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1st Edition – Gaming Law – Gibraltar law contribution by Hassans’ Partners
In our second instalment for Gibraltar Magazine's series on Gibraltar's fund industry we focus on the role of the Board of Directors of Gibraltar Experienced Investor Funds (EIFs).
Gibraltar is an appealing jurisdiction for individuals who wish to enjoy a Mediterranean life style. As a British Overseas Territory, Gibraltar’s culture also has strong elements of UK culture. Gibraltar’s own laws are based on English laws and businesses and education are carried out in accordance with English practice.
Insurance is part of the DNA of capitalism and it is hard to imagine that anything happened before it.
Richard is a Managing Director in Deloitte’s Middle East Transaction & Restructuring Services practice. Though based in Dubai since 2008 Richard has responsibility not only for UAE but also for all GCC and other Middle Eastern countries.
A series of recent events led you to wanting to uncover the history and development of the legal system locally. Have you been surprised at the far reaches of our history in this area taking into account the first civil court was set up as early as 1720?
What is the process of company formation in Gibraltar?
What rules do companies in Gibraltar follow in respect to businesses operating once Incorporated?
Article by Scott Simmons, Associate, and Tito Garro, Barrister
Several legal experts and academics are referring to the UK Bribery Act 2010 as the US Foreign Corrupt Practices Act “on steroids”. The Bribery Act (‘the Act’) was introduced on the 1st July 2011 and since then it has been causing shockwaves in the legal and corporate world.
by Samantha Grimes
Let us help you to draw up and settle a Will that takes care of your own when they most need it. If you'd like to make sure you have all your loose ends tied up, click here to CONTACT US now, or, for more information, read on.
Standing strong as one of the Pillars of Hercules, Gibraltar is a small British Overseas Territory located at the southern tip of Spain. Gibraltar is a touristic hub for day-trippers and cruise liner passengers and, yes, its famous apes continue to make the Rock their home: but Gibraltar is also fast becoming a powerful force in international business.
Article by Richard Buttigieg, Partner and Danielle Vila, Associate
Shadow Directors & De Facto Directors under Gibraltar Law
There may be some doubt as to whether the concept of shadow director exists in Gibraltar Law, especially as the term shadow director is not used at all in the Gibraltar Companies Act.
Article by Peter Montegriffo, Partner, Mark Henrich, Senior Associate and Scott Simmons, Associate
Relocating to Gibraltar There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian Peninsula, “the Rock” enjoys a temperate Mediterranean climate with mild winters and warm summers. The accessibility of nearby historical and cultural Andalucía in Spain, coupled with its spectacular scenery and wildlife, makes Gibraltar a popular destination.
Disputes between shareholders arise for a number of reasons. One of the most common reasons is where a previously good relationship turns sour. There may be a dissident shareholder who refuses to co-operate in the running of the business and who hampers the decision – making process.
Article by Richard Buttigieg, partner and Ian Felice, partner
Directors owe a fiduciary duty to the company of which they are a director. In addition, a director also owes a duty of skill and care to the company. These duties were originally laid down at common law, although now in the UK many of them have been codified in the Companies Act 2006. However, in Gibraltar they continue to be defined by common law (i.e. by case law and precedent).
The 5th September 2011 saw the dawn of a new era for insolvency practitioners in Gibraltar. Much awaited legislation in the field of insolvency was finally passed and a new regime for both personal and corporate insolvency has been put in place.
The role of the independent, non-executive fund director has come under the microscope in recent weeks. That is not to say that the Cayman case of Weavering Macro Fixed Income Fund Limited (In Liquidation) v Stefan Peterson (1) and Hans Ekstrom (2) (´Weavering´) will be the last word on this issue. The decision may yet be subject to appeal, and no other Court has yet had the opportunity to comment, interpret or apply its statements of general principle.
HE The Governor, Sir Adrian Johns, is pleased to announce updated guidelines for the appointment of Queen’s Counsel in Gibraltar. The guidelines, which replace those in effect since 1986, have been drafted following consultation with the Judicial Service Commission and the Bar Council in Gibraltar.
By a slender majority, the Swiss canton Thurgau recently rejected an initiative seeking to abolish the controversial lump sum tax currently imposed on its wealthy foreign residents.
Ireland's competitive corporate tax regime is a distinct advantage when it comes to US firms considering foreign direct investment, placing it ahead of rival jurisdictions, according to a new survey.
BOOK REVIEW: “Protected Cell Companies: a guide to their implementation and use”, Second Edition, by Nigel Feetham and Grant Jones. Published by Spiramus. Review by Robin Amos.
Hassans international law firm is once again delighted to be ranked in Tier No 1 in the independent directory, IFLR1000, 2011. Its stand-alone position further strengthens the firms’ reputation, expertise and quality of service to clients.
Gibraltar, a member of the European Union by virtue of the British Treaty of Accession, is one of four or possibly five jurisdictions in the EU which fund managers will want to consider due to its fiscally effective legislative framework for funds.
It was a Budget that most European finance ministers would give their left arm for – comforting the public sector with no pay freeze, cutting personal taxation, increasing student grants, even finally letting the sun shine freely on solar panels with electric cars rolling in tax free. And there is capital investment for future sustainability to boot.
Gibraltarian judge Anthony Dudley, 43, was yesterday formally appointed Chief Justice of Gibraltar. He is the first Gibraltarian to be appointed to that office on a non-acting basis.
The European Commission (“EC”) drafted a proposal for the Alternative Investment Fund Managers Directive (“AIFMD” and/or the “Directive”) in response to the current global financial downturn.
UK commercial property purchasers lucky enough to find a willing vendor and financier may deem it worthwhile from a stamp duty land tax (“SDLT”) point of view to structure the transaction using a Gibraltar limited partnership (“LP”).
The Rock's attractions as a place to conduct international business or establish company structures have been enhanced in recent years by several developments – a warmer relationship with neighbouring Spain has been established and talks on closer cooperation at several levels continue; a new constitution is in place that, while retaining Gibraltar's ties with Britain, gives the Rock greater autonomy; and a glowing report by the International Monetary Fund (IMF) lauding the high standards of the jurisdiction's regulatory regime was issued at the end of May 2007.
Many jurisdictions now have in place a specialist “Holding Company Regime”. At present Gibraltar does not distinguish between holding companies and companies for other purposes, but certain characteristics of the overall Gibraltar regime for companies make the jurisdiction particularly attractive.
Once you have paid a deposit on a property it is important to note that on the whole, reservation agreements tend to be “subject to contract”. This means that until such time as exchange of contracts is effected either the purchaser or the vendor may withdraw from the transaction at any time. However, you should consider the terms of the reservation agreement very carefully as some estate agents will retain the reservation deposit if the purchaser fails to complete the transaction.
Following the introduction of the Experienced Investor Fund regime (EIF) a couple of years ago there has been a substantial growth in the Gibraltar funds industry. The number of funds established has been growing at a compound rate and funds now range from $1Million to over $1Billion. The funds invest in all areas of the world including America, Europe, Eastern Europe and the Middle East with investors in a number of different jurisdictions.
At the conclusion of a very busy period of negotiations with a large number of jurisdictions, Gibraltar’s government yesterday signed a further three Tax Information Exchange Agreements (‘TIEA’) with the Faroe Islands, Greenland and Finland. This brings the total number of TIEAs signed by the Gibraltar government to thirteen, one more than the magic number twelve, as a result of which, Gibraltar has now been moved on to the so-called ‘White List’ of jurisdictions that have substantially implemented the internationally agreed standard (see below progress report updated 20 October 2009).
BOOK REVIEW: “Protected Cell Companies: a guide to their implementation and use”, by Nigel Feetham and Grant Jones. Published by Spiramus. Review by Robin Amos.
As the authors acknowledge, it is indeed surprising that this book represents the first ever detailed study of Protected Cell Companies. Practitioners involved with such companies will doubtless want to know whether this is required reading. This reviewer has no doubt that it is, due mainly to the clarity of the analysis; a difficult feat given the challenge of returning to first principles in the fields of company law, insolvency, accounting and insurance, and all of these in an international context
The draft legislation for Non Dom- UK Residents was released on 18th January 2008. The implications of this legislation will affect Gibraltar residents who fly frequently to the UK, whether it is for business or pleasure. The clients of Gibraltar Management companies and clients of Gibraltar trust companies.