays.com/wealth Tel: + 44 (0)8700 405040 • Tel: + (350) 200 47477 www.monarch.co.uk www.flymonarch.com GIBTELECOM Tel: + (350) 200 52200 • Fax: + (350) 200 71673 HASSANS www.gibtele.com Tel: + (350) 200 79000 • Fax + (350) 200 71966 www.gibraltarlaw.com KPMG Tel: + (350) 200 48600 • Fax: + (350) 200 49554 GRANT THORNTON www.kpmg.gi Tel: + (350) 200 45502 • Fax: + (350) 200 51071 www.grantthornton.gi SAPPHIRE NETWORKS BAKER TILLY (GIBRALTAR) LTD Tel: + (350) 200 47200 • Fax + (350) 200 47272 www.sapphire.gi Tel: + (350) 200 74015 • Fax: + (350) 200 74016 www.bakertillygibraltar.gi TRIAY & TRIAY / T&T MANAGEMENT PIRANHA DESIGNS SERVICES LTD Tel: + (350) 200 45599 • Fax + (350) 200 52037 Tel: + (350) 200 72020 www.pdg.gi Tel: + (350) 200 76108 www.triay.com • www.ttms.gi GIBRALTAR INSURANCE ASSOCIATION (GIA) Tel: + (350) 58452000 LOMBARD ODIER & CIE (GIBRALTAR) LIMITED www.gia.gi Tel: + (350) 200 73350 • Fax: + (350) 200 73475 www.lombardodier.com CREDIT SUISSE (GIBRALTAR) LIMITED Tel: + (350) 2000 4000 • Fax: + (350) 2000 4900 BDO LIMITED www.credit-suisse.com/gi Tel: + (350) 200 47300 • Fax: + (350) 200 47590 www.bdo.gi QUEST INSURANCE MANAGEMENT LTD. Tel: + (350) 200 74570 • Fax + (350) 200 40901 www.quest.gi www.gibraltarinternational.com GIBRALTAR INTERNATIONAL 3 Feb/March/April 2013 EDITORIAL COMMENT Volume 19/ Number 1 Seek and you shall Contents find – hopefully! here is demand for Gibraltar’s offering going to NEWS p6 come from? That’s the big question for 2013 as the Labour-Liberal Alliance moves into the second of its Ministers to decide 50% economic growth strategy Wfour-year term of office. The priority is identifying markets to target, with ECONOMY p10 Ministers Bossano (Employment & Inward Investment) and Challenges loom to bring pressure on growth target Licudi (Financial Services & e-Gaming) keen to map out the strategy that will help deliver the government's pre-election BUSINESS p12 promise of 50 per cent growth in the economy by 2015. What’s Your Target? Bossano was the architect of that challenging 10.5 per cent average year-on-year growth in Gross Domestic Product TAXATION p14 (GDP) - the national income from corporate profits, Removal from ‘black lists’ will see DTAs in 2013 self-employed, employees and rent. He’s an economist with form at making fairly accurate Gibraltar growth predictions; FUNDS p16 on the night before the 2007 elections, former Chief Minister, Peter Caruana allegedly described Bossano as “a back of the Investment Managers: Regulatory Overload - AIFMD envelope economist”. Yet Bossano admits to having no real idea yet where BANKING p20 business will come from. Apart from inflation and what he State-run bank counting on expansion calls ‘organic’ growth, he sees half of the GDP improvement coming via inward investment, particularly from BRIC EMPLOYMENT p22 countries (Brazil, Russia, India and China) – another of his More new businesses with EU help to reduce manifesto inputs. Licudi from personal experience has added unemployment South Africa, to make it BRICS, and his new super sales team for insurance, funds and private client (investment) work has TOURISM p26 quickly to identify market opportunities worldwide. That will include the UK, from where most new business Round the world bid to boost visitors already originates, on the grounds that you can never tell people too often just how good an opportunity Gibraltar BUSINESS ROUND UP p28 presents. But other EU countries are likely to be identified, GOVERMENT CHANGES p30 Switzerland and even Luxembourg, where one of Gibraltar’s most prominent lawyers was called pre-Christmas to advise on Promises to bring power and right to know the proposed transfer of some very large funds! Government spending adds to GDP in the sense that it GIBRALTAR INTERNATIONAL MAGAZINE taxes the extra wages and profits earned, but it must be revenue generating, not cost investment, such as the new air Published by Gibraltar No part of this publication may be terminal originated by the previous government. (In addition International Publications Ltd . reproduced without the written to an annual £3m running expense, there’s understood to be G7 Cornwall's Centre permission of the publishers. PMB 104 The publishers have tried to £4m cost of servicing the loan to build the £80m terminal, that PO Box 561 ensure that all information is theoretically could handle 2m passengers a year - but the Gibraltar accurate, but emphasise that they sea-locked airstrip cannot.) cannot accept responsibility for Tourism has been suggested as the one certainty of the any errors or omissions. The territory’s economy – they can’t take The Rock’s appeal away. Editorial enquiries publishers accept no responsibility [email protected] for statements made by Or can they? Continued political and actual skirmishes by contributors or for any claim Spain in the battle to break Britain’s 300 years hold of The made in an advertisement. Advertising enquiries Rock, have at times severely affected frontier crossings and British Gibraltar Territorial Waters, and now threatens the [email protected] © 2013 Gibraltar International Publications Ltd. 2007 Cordoba Agreement which allows flights approaching Design Gibraltar to fly over Spain. [email protected] All very frustrating and probably borne as much out of jealousy at Gibraltar’s obvious and growing economic success UK Agent: (compared to the neighbouring Campo’s comparative poverty Tel: + 44 (0)1993 703560 and Spain’s economic woe), as it is of any claim to ‘rightful’ ownership. Continuing media and parliamentary coverage of these events may cause some potential investors to hesitate, but that would just be a waste of the opportunity to have a foothold in a mainstream, compliant EU jurisdiction – no matter what Spain says. Ray Spencer 4 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com NEWS Ministers to decide 50% economic growth strategy By Ray Spencer Emphasising his commit - “setting up parallel structures strategic analysis and develop - ment, Bossano declared: “I in Europe, not necessarily ment of policy in various ibraltar is depending on think I am the only guy in re-domiciling the existing struc - areas, in particular on funds, inward investment to Gibraltar that actually puts ture; the other [possibility] is insurance and private clients, Gmeet at least half of the down in black and white what where the fund is held under a and developing a marketing promised 50 per cent growth in the targets are. It’s easy to say company, it simply re-domiciled approach.” Michael Ashton its economy to reach £1.65bn in ‘if we are elected we will create to a new base in Europe such as joined in January with 15 years 2015 by staying “one step economic growth’, but you Gibraltar, so the whole insurance sector experience and ahead”. make a rod for your own back company and fund comes to Paul Astengo, a Gibraltarian “Organic growth” – natu - if you spell out by how much!” Gibraltar.” working over 30 years in bank - ral expansion of existing busi - Gilbert Licudi is Minister ing, arrives in mid- February to nesses, plus the effect of for financial services, account - promote private client work. inflation – will provide the ing for an estimated fifth of The funds specialist is still to be balance, according to Joe GDP and 14 per cent of total announced. Bossano, veteran politician and employment. While he envis - “The idea is to develop a a former Chief Minister. His ages it “growing in proportion strategy with them; we haven’t background in economics to the GDP growth”, Licudi said you need to come in to do encouraged him to add the emphasises: “It is not a mathe - XYZ and this is your target. It ambitious 10.5 per cent year- matical or scientific calculation has to be a joint strategy and on-year compound growth – what we are saying is that we determined fairly early on,” he Gross Domestic Product (GDP) have a target in relation to asserted. “We are developing a commitment to the govern - overall growth and a market plan, which will include events ment’s Election Manifesto. strategy, because we see areas of in relation to countries that we potential growth and therefore want to specifically target; I Changing priority areas we can develop within the have asked for a strategic Inward investment Minister Joe As Minister responsible both finance centre, both in existing Bossano set the GDP target and approach to be developed for for Employment and new business and new areas (which identified the BRIC opportunity 2013 – early in [2013].” business from overseas, his first we have already started to tar - year has been focused on the get).” Although “we certainly Now it’s BRICS former, but from this year his didn’t come away with a num - The government has already priorities change. Funds ambition ber of cheques for funds in said that fast-developing BRIC By the end of the first quar - Changed regulations last year Gibraltar”, the main outcome countries – Brazil, Russia, India ter of this year, the government removed the need for funds to said Licudi, was “the creation and China – will be targeted.
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