Overview
The Gibraltar Income Tax Act 2010, which is to be implemented in January 2011, has been the subject of extensive scrutiny the public consultation period. In light of recommendations presented it has been transformed into a more workable and EU-compliant piece of legislation. It provides for a company tax flat rate of ten percent that is applicable to all business activities while also removing the distinction between offshore and onshore business.
Funds and insurance companies continue to flock to Gibraltar and the jurisdiction boasts a strong gaming reputation. High-net-worth individuals and families with what is known as ‘Category 2’ status are relocating to Gibraltar to obtain a beneficial tax domicile. The collapse of Marrache & Co and the Madoff saga continue to generate a vast amount of litigation.
Hassans is the leading law firm in terms of its size and wealth of specialist lawyers; James Levy QC provides ‘excellent strategic advice’ and the firm a whole has a ‘commitment to clients that is unique’. Triay & Triay and Isolas are strong players in the market and continue to grow in size. Triay Stagnetto Neish and Attias & Levy are also recommended. The small but growing team at Cruz & Co has relocated to the Irish Town and is emerging as a prominent law firm whose services are ‘nothing less than exceptional’. Verralls Barristers and Solicitors has moved out of its joint office with BDO Accountants and has set up alone.