Gibraltar Financial Services Update – August 2017

The summer months have seen a number of interesting developments for Gibraltar's financial services industry.

Gibraltar's access to the UK market in financial services

It is evident that Gibraltar has established itself as a gateway to the United Kingdom for insurance, financial and other professional services. Indeed, it has been widely reported that approximately 90% of Gibraltar's business is done with the UK. As confirmed by Gibraltar's Chief Minister, the Hon. Fabian Picardo QC MP, in his 2017 Budget Address, there is a commitment from the UK Government to maintain, and potentially expand upon, Gibraltar's unique access to the UK market for financial services. Whilst the finer details of this arrangement are yet to be ironed out, Gibraltar's continued access to the UK, as the world's fifth largest economy, is already attracting new insurance and financial services businesses to relocate to the Rock.