The Legal 500

Gibraltar introduced its new Experienced Investor Fund Regulations on the 12th April 2012 with the aim of continuing to develop the jurisdiction as an alternative EU Fund Domicile and further enhance the list of incentives which makes Gibraltar, in our view, the European domicile of choice for Alternative Investment Funds.

The new Financial Services (Experienced Investor Funds) Regulations 2012 (the ‘Regulations’) took effect in Gibraltar on the 12th April, and represent a significant step forward for Gibraltar as a European Fund Domicile.

by Samantha Grimes

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Foreign Secretary William Hague has made a written statement to the British Parliament on the European Court Judgement on taxation in Gibraltar. In this he states that the ECJ’s decision not to examine the issue of regional selectivity means that there has been no change in the principles established by the Court in the Azores case.

The role of the independent, non-executive fund director has come under the microscope in recent weeks.

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.

The deepening financial crisis in Spain and the emerging fears of a renewed downturn in the months following summer, the annual economic shot in the arm of most Southern European countries, the Spanish Government has decided that in addition to the painful austerity measures and cuts in spending, economic recovery will only come if Spain can attract continued inward investment.

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 Peter Isola

Does tax planning still work in a world of Tax Information Exchange Agreements ('TIEAs'),' ever stricter compliance and KYC regimes, a focus on taxation on the wealthy and the targeting of tax havens? 

By Selwyn Figueras

In recent weeks we learnt of the favourable opinion of the Advocate General of the European Court of Justice, Niilo Jaaskinen, in respect of the case before the General Court (formerly the European Court of First Instance) regarding Gibraltar’s tax system ‘the Opinion’. 

Summary of the Chief Minister’s Budget Address 4th July 2011.

As employers you will perhaps be familiar with, and may often tolerate, staff occasionally attending work a little the worse for wear.

Twitter, Facebook, LinkedIn: Web 2.0 and all that. An indispensable part of modern marketing with many advantages but with some drawbacks...

In August 2002, the United Kingdom notified the European Commission of Gibraltar’s proposed reform of corporate tax, That reform included in particular the repeal of the former tax system and the imposition of three taxes applicable to all Gibraltar companies, namely a registration fee, a payroll tax and a business property occupation tax, with a cap on liability to payroll tax and business property occupation tax of 15% of profits.

Funds find a new home in Gibraltar

In June 2010, the Government published a draft of an intended Bill for a new Income Tax Act. The draft was accompanied by a pre legislative briefing paper that summarised, in narrative form, the main changes to the current legislation introduced by the intended draft Bill.

The Government has today published the text of the new, amended and consolidated Income Tax Act, under cover of a pre-legislative briefing paper that explains the main changes being introduced.

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.

Despite numerous proposed changes, Gibraltar is well placed to capitalise on to the proposed European Directive controlling Fund Managers, argues Joey Garcia

An introduction to the banking industry in Gibraltar

Everyone in the fund industry is more than aware of the European Commission’s draft directive on Alternative Investment Fund Managers (AIFM). The Directive, generally speaking, will not only affect the European hedge fund industry but also private equity and other sectors including real estate investment products. Needless to say, this is a matter which will no doubt need to be given significant consideration by Gibraltar-based funds and managers in the future.

The Limited Liability Partnerships Bill 2008 (the “Act”) is little more than a framework piece of legislation, only containing details of incorporation, membership and taxation. The Act empowers the Minister for Finance to adopt regulations, likely to be known as the Limited Liability Partnerships Regulations 2008, to regulate the management and winding-up of limited liability partnerships (LLP(s)).

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).

Much has been published on the newly proposed Alternative Investment Fund Directive (‘AIFM’) which if materialises in its proposed form would affect all fund managers in Europe who manage or market a fund which is not regulated in Europe as suitable for retail sales (effectively, any non-UCITS fund).

A Bill to amend the Limitation Act (The Limitation (Amendment) Act 2009) was published earlier this year following which Government sought comment from the insurance and legal communities to its proposals to rebalance the position between buyer and seller when defective products or services are sold. The Act was passed in Parliament on 23 October 2009 and came into operation on 29 October 2009.