In an editorial entitled ‘Luxembourg and Gibraltar: set to embrace Europe’s future’, the Portfolio International Offshore Advisers’ Handbook says that both jurisdictions are "manoeuvring into a position they hope will win them a big slice of Europe’s pan-European pensions market.
"While no EU financial centre, including London, plans to surrender its tax advantages quietly," the Handbook reports, "Gibraltar and Luxembourg are setting up pension laws that they hope will stand their financial service industries in good stead if and when Europe’s taxes are harmonised.
"The idea is that, as Europeans become more mobile and more sophisticated, demand will increase for pension products that are tax-friendly across the continent. Such demand will emerge first from multinational corporations seeking one pension policy for pan-European payroll, and then from private individuals."
