Hassans > Gibraltar, Gibraltar > Firm Profile
Hassans Offices

Madison Building
Midtown
Queensway
GX11 1AA
Gibraltar
Hassans > The Legal 500 Rankings
Gibraltar > Banking and finance Tier 1
The team at Hassans leverages ‘first class knowledge and advice’ to advise a stellar roster of financial services clients, including major investment and commercial banks, insurance groups and other corporate clients. Headed by James Lasry, and deputy head Anthony Provasoli, the team has established a strong reputation assisting companies in structuring and regulatory issues, as well as tax-efficient financial services operations. Lasry is a specialist in funds and the regulation of financial services law and blockchain businesses, whilst Provasoli leads in fintech matters. Valerie HollidayPractice head(s):
James Lasry; Anthony Provasoli
Other key lawyers:
Valerie Holliday; Yvonne Chu; David Montegriffo; Matthew Torres
Testimonials
‘Very commercial and flexible with first class knowledge and advice.’
‘James Lasry and Valerie Holliday are first class industry practitioners.’
‘The team has many strengths, both in the breadth and depth of knowledge that the firm through its partners and associates possesses. They are responsive to our needs.’
‘When you engage them they become a partner working alongside you for the best possible outcome.’
Key clients
Staysure
Work highlights
- Acting for HMGOG in the refinance of a £500 million facility from RBSI.
Gibraltar > Commercial, corporate and M&A Tier 1
Hassans is renowned for its deep bench of experts and a ‘seemingly endless network’, advising clients in the full gamut of commercial law matters. Key contacts within the team include senior partner James Levy CBE KCPractice head(s):
James Levy KC; Richard Buttigieg; Ian Felice; Tim Garcia; Peter Montegriffo KC; Vikram Nagrani
Other key lawyers:
Testimonials
‘Commercially minded lawyers’
‘Hassans has provided support, legal expertise and proactive advice re impending new legislation that might have an effect on our business, or pose an opportunity. They are an invaluable partner to our business and go so much further than a traditional law firm.’
‘James Levy: A fountain of business knowledge and a seemingly endless network.’
‘Depth of expertise, market dominance, Gibraltar and international contacts and influence.’
‘Hassans know everyone in Gibraltar and are hardwired into the Government.’
‘James Levy is the key rainmaker in Gibraltar. David Weber has an excellent intellect.’
‘Extremely competent lawyers with the best internal and external network in Gibraltar. Very responsive and solution oriented. A pleasure to work with.’
‘There is no other legal firm in Gibraltar that can compare with Hassans in terms of the breath of expertise they have accumulated across the whole range of services. It is the firm I have always recommended to incoming investors.’
Key clients
GibTelecom
Government of Gibraltar
Lloyds Bank
Playtech
Gibraltar Football Association
Bitfrost Limited
Apax Partners
Entain Holdings PLC
Scientific Games
Viatris (previously Mylan)
Royal Bank of Scotland (Gibraltar) Limited
Forafric Global PLC
Deer Capital
Work highlights
- Acting for His Majesty’s Government of Gibraltar in the refinance of a £500 million facility from RBSI.
- Assisting TNG Global Foundation with commercial and construction legal aspects of the Bayside Project and the Eastside Project.
- Acted for JM Glendinning on its acquisition of Blackfriars Insurance
Gibraltar > Dispute resolution Tier 1
The litigation team at Hassans stands out for its responsiveness, offering a ‘sensible and pragmatic’ approach to commercial litigation for a stellar clientele of private individuals, local and international companies, financial institutions and public bodies. The team is noted for its well-established expertise in negligence and insolvency claims, as well as mediating complex international disputes. Lewis Baglietto KCPractice head(s):
Lewis Baglietto KC
Other key lawyers:
Gillian Guzman KC; Daniel Feetham KC; Gilbert Licudi KC; Darren Martinez; Moshe Levy; Samuel Marrache; Claire Pizzarello
Testimonials
‘Diligent professionals who are available to engage at every key moment. ’
‘Gillian Guzman KC and Claire Pizzarello: Dynamic team who are on point with all aspects of the law. Sensible and pragmatic advocates who hold their own in Court. They deliver.’
‘An impressive team. Probably the only true commercial disputes practice in Gibraltar, and certainly one of the largest, if not the largest, disputes teams in Gibraltar. Responsive, and good quality lawyers.’
‘Moshe Levy is an accomplished litigator – pragmatic and straightforward.’
‘Samuel Marrache is a real star – very bright and a pleasure to work with.’
‘It’s the largest firm in Gibraltar so there are capabilities across all industries. I deal with multimillion-pound litigation so the team I work with is very partner led – the partners I do instruct are excellent. The relationship we have is one of collaboration, the thought process and strategy evolves within the lawyer/client team, and our voices are heard at every stage. They are modern in their approach. Other firms can draft a fantastic essay, but in fast moving litigation, we need movement at a quick pace which the team delivers. ’
‘Daniel Feetham KC and Darren Martinez: Both are excellent communicators – they respond to emails within an hour or two, and are on the telephone whenever I call. Stand out for me is their extremely collaborative approach – whilst they are both hugely experienced, they invite comments and ensure clients feel part of the process. Despite his profile and experience, Daniel is extremely down to earth which, coupled with his excellent legal mind, makes him very easy to work with. Darren is always “on the ball”, with excellent attention to detail. ’
‘I have found the Hassans disputes team to be a group of very highly talented, approachable and reliable lawyers. The team shows a real ability to work well as part of a large multi-national team of co-counsel, contributing appropriately-judged advice on law and strategy, keeping the rest of the team fully appraised of developments, and being responsive to requests for assistance. The quality of their advocacy in the Gibraltar courts, particularly that of Lewis Baglietto KC, is very high.’
Key clients
Republic of Kazakhstan
The Swedish Club
Caterpillar Finance Services UK Ltd
The Minister for Justice
Newline Underwriting
Gefion Insurance
Motor Insurance Bureau
Gibraltar Financial Services Commission
Gibtelecom Ltd
Entain Plc
WHG International
Work highlights
- Arbitrated a US$350m claim made against the Government for breach of contract.
- Represented SNBNY Holdings Limited, the ultimate indirect owner of virtually the entire share capital of Safra National Bank of New York, and others, in a claim for declarations that certain corporate actions were valid and effective.
- Defending Entain PLC and Alvar Financial Services Limited in relation to a claim in the amount of between £23 million and £40 million brought against them by Mr Robert Tchenguiz, as well as in respect of their counterclaim of circa. £9,000,000 against Mr Tchenguiz.
Gibraltar > Fintech Tier 1
Hassans remains at the forefront of the fintech sector in Gibraltar, advising leading global brands on all matters concerning fintech, DLT or crypto businesses. The team is noted for strong expertise in the DLT regulatory regime, assisting clients with regulatory compliance and obtaining DLT licences, as well as aiding HM Government of Gibraltar in the continued development of the existing legal and regulatory framework. The team is spearheaded by Anthony Provasoli, a key figure in the crypto currency and blockchain sector, guiding investors and early stage start-ups on the structuring of their products and licensing requirements. He is joined by Aaron Payas, a specialist in financial services legislation with additional expertise in crypto and web3 matters, and Jeremy Requena. Vikram Nagrani harnesses expertise in a wide range of DLT matters, including token issuances, security token offerings and anti-money laundering issues.Practice head(s):
Anthony Provasoli; Aaron Payas
Other key lawyers:
Testimonials
‘The cohesiveness of the team and particular knowledge within the Fintech space and continued search for growth and improvement of skills by the firm is much appreciated. They continue to champion the Fintech quest within the Gibraltar jurisdiction.’
‘Professionalism and driven approach to get value for the client.’
‘The Hassans Fintech Team consists of highly professional and knowledgeable individuals. They have been at the forefront of Fintech even before Gibraltar implemented Fintech legislation in 2018. All the team members have complementary skills to each other. They are tech savvy, they keep themselves up-to-date on the various developments in the industry and try to anticipate potential trends. They actively shape and promote legislative and regulatory developments in the jurisdiction. They make sure that open lines of communication are maintained with local and foreign financial regulators, allowing them to provide an holistic advice to their clients seeking multi-jurisdictional licences.’
‘Anthony Provasoli: He has a wealth of knowledge in the Fintech sector that is second to none. At present he is probably the most experienced and knowledgeable lawyer in terms of Fintech locally and has been able to build a team of experts with a diverse background in the various fields of Fintech that fully supports him in the delivery of extraordinary client services.’
‘Compared to other firms, they excel in leveraging technology and data-driven tools for more efficient case management and transparent billing. Their commitment to flexibility – offering creative fee structures and adopting cutting-edge collaboration tools – demonstrates a client-first mentality. The team’s diverse backgrounds and interdisciplinary collaboration also ensure comprehensive legal solutions, setting them apart from competitors.’
‘Jeremy Requena: He is one of the younger people in the Fintech Team; nonetheless, he is progressing at a very fast pace and making a swift progression. He is personally very interested in the field of Fintech and you feel that passion for what he does.’
‘Aaron Payas and his team have always been phenomenal at understanding the requirements, explaining the legal, regulatory and operational requirements, and helping with setting up businesses on the path for success.’
‘Of particular note, Vikram Nagrani has been instrumental in several high-stakes negotiations. He was responsible for an important licensing agreement going through after months of tense negotiations; his balanced changes made the counterparty accept a good compromise and save the deal.’
Key clients
INX Limited
CEX.IO
ETORO
Modex
Cudo Ventures
DAMEX.io
Panther Protocol
Currency.com
Orbital (PayPerform)
Meme.com
Aurora Protocol
FTFT UK Limited
EXMO
Mingo
Quickbit
Binance
Alphabeth Capital
Cointelligence
Coinbase Global, Inc
deVere Group
Bullish (via Simmons & Simmons LLP as instructing solicitors)
Club Game App
Fragbite Group AG
GSX (Gibraltar Stock Exchange)
Himalaya International Clearing Ltd
Turncoin Limited
BoXX Limited
Koii Labs
CryptoWalkers
Vorlds
Amero Exchange
Subotai
Zip Web3 Limited
ZUBR Exchange Limited
Sigil
Kombatchain
Poolz Platform
Buenbit
Ready Maker (Gibraltar) Limited Games
Digital Asset Management Limited
Bitso
DolarApp Inc
Cloverum Finance Limited
AstroPay
Wincent Investment Fund
Okonto
Directa 24
Bastion Digital Limited
Galaxy Digital UK Limited
Spayex Technologies Limited
TAP Global Limited
CabCard Services Limited
Work highlights
- Assisting DAM on becoming the first ever Gibraltar company to raise capital on Crowdcube, the investment crowdfunding platform, as part of its Pre-Series A investment round.
- Advised on and structured a tokenisation platform that allows the principal to tokenise real assets and securities, innovating a way to tokenise numerous different assets without having to go through the regulatory process for each of the assets.
Gibraltar > Gambling law Tier 1
The powerhouse gaming practice at Hassans is a key driver of the online gaming industry, advising an impressive roster of leading global gaming operators on tax, insurance, banking and M&A matters, as well as the gaming licence application process in Gibraltar. Of note, the team is currently advising HM Government of Gibraltar on the Gambling Act, harnessing the expertise of ‘industry legend’ Peter Montegriffo KCPractice head(s):
Peter Montegriffo KC
Other key lawyers:
Testimonials
‘Andrew Montegriffo has risen to prominence over recent years. He is sensible and pragmatic with good local and wider industry knowledge.’
‘A long standing history in Gibraltar with an accompanying accumulated knowledge of the gambling industry, as well as being able to leverage the experience of Peter Montegriffo. They are a well connected firm with a long reach.’
‘Always available and always knowledgeable, coming up with practical solutions.’
‘Good understanding of the business interests and the local regulatory framework.’
‘Hassans is the top law firm in Gibraltar. Highly professional and committed to getting the best result for the client.’
‘Andrew Montegriffo is a seasoned gambling law professional. Louise Federico is an outstanding corporate lawyer who also is involved in gambling matters. Peter Montegriffo is a senior partner and excellent leader.’
‘They have been involved in the development of the Gibraltar gaming industry since the beginning and are therefore the go-to people on that subject.’
‘Peter Montegriffo – industry legend and ex-Minister, has all the right contacts.’
Key clients
HM Government of Gibraltar
bet365
Entain
Playtech
Scientific Games
888 Holdings Plc
William Hill
Gamesys
High 5 Games
Microgaming
Games Global
Continent 8
GibTelecom
Pragmatic Play
Flutter Entertainment
IBID Group
Anzo Group
Superbet
Quinnbet
Work highlights
- Advising HM Government of Gibraltar on the Gambling Act.
- Advising the 888 Group on all the Gibraltar elements of its successful pricing of £400m senior secured notes, making the group’s debut issuance into the GBP debt capital markets.
Gibraltar > Investment funds Tier 1
Lauded for its ‘enlightening and revolutionary approach’, the investment funds practice at Hassans is well-equipped to advise on all types of structures, including protected cell companies, EIFs and private funds. The team is particularly renowned for its expertise in crypto funds, with practice head Aaron Payas leveraging a strong understanding of financial services legislation in Gibraltar alongside crypto and web3 matters. Industry leader James Lasry, widely considered the ‘go-to practitioner for any fund matters in the region’, advises on funds, tax and financial services law. Jeremy Requena, Isabella Lombard, Caroline Lane and Jerome Compson come strongly recommended.Practice head(s):
Aaron Payas
Other key lawyers:
Testimonials
‘James Lasry is excellent. He is the most experienced private practice funds lawyer in Gibraltar.’
‘It is the best team in Gibraltar. They have the most experience across all fund types.’
‘The growth of the team is constantly championed by the senior partners. The associates are engaged on projects at an early stage which gives good growth potential and knowledgeability. This approach shows as the firm continues to maintain its standards of performance through its staff.’
‘Knowledgeable and professional: Aaron Payas, Caroline Lane and Jeremy Requena are notably very helpful and extremely professional in their approach.’
‘Aaron Payas is extremely knowledgeable and experienced in advising on investment funds in Gibraltar.’
‘James Lasry is the leading funds lawyer in Gibraltar by a considerable distance. He is the go-to practitioner for any fund matters in the region. He possesses unrivalled technical expertise and genuine knowledge and experience of major jurisdictions, such as the US, UK and Israel. He has a wide global network, the right relationships with all the key individuals in Gibraltar and can find solutions to any issues. He has particularly good relationships with the regulator, and would be a star performer in any jurisdiction.’
‘We have been working with the investment funds department of Hassans legal practice in Gibraltar for the past 13 years. The way that they have worked with the Regulator to re-condition and adapt the use of experienced investor funds and private investment funds to harness the burgeoning regulated crypto, start-up and DLT spaces, has been enlightening and revolutionary in its approach.’
‘Aaron is a very thorough and professional lawyer and he always acts in a client-centric manner. He is reliable, never missing any scheduled meetings or deadlines and always produces work of the highest quality. One of the qualities that I appreciated the most is his honesty: if something is not feasible or possible, he will give you his honest opinion and as a client that is what you appreciate the most. Aaron has as well the ability to remain calm in crisis situations, which is another outstanding quality of his personal character.’
Key clients
Turicum Private Bank
Argon Financial Limited
Patron Capital Gibraltar
Kleinwort Hambros
Burren Capital
Granite MSA Ltd
Linkbay Limited
Hyperion Group Limited
Ribera Capital Limited
RYSE Asset Management
BlueRock Advisory Limited
Anthony Jimenez & Co Limited
Covalis Capital LP
GY Ventures
Albany Capital
Panther Capital
INX Limited
Alvento Capital Partners LLP
Polar Capital Funds plc
Digital Asset Management Limited
Valereum Blockchain Plc
PKAM Fund PCC Limited
Node Capital Token Opportunity Fund LP
Pattrn Capital Fund PC
Atlas Fund PCC Limited
Dechert LLP
Belobaba Fund PCC Limited
Xnumia EIF PCC
AquaNow Fund
Aureus Fund
Cole Capital Fund
Alphabeth Fund
Sigil Fund
Bright Oryzon Fund
Alpha Adventures Fund
FQR Fund
Castle Rock Limited
Alphabeth Quant I Limited
Work highlights
- Advising Aquanow in the development of an Experienced Investor Fund, providing ongoing legal and regulatory advice to the fund.
- Advising Sigil on Gibraltar legal and regulatory matters including fund roles, financial promotion, and wider financial services matters.
- Advised Pattern Capital Fund PCLP, the first Protected Cell Limited Partnership Fund launched in Gibraltar.
Gibraltar > Private client Tier 1
Gibraltar > Real estate and construction Tier 1
The property team at Hassans harnesses ‘deep market knowledge’ to advise on the full gamut of property matters, including sale and purchase, drafting commercial leases and representing clients in property disputes. The ‘exceptional’ Nicholas Howard heads the property team, leading on many of Gibraltar’s large scale real estate developments, whilst Isaac Levy lends deep corporate and tax expertise to sophisticated development finance transactions. Karl Ghio leads the construction practice, recommended for his ‘commercially minded and client-focused’ approach to advising and litigating on behalf of developers and lenders. Other key contacts are town planning specialist Ian Farrell, Meera Aswani and Emma Labrador, with Ivan Gomez and Stephanie Acris also coming highly recommended. Gemma Vasquez is on sabbatical to serve in HM Government of Gibraltar.Practice head(s):
Nicholas Howard; Isaac Levy; Karl Ghio
Other key lawyers:
Testimonials
‘Around the clock availability from partners, knowledgeable and efficient associates with seamless communication in between the law firm and their clients. Karl Ghio is leading an exceptional team at Hassans, alongside Ivan Gomez.’
‘The partners and associates are excellent in their field of expertise and responsive. All the works are conducted diligently and as promptly as possible. I can highly recommend Emma Labrador and Stephanie Acris.’
‘Karl Ghio and Isaac Levy: commercially minded and client focused.’
‘Professional team with years of property related experience. Helpful to have a dedicated resource in Gibraltar that understands the market dynamics and the specific challenges faced in Gibraltar.’
‘Nicholas Howard leads the team well. All members are approachable and happy to advise and assist.’
‘The team is robust and well-resourced to be client-responsive, with a variety of staff with different niche areas of expertise within the real estate umbrella all in one team.’
‘I value working with Ian Farrell for a no-nonsense approach to lease and landlord and tenant act awareness. He is also well versed in negotiating commercial and heritage aspects of development site transactions.’
‘Isaac Levy and Nicholas Howard are exceptional operators.’
Key clients
RBS
Ocean Village
Sancus
Commercial Development Investments Ltd (Developers of Midtown)
Hillstone Properties Ltd
Forbes Property Ltd
Tylee Properties Ltd (The Hub)
PC Properties Ltd (E1)
Trusted Novus Group
WDF Properties Ltd
BV Homes Ltd
Orange Bastion Holdings Ltd
SG Holdings Ltd
Mahtani
Bhatia
Alwani Holdings
Criterion North Gorge Ltd
Phoenix Capital Ltd.
Kleinwort Hambros
Gibraltar International Bank
Lloyds
Prior Park Schools
North Gorge Properties Limited
TNG Global Foundation
Premier Developments Limited
Work highlights
- Advising HM Government of Gibraltar, numerous developers, HNW investors and banks in respect of development finance and property finance, as well as planning, construction and financial matters.
- Advising the TNG Global Foundation on two of the largest projects in Gibraltar: The Eastside Development and Bayside Development.
Gibraltar > Shipping Tier 1
The esteemed Hassans shipping practice harnesses a deep bench of experts, notably spearheaded by litigation expert Lewis Baglietto KCPractice head(s):
Lewis Baglietto KC
Other key lawyers:
Testimonials
‘Wide range of experience in multiple areas.’
‘The strength lies in the depth that the Hassans team has.’
Key clients
Caterpillar Finance Services UK Ltd
Gibraltar Port Authority
HM GoG
Gibraltar Maritime Administration
Work highlights
- Advising various HNWIs on the purchase of superyachts over the last year and their subsequent registration with the Gibraltar Yacht Registry as SSR and/or Part 1 Registrations, including advising on any VAT issues that may arise on the purchase or enjoyment of a yacht.
Gibraltar > Tax Tier 1
Regarded as ‘the best tax team in Gibraltar’, Hassans has developed a close working relationship with HM Government of Gibraltar, playing an active role in developing and modernising tax law in the jurisdiction. The team advises private and corporate clients on international tax planning and structuring investment portfolios, leveraging a strong understanding of international tax information exchange regimes. The ‘outstanding’ Grahame Jackson handles major international property investment structures, advising leading corporations on the taxability of income in Gibraltar and abroad. Michael CastielPractice head(s):
Michael Castiel; Tim Garcia; Grahame Jackson; Isaac Levy
Other key lawyers:
Testimonials
‘The people at Hassans are always available even at very short notice: very important with wealthy clients who expect a prompt response.’
‘The best tax team in Gibraltar.’
‘Grahame Jackson – an outstanding practitioner who has helped with sound and well balanced advice.’
Key clients
HM Government of Gibraltar
Work highlights
Gibraltar > TMT Tier 1
The multi-disciplinary team at Hassans advises an impressive roster of leading global and local clients operating across the fintech, online gaming and technology sectors in Gibraltar. Andrew Montegriffo heads the gaming practice, handling a wide range of multi-jurisdictional M&A and commercial transactions; senior partner Peter Montegriffo KCPractice head(s):
Andrew Montegriffo; Anthony Provasoli; Aaron Payas; Peter Montegriffo KC; Vikram Nagrani
Key clients
HM Government of Gibraltar
Bet365
Entain
Playtech
888 Holdings Plc
William Hill
Gamesys
High 5 Games
Microgaming
Games Global
Continent 8
GibTelecom
Pragmatic Play
Flutter entertainment
IBID Group
Anzo Group
Superbet
Quinnbet
INX Limited
CEX.IO
ETORO
Modex
Cudo Ventures
Damex.io
Panther Protocol
Currency.com
Orbital (PayPerform)
Meme.com
Aurora Protocol
FTFT UK Limited
EXMO
Mingo
Quickbit
Binance
Alphabeth Capital
Cointelligence
Coinbase Global, Inc
deVere Group
Bullish (via Simmons & Simmons LLP as instructing solicitors)
Club Game App
Fragbite Group AG
GSX (Gibraltar Stock Exchange)
Himalaya International Clearing Ltd
Turncoin limited
boXX Limited
Koi Labs
CryptoWalkers
Vorlds
Amero Exchange
Subotai
Zip Web3 Limited
ZUBR Exchange Limited
Sigil
Kombatchain
Poolz Platform
Buenbit
Ready Maker Games
Work highlights
- Supported the Aurora crypto project, an Ethereum Virtual Machine compatible protocol developed on the NEAR network, from its inception.
- Defending Gibtelecom Limited and Rockolo Limited in a claim for circa £15 million brought against it by a telecommunications rival, Gibfibre Limited.
- Provided Ethos Labs Limited with a legal opinion in respect to the operation of a MEV* Bot on the Ethereum Network, to allow Ethos Labs to act as a Searcher on the Network.
Hassans > Firm Profile
The firm: Hassans was founded in 1939 and is the largest firm in Gibraltar. It is one of the world’s foremost offshore law firms which combines an old world approach to client service with a new world approach to business and technology. Hassans are trusted advisers to clients both locally and overseas who seek legal guidance in a fast-moving, multi-jurisdictional world. Though rooted in Gibraltar, the firm has an international clientele in key jurisdictions around the world, with many assignments involving cross-border advice. The extent of the firm’s expertise, combined with its worldwide network including major London, continental and UK law firm links, gives Hassans the reach to satisfy all of its clients’ needs.
Areas of practice
Corporate and commercial: The firm provides a full range of legal services for clients ranging from small businesses to major multinationals. It advises corporate clients working in or through Gibraltar on a wide variety of cross-border transactions and financing structures. Other matters handled include international corporate restructures, joint ventures, M&A and corporate franchising, tax and e-commerce.
Data protection: The firm’s data protection team has been specialising in data protection since the early 2000s. With the increased threat of penalties for non-compliance of the General Data Protection Regulation (GDPR) the team is able to work with clients on strategy, drafting policies and delivering in-house training to ensure full compliance and mitigate risk.
Environmental: The team has developed a range of experience in all aspects of environmental work, including assisting with the drafting of environment and climate change legislation, reviewing the environmental aspects of legal documents relating to planning and construction, and facilitating the trading of green assets internationally.
FinTech: Gibraltar has fast become a key crypto harbor which Hassans has contributed to on a wide scale; the firm has been deeply involved in assisting the Gibraltar Financial Services Commission with the drafting of the Guidance Notes to Gibraltar’s DLT Providers Regulations and has attracted a significant number of initial coin offerings/token sales and other distributed ledger technology related matters, including licence applications under Gibraltar’s DLT Providers Regulations.
Funds: The fund industry in Gibraltar has seen rapid and impressive growth, and it continues to expand at a phenomenal rate. As a result, Gibraltar has become a serious option for individuals and companies considering where to base investment funds. Hassans has been at the fore front of this development, advising both the Government of Gibraltar and most of the funds domiciled in Gibraltar.
Gaming: The firm has advised some of the major on-line betting operators on setting up their operations in Gibraltar and on their IPOs on the London Stock Exchange. The firm has also been heavily involved in assisting the Gibraltar government and industry in drafting the Gambling Act, which has modernised gaming legislation.
Insurance: Hassans is not only part of the Gibraltar insurance industry, the firm helped create it. The firm’s innovative approach has delivered value to insurance clients over the last 20 years working with some of the biggest names in the industry.
International finance and banking: The firm has particular experience in banking and financial markets. It is the only firm in Gibraltar to combine specialist expertise in derivatives regulation with a substantial banking, tax and securitisation practice. The firm advises on banking regulation and licensing, including the establishment of offshore operations and regulatory advice, as well as the implementation of various legal and tax structures including repackaging and securitisation.
Litigation: The department handles most aspects of litigation, with a niche focus on international commercial and trust litigation. The firm’s litigators practise as both barristers and solicitors, and provide a full range of litigation services.
Pensions: Hassans has a specialist pensions law advice function which boasts a team of lawyers with an unrivalled background in and knowledge of the UK and Gibraltar tax system. The team, together with Hassans’ associated company management firm, Line Group Limited and its pension trusts arm, Quantum Trust Corporation Limited, is able to provide professional advice and regulatory guidance on the best possible options for clients, on a case by case basis.
Private client: Many clients choose to obtain Gibraltar residence and thereby benefit from our very favourable tax system. The team can advise on everything our clients need including securing resident status, obtaining Cat 2 status, transferring assets, taxes, permits, property, re-domiciling corporate vehicles and setting up trusts. Whilst the firm naturally focus on Gibraltar’s competitive legal and fiscal system, the firm’s expertise covers a broad range of jurisdictions. The firm is therefore able to create bespoke structures for private clients establishing trusts and companies both inside and outside of Gibraltar, if required.
Property: The firm acts for most of the major local and international developers and builders. The firm advises on matters concerned with secured lending, mortgages and charges for most banks and building societies in Gibraltar.
Shipping: The firm has strong links with major English shipping firms and has been involved in a number of significant international admiralty cases. The firm also handles ship registration and finance.
Spanish law: The firm’s English-speaking, Spanish qualified lawyers based in Sotogrande, Cadiz (www.hassans.es) help international corporate and private clients, as well as expatriates in Spain, navigate the Spanish system on all matters including banking and finance, corporate and commercial, real estate, residency matters and tax.
Sports law: The firm’s multi-disciplinary sports team comprises a dedicated team of contentious and non-contentious lawyers who are passionate about sport. The Team is supported by experts across the firm who have significant experience in areas such as immigration, employment, brand protection, real estate, financial services and tax. The team is international in outlook – it acts for clients from around the world and its members are fluent in a number of foreign languages.
Trust and company administration: Through an associated company (Line Group Ltd) the firm provides administration services for both companies and trusts. Among the users of these services are international clients who the firm advises on the use of Gibraltar trusts and offshore companies.
International work: Three quarters of the firm’s work is related to international clients. Many of them use Gibraltar companies and trusts to structure their fiscal, fiduciary or investment requirements, and over the years strong links have been forged with major multinationals, financial institutions, banks, law and accountancy firms throughout the world.
Clients: The firm’s international clients predominantly come from the US, the UK, Israel and continental Europe (in particular Luxembourg, The Netherlands, Spain and Portugal). They include global corporations, private equity groups, international banks and insurance companies.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Corporate, Tax, Private Client | James Levy CBE KC | [email protected] | +350 2007900 |
Corporate | Michael Castiel | [email protected] | +350 20079000 |
Banking | Tony Provasoli | [email protected] | +350 20079000 |
Banking | Valerie Holliday | [email protected] | +350 20079000 |
Litigation | Lewis Baglietto KC | [email protected] | +350 20079000 |
Employment, Dispute Resolution | Gillian Guzman KC | [email protected] | +350 20079000 |
Commercial, Gaming, Private Client | Peter C Montegriffo KC | [email protected] | +350 20079000 |
Trusts | Moses Anahory | [email protected] | +350 20079000 |
Corporate and Commercial | Ian Felice | [email protected] | +350 20079000 |
Insurance | Nigel Feetham | [email protected] | +350 20079000 |
Property | Nicholas Howard | [email protected] | +350 20079000 |
Property | Ian Farrell | [email protected] | +350 20079000 |
Corporate and ommercial | Vikram Nagrani | [email protected] | +350 20079000 |
Funds | James Lasry | [email protected] | +350 20079000 |
Fintech, Funds | Aaron Payas | [email protected] | +350 20079000 |
Lawyer Profiles
Photo | Name | Position | Profile |
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Mr Nigel Acris | Nigel completed his LLB Honours Degree through the Open University whilst in… | View Profile |
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Ms Stephanie Acris | Stephanie joined Hassans in December 2013 and is an Associate in the… | View Profile |
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Mr Moses Anahory | Moses joined Hassans in 1994 after qualification and spent two years with… | View Profile |
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Ms Meera Aswani | After graduating with a BA honours degree in English Literature from the… | View Profile |
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Mr Dick Azopardi | Dick Azopardi is a consultant to Hassans having previously headed the firm’s Property… | View Profile |
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Mr Lewis Baglietto KC | Lewis Baglietto is the Senior Litigation Partner and Head of Litigation at Hassans. He… | View Profile |
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Mr Lewis Baglietto KC | Lewis Baglietto is the Senior Litigation Partner and Head of Litigation at Hassans. He… | View Profile |
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Mr Moses Benady | Moses advises on all tax related issues with particular focus on the… | View Profile |
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Mr Eli Beniso | Eli is a member of the Hassans Tax and Overseas Property Department specialising in private client… | View Profile |
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Mr Kenneth Bonavia | Based in Hassans’ Gibraltar office, Kenneth advises on: Cross border corporate and… | View Profile |
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Mr Richard Buttigieg | Richard is a Partner at Hassans and a member of the firm’s Corporate… | View Profile |
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Mr Michael Castiel | Michael is a former senior partner of the Firm and continues to… | View Profile |
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Mr Javier Chincotta | Javier is the Managing Partner and co-team leader of both the Private… | View Profile |
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Ms Yvonne Chu | Yvonne Chu became a partner in Hassans’ Financial Services and Banking Team… | View Profile |
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Mr Jerome Compson | Jerome is an Associate in Hassans’ Financial Services Department and forms part… | View Profile |
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Mrs Abigail Cornelio | Abigail joined the firm in 2003 and is a partner of the… | View Profile |
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Mr Ian Farrell | James is a Partner, Head of the Funds Team and Deputy Head of the… | View Profile |
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Ms Louise Federico | Louise is a commercial lawyer working with the firm’s online gaming team.… | View Profile |
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Mr Daniel Feetham KC | Daniel is a senior and highly experienced courtroom and advisory leader who… | View Profile |
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Mr Nigel Feetham KC | Nigel is currently serving as Minister for Justice, Trade and Business to… | View Profile |
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Mr Ian Felice | Ian joined the firm in 1999 and is a Partner of Hassans’ Corporate… | View Profile |
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Mr Tim Garcia | Tim Garcia is a Partner of Hassans International Law Firm Limited (since… | View Profile |
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Mr Karl Ghio | Karl joined Hassans in 2012 and was made Partner on 1st July… | View Profile |
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Ms Gillian Guzman KC | Gillian specialises in general civil and criminal litigation with particular emphasis on… | View Profile |
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Ms Valerie Holliday | Valerie Holliday is a partner in the Banking and Financial Services Department… | View Profile |
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Mr Nicholas Howard | Nicholas is head of the firm’s busy and vibrant property department and… | View Profile |
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Mr Grahame Jackson | Grahame is a Solicitor, Chartered Tax Adviser and partner with the firm… | View Profile |
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Ms Caroline Lane | Caroline is an Associate in the Financial Services and Shipping Departments. Since… | View Profile |
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Mr James Lasry | James is a Partner, Head of the Funds Team and Deputy Head of the… | View Profile |
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Mr Isaac Levy | Isaac is a corporate law and tax specialist with a focus on… | View Profile |
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Mr Moshe Levy | Moshe has a busy litigation practice, involving a number of areas of… | View Profile |
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Mr James Levy CBE KC | James Levy is the Senior Partner of Hassans, specialising in corporate and… | View Profile |
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Mr Samuel Marrache | Sam is a Senior Associate (Barrister) in our Litigation Department, specialising in commercial litigation.… | View Profile |
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Mr Darren Martinez | Darren joined Hassans in October 2011 and was made Partner in the… | View Profile |
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Mr Andrew Montegriffo | Andrew Montegriffo is a Partner in the Corporate and Commercial Department and forms part… | View Profile |
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Mr Peter Montegriffo KC | Peter Montegriffo is a Consultant at Hassans and a member of the… | View Profile |
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Mrs Raquel Moss | Raquel is responsible for the running of Line Trust Corporation Limited. She specialises in all… | View Profile |
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Mr Vikram Nagrani | Vikram is a longstanding Partner in Hassans’ Corporate and Commercial department and part of… | View Profile |
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Mr Michael Nahon | Michael Nahon is a Partner at Hassans. He has been specialising in Data… | View Profile |
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Mr Aaron Payas | 🙋🏻♂️ Web3 & Funds lawyer. BAYC #3338. Chartered Financial Analyst (CFA) charterholder.… | View Profile |
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Mrs Justine Picardo | Justine is a Partner in our Corporate and Commercial Department. She joined… | View Profile |
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Mr Tony Provasoli | Tony Provasoli specialises in financial services and leads the Hassans’ Financial Services… | View Profile |
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Mr Anthony Provasoli | Anthony is a Partner, Deputy Head of Financial Services and leads the… | View Profile |
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Ms Tania Rahmany | Tania is a Senior Associate in Hassans’ Corporate and Commercial Department. Having… | View Profile |
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Mr Jeremy Requena | Jeremy is an Associate in the Financial Services Department. He specialises in FinTech, Investment Funds and… | View Profile |
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Mr Maxi Torres | Maxi was promoted to Partner in July 2013 and advises on a… | View Profile |
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Ms Gemma Vasquez | Gemma is a Partner in the Corporate and Commercial team. She specialises… | View Profile |
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Gibraltar
Gibraltar combines strong economic growth and a favourable tax regime with a warm, Mediterranean climate and vibrant lifestyle. It enjoys a solid global reputation for stability and efficiency with robust infrastructure and prudent regulation. Gibraltar’s small size and close-knit community delivers considerable speed to market with easy accessibility to key decision makers in the jurisdiction. For these reasons, and many more, Gibraltar hosts several major corporations spanning a wide variety of industries from insurance to gaming, property to crypto, and is the jurisdiction of choice for international businesses looking to establish a strategic European presence.
ABOUT GIBRALTAR
Gibraltar is a British overseas territory located on the southern tip of Spain with a population of 33,573. The tiny peninsula, a mere 6.8 km2 (4.2 square miles) in area, separates the entrance of the Mediterranean Sea from the Atlantic Ocean. Gibraltar shares a single land border with Spain, with Morocco situated 14.3 kilometres (8.9 miles) away, across the Straits of Gibraltar. Its most prominent feature is the Rock of Gibraltar, a towering monolith of limestone some 426 m (1,398 ft) in height.
Throughout its often-turbulent history, Gibraltar’s strategic importance, economic status and prosperity has rarely wavered. Today it boasts a broad portfolio of industries including finance, insurance, shipping and gaming. Thanks to an average of 300 days of sunshine per year, Gibraltar also benefits from high levels of tourism.
Gibraltar has been a British territory for over 300 years. Therefore it employs a legal system closely based on English Common Law and uses the Gibraltar Pound as currency, though shares the CET timezone (UTC+1) and, as with the rest of mainland Europe, traffic drives on the right.
Under Article 227 of the Treaty of Rome, Gibraltar is a member of the European Union, having gained membership automatically when the United Kingdom joined in 1973.
Gibraltar’s status as a British Overseas Territory lends it several key advantages over other offshore jurisdictions. It has its own autonomous parliament and has competence to pass its own laws. Gibraltar belongs to the European Free Trade Association (EFTA), or Single Market, but not the Customs Union or Schengen Area.
This means that, while Gibraltar-based companies are currently able to sell and provide their services to other Single Market countries, in a process known as “passporting”, imports and exports are still subject to local customs controls and excises.
Gibraltar is exempt from EU legislation on VAT and enjoys full autonomy on all tax issues. Generally speaking, however, Gibraltar’s swift legislative turnaround means the jurisdiction is fully up to date with EU laws and directives, where applicable, such as the General Data Protection Regulation (GDPR), and will continue to maintain this harmonisation for the foreseeable future.
In 2016 a full 84% of the electorate (compared to the British average of 72.2%) turned out to vote on June 24th, with 95.91% (the highest majority in all of Britain) voting to remain within the EU. The results mirrored the sovereignty referendums of 2002 and 1967 when 98.48% and 99.64% of voters respectively elected to remain British.
Both of these results speak volumes about Gibraltar and its people; who view themselves as distinctly British, but ultimately European. The Gibraltarian lifestyle is a unique hybrid experience where British influences are paired with Mediterranean flair, alongside additional North African and Asian infusions.
Gibraltar’s fascinating culture and history and stunning landscape, combined with its sunny climate, makes it a popular tourist destination, with over ten million visitors arriving in 2016 alone, resulting in a total revenue of £211.9 million.
In addition to Gibraltar’s bars, restaurants and casinos, visitors can also enjoy VAT-free shopping while soaking in the unique atmosphere. Not surprisingly, the iconic Rock is one of Gibraltar’s most popular destinations, with tourists being particularly fond of its most famous residents, the Barbary macaque apes.
BUSINESS ENVIRONMENT
Gibraltar permits foreign shareholders, welcomes foreign investment and does not restrict capital imports or foreign earnings such as interest, royalty payments or other similar earnings. There are, however, restrictions on specific industries which require special licensing. (See chapter on Setting up a business in Gibraltar.)
While Brexit continues to dominate the headlines, the mood in Gibraltar remains one of cautious optimism. Nominal GDP annual growth from 2016 to 2017 was at 8.9%, with annual inflation at 2.6%. Job growth was at 3.6%, with average annual earnings of £28,752, higher than the UK average of £27,600.
Gibraltar’s financial industry is regulated by the Gibraltar Financial Services Commission (“GFSC”) which operates in concord with key overseas agencies including the OECD, IMF and FATF.
Reputation, regulation and credibility are at the forefront of Gibraltar’s priorities. The jurisdiction continually updates its financial regulation, supervisory legislation and anti-money laundering legislation to comply with UK standards, the most stringent standards in Europe.
ECONOMY OF GIBRALTAR
Gibraltar’s economy is almost entirely service-based. It enjoys an unemployment rate of 1% with the labour market bolstered by a combination of native and expatriate commuters arriving daily from Spain.
Gibraltar weathered the financial crisis with barely a blemish and enjoyed steady growth, year on year, with a GDP of £1.9 billion from 2016 and 2017. Gibraltar’s GDP per capita during the same period was £56,612.
Gibraltar’s official currency, the Gibraltar Pound, is minted in Gibraltar and shares parity with the British Pound – both currencies are legal tender in Gibraltar.
LEGAL SYSTEM
Although Gibraltar has its own autonomous Parliament, legal practitioners must first gain their qualifications from the United Kingdom. In Gibraltar, however, the distinction between the duties of barristers and solicitors, is less rigid.
Under the Supreme Court (Amendment) Act 2015, those who have been called to the Bar in England and Wales must then gain an additional certificate in Gibraltar law from the University of Gibraltar.
SETTING UP A BUSINESS IN GIBRALTAR
Before setting up a company in Gibraltar one must, for tax considerations, first consider whether or not income will be derived inside Gibraltar.
The nature of the business will also determine whether additional licensing is required, such as licences for regulated industries (e.g. finance, gaming), specific trade licences (e.g. for construction and allied trades, real estate) and/or special manufacturing and importation licences.
TYPES OF ENTITIES IN GIBRALTAR
- Partnership
- Limited Liability Partnership
- Company
- Protected Cell Company
- Trust
- Foundation
Partnership
A business comprised of two or more parties, who share the operation of the business, as well as the seed capital, running costs and risks of the business.
Limited Liability Partnership (LLP)
Similar to above but for one very important distinction; each partner in an LLP is insulated from liability which may result through the actions, or inactions, of any of other partners.
Company
Companies are fully distinct legal entities which enjoy the benefits of limited liability. There are two main types, Public Limited Companies (PLC), whereby shares are available to the public, and Private Companies (Ltd), which are limited by shares or guarantees. There is no restriction on the maximum number of shareholders that Gibraltar registered private or public companies may have.
A director of a Gibraltar company is not required to be resident in Gibraltar, though residence substantiates management and control of the Gibraltar company, which is a basis upon which tax residency is determined in Gibraltar and many other jurisdictions.
Gibraltar companies may also undertake court-sanctioned cross-border mergers, schemes of arrangement, amalgamations and reconstructions.
Protected Cell Company (PCC)
Under the Protected Cell Companies Act 2001, a new form of company was introduced in Gibraltar, the PCC. PCCs allow specific assets and liabilities to be cordoned off into specific cells, which operate as part of the same core company, but are also distinct and separate from each other cell.
This type of company structure is particularly beneficial for finance and insurance companies, who may, for example, utilise different cells for different investment schemes or different insurance policies with varying degrees of risk.
In order to do so they must first become sanctioned to do so by the GFSC and pay them an annual fee of £3,000 (plus an additional £1,000 for each cell).
Trust
A trust can be set up for the purposes of asset protection, for the transfer of assets, ownership of property or for estate planning purposes.
No tax is payable on a Gibraltar trust, provided the trust does not earn income locally and/or the Beneficiary is not a Gibraltar resident. Trustees, however, can be resident in Gibraltar.
Asset Protection Trusts are particularly popular, since they offer various key benefits, including shielding a settlor’s strategic assets against future claims by creditors. These types of trusts require more disclosure, however, including registration with the GFSC and the Registrar of Dispositions.
Foundation
The Private Foundations Act 2017 came into force in April 2017 allowing for the establishment of foundations in Gibraltar. The primary characteristic of a Foundation is that it exists and operates as a separate legal personality, with the ability to hold and manage property in its own name.
A foundation is established by a Founder, who then provides a permanently binding transfer of an asset, or assets, to the foundation.
A Foundation Charter and Foundation Rules are then written up detailing every aspect of the funds purpose, duties, operation and beneficiaries. A copy of the Charter must also be then supplied to Companies House, who keep a record of all foundations in Gibraltar, in order to complete the foundation’s registration process.
Foundations operate much like a company; they must keep detailed accounts and supply financial statements to Companies House. The 10% tax rate also applies to any income derived from inside Gibraltar. Similarly, any Beneficiaries who are resident in Gibraltar will also be taxed on income or assets received through the foundation.
As with a trust, a foundation can be used to protect assets and property, for example for estate planning purposes to safeguard assets against future financial uncertainty. Unlike a trust, a foundation has legal personality and can hold assets as legal and beneficial owner.
FUNDS
Gibraltar has become a prime jurisdiction for funds in recent years, with legislation allowing for a range of options including Private Funds and Experienced Investor Funds.
Private funds are funds offered to a restricted class of up to 50 investors. They are exempt from any licensing requirements, and must remain private for a year from the date of offer.
An Experienced Investor Fund (“EIF”) is a regulated collective investment scheme exclusively for investment by experienced investors and is established under the EIF Regulations 2012, and registered with the GFSC. Gibraltar’s EIF regime was introduced in 2005, and its popularity has helped boost the growth of Gibraltar’s fund industry.
An EIF can be established as a Gibraltar limited company, a Gibraltar unit trust, a Gibraltar limited partnership, a Gibraltar protected cell company or any other form recognised in Gibraltar (which may include foreign structures where the management and control is in Gibraltar) and which is approved by the GFSC.
Recent developments in Gibraltar’s crypto industry, meanwhile, have prompted recommendations by the Gibraltar Funds and Investment Association (GFIA), that crypto funds be managed as EIF’s.
TAX IN GIBRALTAR
Gibraltar currently has 27 Tax Information Exchange Agreements and enjoys full OECD, IMF and FATF “white list” status. Gibraltar has also entered into arrangements with the US in respect of FATCA and with a separate Intergovernmental Agreement in respect of the automatic exchange of tax information with the United Kingdom. Gibraltar is also fully compliant with the information disclosure obligations contained in the Mutual Assistance Directive applicable to all EU Member States.
Income Tax
Individuals based in Gibraltar pay tax on income earned from between July 1st of one year, to June 30th the following year. Gibraltar operates a PAYE system similar to the UK and therefore the onus is on employers to deduct accurate and appropriate tax and social insurance payments from their employees.
Corporate Tax
Gibraltar enjoys a corporate tax rate of just 10% on profits that accrue or derive in Gibraltar. (The exception being a specific sector of utility companies, who instead pay 20%.) A company is considered resident if its administration and operation is controlled from inside Gibraltar.
Individuals and companies pay income tax on local earnings, but not on any foreign income. Therefore a company that is resident in Gibraltar, but derives all profits from outside the jurisdiction, will not be liable to pay tax on this income.
Inheritance Tax & Estate Duty
Gibraltar does not have inheritance tax or estate duty.
Wealth Tax
Gibraltar does not have wealth tax.
Double Tax Treaties
Gibraltar does not have any double tax treaties.
Capital Gains Tax
Gibraltar does not have capital gains tax. However, in deciding whether an activity is a trade or a capital gain the Commissioner will refer to predominantly UK case law and look to the level of professional organization applied to an activity in order to determine whether such activity amounts to a trade or a capital gain.
Stamp Duty
There is no stamp duty payable on the transfer of shares in a Gibraltar company, unless that Gibraltar company owns real property situated in Gibraltar.
Stamp duty is only payable in respect of the transfer of real property situated in Gibraltar and, in respect of the creation and increase of share capital. Stamp duty in respect of the latter is fixed at £10 regardless of the amount of share capital created or increased. This provides great flexibility in creating large authorised and issued share capital structures for Gibraltar registered entities.
Dividend Receipts
Income tax is not charged on dividends received by a company. Dividends are taxable in the hands of individuals who are ordinarily resident in Gibraltar unless the dividend arises from companies quoted on a recognised stock exchange, in which case this is not taxable.
Withholding Tax
There is no withholding tax on dividends, royalties or interest in Gibraltar.
Interest
Loan interest is only taxable at the rate of 10% to the extent that it is received or receivable by a Gibraltar registered company from another company and exceeds £100,000 per annum or, constitutes a trading receipt.
Interest income paid by banks, building societies, or other financial services institutions is exempt from income tax in Gibraltar.
Online Gaming Tax
Online Gaming operators (e.g. online casinos and bookmakers) based in Gibraltar are also liable to a 1% tax on income up to a maximum of £425,000.
HIGH NET WORTH INDIVIDUALS
Gibraltar affords special status, known as Category 2 status, to individuals whose net worth exceeds £2,000,000. Only the first £80,000 of their assessable income is taxable in Gibraltar subject to a minimum tax payable of £22,000 and a maximum of £29,800.
This status is based on strict criteria; Category 2 individuals cannot ordinarily engage in a trade, business or employment in Gibraltar. Such individuals must have a minimum net worth of £2 million and must purchase a qualifying residential property in Gibraltar.
There is, however, no requirement for Category 2 individuals to spend any minimum amount of time residing in Gibraltar, though they are still issued a Gibraltar residency card.
BANKING
Gibraltar’s banking industry is extremely business-friendly and enjoys a positive reputation globally. Part of maintaining this reputation involves compliance with international laws, including anti-money laundering legislation. Gibraltar therefore banks perform rigorous due diligence and KYC (Know Your Customer) checks, which can be lengthy at times.
As this can be an extensive process it is advisable to arrange a meeting sooner, rather than later, in order to get the proverbial wheels in motion.
Gibraltar’s forward-thinking approach to crypto has been mirrored by its banking industry; at the time of writing both Turicum Private Bank and Gibraltar International Bank have announced their readiness to provide banking services to crypto businesses and individuals. It is expected that more banks will soon follow suit.
INFRASTRUCTURE
Gibraltar boasts an extremely efficient and modern telecommunications network, with multiple private operators offering high speed connectivity, including fixed fibre broadband and 3G and 4G mobile connectivity. Gibraltar’s country code is +350 and its domain extension is .gi.
In contrast with other British territories, Gibraltar drives on the right. It encapsulates approximately 29 kilometres (18 miles) of roads, including tunnels which go through the Rock itself. Its main thoroughfare is named Winston Churchill Avenue and connects Gibraltar with Spain.
Gibraltar has its own international airport (GIB) with regular UK commercial flights to London, Manchester and Bristol, plus additional flights to Casablanca via Tangier with Royal Air Maroc. The airport also caters to charter/private flights, as well as cargo planes and military aviation.
Airport | Distance to Gibraltar | Estimated drive time |
Malaga (AGP) | 128.5 km / 79.8 miles | 1 h 35 min |
Seville (SVQ) | 202.4 km /125.7 miles | 2 h 9 min |
Jerez (XRY) | 119.7 km / 74.3 miles | 1 h 20 min |
[Source: Google Maps]
The Port of Gibraltar, meanwhile, caters for a wide variety of vessels including cruise liners, cargo ships and British naval craft.
Visitors can choose from a range of quality hotels with large conferencing facilities, including the Sunborn, a five star “yacht hotel”, built from a decommissioned luxury cruise liner located in Gibraltar’s lively Ocean Village district.
Gibraltar is well equipped to host its roster of high-profile conferences, festivals and events, including the Gibraltar International FinTech Forum (GibFin) and the KPMG eSummit. Gibraltar’s Victoria Stadium, meanwhile, has a capacity of 2,000 and hosts regular sporting and entertainment events, including MTV’s “Gibraltar Calling” Music Festival.
A short distance from the stadium is Gibraltar’s World Trade Center, which officially opened on 15th February 2017. This state-of-the-art complex, overlooking the Straits of Gibraltar, combines innovative design with rapid connectivity and hosts some of the world’s most successful companies including Apple, Vodafone and Royal Dutch Shell.
In 2015 the Gibraltar Stock Exchange began trading and the University of Gibraltar had its official opening.
KEY INDUSTRIES
Gibraltar’s economy is predominantly service-based with the majority of industrial activity engaged in shipping or allied industries. The limited space and unique geography of Gibraltar means little to no agricultural activity or heavy manufacturing, therefore it imports the bulk of its produce, as well as machinery and equipment, from abroad.
Tourism and retail are two significant contributors to Gibraltar’s economy, particularly where both areas intersect, with a steady stream of tourists year-round shopping for VAT-free bargains on jewellery, electronics, fashion and cosmetics.
The industries listed below represent key sectors of Gibraltar’s economy. Shipping, finance and insurance, property, and gaming represent the traditional “bread and butter” industries, while fintech is where the jurisdiction expects to see considerable growth well into the future.
SHIPPING
Gibraltar’s position as a nexus point of global trade dates back to classical times. The Rock itself was known to ancient mariners as one of the “Pillars of Hercules”, the other being Jebel Musa mountain in Morocco.
Today an estimated 60,000 vessels travel through the Straits of Gibraltar each year, according to statistics from the Gibraltar Port Authority. The Port of Gibraltar is the largest bunkering port in the entire Mediterranean Sea.
Gibraltar serves a wide range of ancillary maritime industries including ship repair and conversion, and leads on ship arrests, thanks to an efficient set of maritime laws based on English Admiralty law.
Gibraltar is also a popular jurisdiction for ship registration. Ships registered in Gibraltar are designated as British, and therefore fly a local variant of the Red Ensign flag. They are also subject to an annual tonnage tax.
FINANCE & INSURANCE
Gibraltar’s business-friendly environment, prudent regulation and unblemished global standing has proven particularly inviting to the finance and insurance industry. As a result the jurisdiction hosts some of the most prominent industry names including PwC, Deloitte, KPMG, Lloyds, Barclays and Royal Bank of Scotland.
UK-facing companies comprise the bulk of these; one interesting statistic to note is that one in five UK cars are insured with Gibraltar-based companies.
Finance and insurance companies are regulated by the GFSC; to operate in Gibraltar companies (and indeed certain individuals) must be registered with the GFSC and possess a relevant licence.
Banks and investment firms must also submit to an Independent Capital Adequacy Assessment Process (ICAAP) review and acquiesce to the FSC’s ruling on capital.
PROPERTY
Property in Gibraltar, both residential and commercial, has always been in high demand and therefore represents a very smart investment. A regular stream of foreign capital, strong economic growth and the steady influx of people that entails, equals rising property values and rapid sale times. Plus, since Gibraltar law is based on English Common Law, red tape is at a bare minimum – especially when compared with the bureaucratic nightmares for which other Mediterranean countries are notorious.
The sale or transfer (except between spouses) of property within Gibraltar is subject to stamp duty; the amount is variable and is based on the value of the property and sale price.
GAMING
Gibraltar has been instrumental in the growth of online gaming and is a key jurisdiction serving the industry. Under the Gambling Act 2005, all gaming operators in Gibraltar require a special gaming licence. Thanks to Gibraltar’s sterling reputation, Gibraltar gaming licences are highly coveted and only ever granted to top tier operators.
The list of Gibraltar-based gaming companies includes 888, bet365, William Hill, Betfair, bwin, Gala Coral and Ladbrokes. Additionally, Gibraltar also plays host to numerous gaming software providers including Playtech, Microgaming and IGT.
Gaming operators are regulated by the Gibraltar Gambling Commissioner with strict guidelines on advertising, data protection, accountancy and payments. There is also a strong regulatory emphasis on responsible gambling and anti money laundering legislation.
FINTECH
On January 1st, 2018, Gibraltar made headlines globally when it introduced its ground-breaking Distributed Ledger Technology (DLT) Regulations. These regulations, based on a set of nine key principles, strike the perfect balance between regulatory caution and the need for flexibility so as not to stifle innovation in such a rapidly-advancing field.
In March 2018, the government released its Token Regulation Policy Document with clear definitions on token types and their utility, and the myriad responsibilities of token issuance.
The move was welcomed by investors, widely applauded by others within the crypto community and resulted in a surge of licence applications to the Gibraltar government. As with Gibraltar’s gaming industry, however, only the most trusted, top-tier applicants will be granted a coveted operating licence.
CURRENT OPPORTUNITIES & FUTURE PROSPECTS
A solid global reputation, strong regulation, competitive taxation, world class infrastructure, consistent economic growth and an efficient, stable and business friendly government – just some of the reasons why Gibraltar continues to attract global investors and entrepreneurs looking to establish a competitive business presence.
While all indicators point to yet another year of strong economic growth, one cannot mention Gibraltar’s future prospects without first addressing the proverbial elephant in the room.
The 95.9% of Gibraltarian voters who rejected Brexit understood all too well the potential existential threat that it posed. Though it’s fair to say that the challenges of Brexit are not specific to Gibraltar, but rather impact all of Europe, and, indeed global trade as a whole.
Brexit also adds an additional dimension to the perennial issue of relations with Spain, whose government continues to claim sovereignty over the territory. More recently, however, Madrid’s tone has been more conciliatory, showing a willingness to cooperate on shared threats to prosperity.
Indeed there is a strong case for cooperation; a total of 11,069 frontier workers commute back and forth over the border, according to statistics from the Gibraltar government. Gibraltar has a small population, and therefore needs to import labour. Spain, by contrast has a much higher unemployment rate and Andalucía, which borders Gibraltar, is its worst affected region.
Cross-border discussions are also underway to find a mutually beneficial solution that safeguards jobs in the insurance industry. The proposal, which featured in Bloomberg, would see Gibraltar-based insurers opening offices in the neighbouring La Linea De La Concepcion, which would, in turn, provide additional employment and investment to the Spanish border town. Similar discussions are underway concerning Gibraltar and Malta-based insurers to find a mutually beneficial solution to the issue of passporting services post-Brexit.
The British government, meanwhile, has given assurances that the free trade relationship between Gibraltar and the UK will not change. As a member of the Commonwealth of Nations, Gibraltar also belongs to a close, international community which, in 2016, saw intra-member trade worth $560 billion.
Whatever the outcome, Gibraltar has a proven track record of maintaining stability in the face of crises spanning millennia. It has endured fourteen sieges, Barbary pirate raids, Napoleonic wars, Axis aggression and a 16 year border blockade by the Franco regime.
Brexit fears have not slowed foreign investment, which grew in 2017 and Gibraltar’s impressive advances in the blockchain sector continues to make headlines and has resulted in a massive surge in interest in the jurisdiction.
If all their combined conversations could be summed up in one word, that would be “opportunity”.
GIBRALTAR – NOT JUST FOR BUSINESS, IT’S A WAY OF LIFE
Of course there is so much more to Gibraltar than just business opportunities and low taxes.
Whether entertaining clients, or just looking to relax after a long day, Gibraltar offers plenty of entertainment and diversion, including pubs, bars, clubs and casinos, and plenty of fine dining.
Gibraltar is also the perfect place to raise a family, it’s safe, friendly and immaculate with plenty to entertain the little ones too. Gibraltar’s high quality schools have curriculums based on those in Britain, though interestingly, secondary school grades are consistently higher than the UK average. This can be attributed to the low student-to-teacher ratios in Gibraltar classrooms and the overall standard of schools in the country. Gibraltar also has its own University of Gibraltar, which opened in 2015.
KEY BENEFITS OF GIBRALTAR
- Stable, business-friendly and non-bureaucratic government with legal system based on English Common Law and Pound Sterling as currency.
- Highly attractive tax regime with a 10% corporate tax rate, no inheritance, wealth, capital gains or withholding taxes and stamp duty levied only on Gibraltar-based property sales.
- Consistent economic growth, scores high across key indicators with GDP per capital of £56,612 and an unemployment rate of just 1%.
- Solid global reputation, strong regulation and full compliance with key European and international treaties.
- Modern, dependable infrastructure built to British standards plus high speed mobile and fibre connectivity. Airport, port and marina facilities.
- Home to some of the world’s biggest brands, market leader in insurance, finance and online gaming, blockchain/crypto industry frontrunner.
- English speaking country with a Mediterranean climate and lifestyle, a vibrant culture and community and thriving property market plus ease of residency and added tax incentives for High Net Worth Individuals.
LOOKING TO DO BUSINESS IN GIBRALTAR?
Hassans, the biggest law firm in Gibraltar and trusted since 1939, is a Legal 500 EMEA Top Tier Firm with a broad range of expertise including corporate & commercial law, M&A, litigation, property law, trust and company management, tax law and fintech. To talk to us, please contact us here.