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Gibraltar Day in London:Pushing for new City business

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Pre-election: progress being made

EDITORIAL COMMENT

There’s a great air of expectancy with a Gibraltar

general election looming within the next few weeks.The new airport terminal will open shortly before thehustings begin – at least that’s the plan if it’s not still

further delayed. Work on two new hotels gets under wayearly next year and also the lack of speculatively built,modern open-plan office space looks to be resolved – at leastfor the immediate future – with the start of work on theWorld Trade Centre building next year, after agreementshave been signed with Ocean Village.

And the Government is saved from defending itsthreatened pump priming financial intervention to solve thelack of office space for financial service businesses seeking torelocate to the jurisdiction.

Anyone might think Christmas had come early!Certainly it is all very conveniently, if finely timed for ChiefMinister Peter Caruana to add these developments to a listof achievements during his 15-year tenure.

But for the second successive time, this election looks asthough it might be a close-run thing with Opinion Pollssampling the 33,000 voters to show first the ruling GibraltarSocial Democrats (GSD) with a narrow lead, then thealliance between the Gibraltar Socialist Labour Party (GSLP)and Liberals taking most seats.

And whilst domestic social issues like housing, medicalservices and unemployment command greatest interestamongst voters, surprisingly for a relatively newparliamentary system, democracy (or the perceived lack ofit) and government public accountability appear high on theagenda.

What is not to the fore at this pre-Manifesto stage is anyreal debate or proposals that will affect the finance centre orbusiness generally, for that matter. There are rumblingsabout unnecessary spending on capital projects – the newterminal that quadruples the space, is too expensive, too bigor the existing one could have been upgraded; and work hasstill to start on Gibraltar’s largest capital project, the £100mnew electricity generating plant, which many regard as ahigher priority than any other project.

More worryingly, there are some signs that Gibraltar’sfinance centre may face some issues. The motor insurancesector warning that suggests businesses may be severelyundercapitalised to meet EU solvency rules coming intoforce in 2014, is of some concern, as is the admission byCaruana at the Gibraltar Day celebrations in London thatthe territory’s finance sector could be facing tough timesahead with continuing European economic problems.

His bid therefore to gain more City of London businessfor the jurisdiction now that Gibraltar has moved to becomeonshore European rather than offshore tax haven – except inthe eye of Spain that continues to retain the negativeconnotation for wider political reasons - is timely.

But whilst he emphasises that Gibraltar does not wantto be seen as ‘predatory’, his plus points for the jurisdiction- including its sound, growing economy and thegovernment’s finance centre friendly approach – are madeagainst a background of just the opposite situation in the UKand much of the rest of Europe! Ray Spencer

NEWS p6

Gibraltar Day–Pushing for new City business

FUNDS p8

Modernised Experienced Investor Funds Regime

Ready for the Future

INSURANCE p10

Capital ‘cliffhanger’ overshadows business gains

BUSINESS p12

Protect your Assets and Confidentiality:

Corporate Structures and Trusts in Gibraltar

HEALTH INSURANCE p14

A healthy option

MONEY p20

Euro exchange rate to reach 1.30

– but not for another 15 years!

TOURISM p24

£50m hotel boost by 2014 – more to come

BUSINESS ROUND UP p26

Nov/Dec/Jan 2011/12 Volume 17/ Number 4

Published by GibraltarInternational Publications Ltd.G7 Cornwall's CentrePMB 104PO Box 561Gibraltar

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Contents

No part of this publicationmay be reproduced withoutthe written permission of thepublishers. The publishers have tried toensure that all information isaccurate, but emphasise thatthey cannot acceptresponsibility for any errors oromissions. The publishersaccept no responsibility forstatements made bycontributors or for any claimmade in an advertisement.

© 2011 Gibraltar InternationalPublications Ltd.

GIBRALTAR INTERNATIONAL MAGAZINE

4 GIBRALTAR INTERNATIONAL www.gibraltarinternational.com

Chief Minister, PeterCaruana told 370guests at the twelthGibraltar Day Finance

Centre lunch, held in the Cityof London, that he was not asalesman, but he was “lookingfor business partners that sharewith us our core principles” –education of young people tosecure the territory’s economicfuture and protection ofGibraltar’s reputation.

As he explained: “One ofour vital economic resources isthe way people think of us. Wedon’t have raw materials, wedon’t have land resources - wedon’t have any of the thingsthat other countries rely on fortheir economic cache.”

But Gibraltar offered aneconomically and fiscally suc-cessful, stable base, and was awell regulated location,Caruana said, and he chal-lenged: “You will be hard-pressed to find many territoriesthat share some of these things,but I don’t think you will find asingle one that has all of themand that’s our remarkable offering”.

However, Gibraltar wasnot intent on poaching businessfrom the City. Caruana said:“This is not a predatoryattempt to steal business fromthe City, but to come and workin partnership.

If business is to be relocat-ed from London, then Gibraltarwants to show why it is the

place of choice for that move.“We regulate to EU and

UK standards, if not higher -but without gold plating. It isnot our job to make businessundoable or unprofitable, but itis our job to allow financialservices to be done reputably,profitably and properly. ”

Fiscal successGibraltar had completed a 15-year journey to transform itselffrom offshore tax haven to aninternational financial servicesjurisdiction within the EU. Ithad done so by removing offshore zero tax company sta-tus and reducing onshore com-pany taxes so that all compa-nies now paid just 10 per centtax. The policy had proved afiscal success, he declared.

“On the basis of the firsthalf year take - from companiespaying on account half of whatthey think the full year commitment will be - we haveincreased our yield inCorporation Tax by just over30 per cent”, Caruana revealed.

The new rate of CorporateTax appealed to companies thatwere “no longer interested inbeing in countries where thereis no tax; it is much more reputable to pay some tax,albeit not too much”!

Gibraltar’s “extraordinari-ly healthy economy” was madepossible by fiscal prudence andfiscal health. “It is not a matterof one year ‘yes’ and two years

‘no’; it has to be consistent”, hemaintained.

“We don’t make revenueand spending decisions on thebasis of projected economicgrowth that may or may notmaterialize as some countriesare discovering when their revenue doesn’t materialize andtheir expenditure turns out tobe excessive. We spend onlywhat we know we are going tocollect and therefore what wecan afford”, he emphasised.

The economy had tripledin size to £1bn in the last 15years; it grew last year by 6.5per cent and this year it will be“a minimum of 5 per cent inspite of what is going on in theworld around us”, Caruanamaintained.

Repeatedly, Gibraltar hadproduced budget surpluses ofslightly higher than 3 per centof Gross Domestic Product(GDP), and enjoyed “a remark-ably low level of public debt at25 per cent of GDP - critically,we never borrow money forrecurrent expenditure”.

Employment was still rising and was now 60 per centhigher than in 1996.

Partner of choice“We want the City of Londonto see us as their partner ofchoice, rather than as somepredator sniffing around to seehow we can benefit”, Caruanatold his audience of 370 – thelargest number than at any

previous Finance Centre lunch– adding: “It helps to have agovernment that understandsand engages with financial serv-ices and that does not seek toblame the financial servicescommunity for all the woes oftoday.”

Gibraltar valued the financial services industry andrecognized the job opportuni-ties it creates; it was a placewhere the government does notfeel the compulsion (like in somany other European countries) to treat financialservices poorly.”

But whilst not attemptingto steal work from the City ofLondon, he pointedly noted:“In Gibraltar you will be insu-lated from some of the vitriol towhich you are exposed here inthe United Kingdom.”

Gibraltar is a small, inter-national finance centre andLondon remained the world’spremier financial centre, soCaruana was “seeking to makethe City of London understandthat in Gibraltar it has, not justa political partner, but also aneconomic partner; a financecentre that has the same ideological position as the Cityon a global perspective and it isin Europe.

Reputation protected“If there is business to be relocated from the City ofLondon for organizational orother reasons, then Gibraltar isan ideal choice”, he main-tained, and it was “a much better place to relocate thansome other, more wide-flungforeign jurisdiction”.

Ultimately what reputablebusinesses were looking forwhen relocating, Caruanaasserted, was “a country whichattaches as much importance to its reputation, as they attach to their own corporate reputations”.

Personal taxation previ-ously was too high and acted as

NEWS


Pushing for newCity businessGibraltar has upped its game in trying to win business from theCity of London on the back of a “remarkably strong, successfuland resilient economy”, based on firm but flexible regulation, lowcorporate tax, reducing personal tax and investment in education,writes Ray Spencer.

Continued page 16

On 5 August 2005 with the introduction of the FinancialServices (Experienced Investor

Funds) Regulations, 2005 (EIFRegulations) Gibraltar laid the foundation foran extremely versatile way of setting up a fundwithin the European Union.

Experienced investor funds are designedfor High Net Worth or experienced investors.The EIF Regulations define experiencedinvestors as those investors whose normalbusiness activity includes investment relatedactivity, those who have a net worth in excess of €1 million (excluding principal private residence) or those who invest a mini-mum of €100,000 in an experienced investorfund.

Marketing of experienced investor fundsmust be restricted to investors who aredeemed to be “experienced investors”.Experienced investor funds must have at leasttwo Gibraltar resident directors who are pre-approved by the Financial ServicesCommission (FSC) to act as directors of expe-rienced investor funds, a Gibraltar licensedfund administrator and a depositary. Thefund’s investments can be managed by aninvestment manager or the funds can be “self-managed” by the directors of the fund (i.e.without the need of an appointed investmentmanager).

The EIF Regulations require that thefund’s investment activities be stated in thefund’s offering document. Disclosure isrequired in respect of a fund’s investmentobjective and strategies including its approachto borrowing and gearing, and any applicableinvestment or borrowing restrictions. It doesnot, however, provide guidance as to how theinvestment activities of the fund should be set,nor what type of activity the fund may undertake. This leads to an extremely flexibleproduct whereby funds may be open orclosed-ended, have varying investment objectives and strategies, gearing and restric-tions. Experienced investor funds are, as such,used in respect of a diverse investment spec-trum from traditional “trading” funds (trading in equities, bonds, foreign exchange,commodities, derivatives and such like) toproperty funds, private equity funds and special situation funds.

PCC’sA further facet of the flexibility of experiencedinvestor funds is that they may, in accordance

FUNDS


Modernised Experienced InvestorFunds Regime Ready for the Futureby Adrian Hogg, Director, Grant Thornton, Gibraltar Group of Companies

it should be a seamless transition without triggering a taxable event and it allows established managers to maintain their trackrecord. Gibraltar is one of the EU FinanceCentres that has many of the characteristics oftraditional offshore fund centres, includingtax neutrality, no restrictions on investmentsor leverage and speed to market.

Finalised amendmentsThe soon to be finalised amendments to the EIF Regulations (Amended EIFRegulations) fully addresses the re-domiciliation quandary as the Amended EIFRegulations introduces a new classification ofexperienced investor, whereby those partici-pants of a fund that has re-domiciled toGibraltar, where the Authority has permittedthe inclusion of such participants either inrespect of a specific fund or generally inrespect of a category of funds will be deemedto be experienced investors.

This new category of experiencedinvestor is required due to the potential mismatch between the minimum investmentamount of an experienced investor fund andthat of a foreign jurisdiction. The soon tocome into force new category of “re-domiciliation” experienced investor addressesthis problem and removes one of the majorbarriers to re-domiciliation.

In further support of the modernisationand increased flexibility of the regime, is thatthe Amended EIF Regulations will permitadministrators of experienced investor fundsto be located outside of Gibraltar. In the current regime, as set out above, experiencedinvestor funds must appoint a Gibraltarlicensed fund administrator. Many perceivethat the current regime, limiting the administration of an experienced investorfund to Gibraltar licensed fund administra-tors, is a limiting factor to Gibraltar’s growthas a fund’s domicile. Removing this restric-tion via the Amended EIF Regulations willprovide Gibraltar with a further platform of opportunity to grow.

Other factors in the modernisation of theregime, include additional disclosure require-ments for fund’s offering document and clearer definitions as to the roles and require-ments of the fund’s depositary, which all serveto modernise the regime and make it relevantand fit for purpose for the coming years.

It is widely expected that AFIMD willcreate a fundamental change in the interna-tional funds industry, whereby funds that aremarketed in the EU are domiciled in the EU.Gibraltar, with the modernisation of its experienced investor funds regime, is ready forthe change.www.grantthornton.gi

with the Protected Cell Companies Act 2001(PCC Act), be established as a protected cellcompany. In accordance with the PCC Act aprotected cell company may create one ormore cells for the purpose of protecting andsegregating cellular assets from non-cellularassets and keep each cell separate and separately identifiable from other cells.Protected cell companies can be used to createmulti-cell funds or “umbrella funds”.

With such versatility and flexibility theregime has grown from its inception duringAugust 2005 to current date with in region of200 funds (if the cells of the experiencedinvestor funds that have been established asprotected cell companies are taken into consideration).

Building on the momentum of recentyears the Gibraltar Funds & InvestmentsAssociation (GFIA) along with the FSC andthe Finance Centre has undertaken an exerciseto modernise the experienced investor fundsregime. Such modernisation is needed inorder to keep pace with the requirements ofthe modern world and to ensure thatGibraltar has relevant legislation in order tomeet such needs.

AFIMDThe European Parliament adopted theAlternative Investment Fund ManagersDirective (AFIMD or the Directive) on 11November 2010. AFIMD contains new rules on the marketing of alternative investment funds in the EU by both Europeanand non-European managers, it also laysdown rules for the marketing of those funds to professional investors within the EU. On the1 July 2011 the Directive was published in theOfficial Journal of the European Union.Much uncertainty surrounded the Directive asit evolved considerably over the past 18months prior to its adoption. However, nowthat consensus has been reached, the alterna-tive investment fund community can preparefor its implementation in 2013 in earnest. Attime of print, most funds marketed in the EUare domiciled outside of the EU (in jurisdictions such as the Cayman Islands andthe British Virgin Islands).

For those that market funds in the EUAFIMD provides the quandary of whether ornot to keep the fund in a domicile outside ofthe EU, re-domicile existing funds to the EUor to create funds afresh in the EU. Re-domiciliation is often the method of choice as

support services and the Regulator, so it’san attractive choice within the EU, hemaintains.

“With the advent of the 10 per centCorporation Tax rate for all business, thereis now tax certainty, which has only assisted in making that Gibraltar decision.”

Insurers may pay even less tax as theyare allowed to exclude interest on incomearising from insurance premiums in theirtax calculations!

Most new business has come from UKrepresentative offices in London – the Cityis still the key source of new opportunities.

Some jurisdictions such as Guernsey(where there are a large number of insurance captives) have decided not to gofor Solvency II equivalence, and large companies are now said to be consideringthe need to move to an EU base.

According to Gibraltar's BrunoCallaghan, local director for WillisInsurance, which manages ten multination-al insurers, some being captives: “By virtueof the worldwide economic situation,almost everything is on hold.

“However we are working on a number of insurance prospects - one frombeyond Europe that is quite large - that weexpect to come to fruition early next year.”

Callaghan added: “The new 10 percent Corporation Tax for all Gibraltar

New EU rules – Solvency II -require insurance companiesto have greater capital andrisk management standards

by 2014 and “the majority of Gibraltar’smotor insurers are currently undercapi-talised to meet the new requirements,”believes Ian Clark, a London partner specialising in insurance for Deloitte, theinternational accountant!

He thinks these firms “may have tosignificantly increase the amount of capitalin their businesses - if they want to contin-ue trading the same volume of business intwo year’s time - or reduce the volume ofbusiness they are writing.”

As Clark put it: “Something’s got togive”. The Gibraltar firms, he suggested,could also turn more to use of reinsurers toalleviate their capital strain.

At two Gibraltar industry presenta-tions in October, Clark emphasised theimplication: “Gibraltar is standing on acliff edge; it has to do something, the statusquo is not enough.”

That depressing view however, was insharp contrast to his assessment of the present situation.

The jurisdiction’s motor businessaccounted for £1.5bn (around 10 per centand growing) of the UK motor insurancemarket last year; in 2009 it stood at£1.2bn, with a 9 per cent share.

More profitable“Gibraltar motor insurers are more profitable than those in the UK by somemargin”, he reported, given a lowerexpense base and more profitable underwriting.

“In an industry that is losing money,many of the Gibraltar insurers are makingmoney, as well as writing to a better claimsloss ratio than the UK insurers,” Clarksaid.

And he noted: “All in all, it’s very goodnews for the Gibraltar market.”

Admiral Insurance, which writes mostof its UK business in Gibraltar since moving to the jurisdiction in 2002, is credited with being the star performer bothby Deloitte and by fellow accountancyfirm, Ernst & Young (E&Y), which madethe Gibraltar comparison with Lloyds in itssummer motor insurance briefing.

Fresh interestA 10 per cent growth in UK motor businesshas come about, because insurance premiums have risen significantly (45% inthe past year according to E&Y, although itmay now be peaking). And that’s sparkedfresh interest from investors.

BTG Pactual, the largest Brazilianinvestment bank, plans initially to write UKmotor insurance in a new joint underwrit-ing venture with Premier Group, a client ofQuest Group in Gibraltar.

Quest gained 50 per cent more clientslast year, and managing director, SteveQuinn, expects “further significantgrowth” – around a third more – in thenext 12 months. “We are seeing well-known names in the global insuranceindustry viewing Gibraltar as a viable jurisdiction in which to establish operations”, he said.

Earlier this year, through Quest, theNew York Stock exchange listed company,Transatlantic Re-insurance, set up CalpeInsurance Company, to specialise in co-insurance and spreading risk for primary insurers.

Quinn says he’s working on threeother prospects – all listed on NASDACand offering a mix of UK personal linesinsurance.

“Some global players now feel com-fortable with Gibraltar’s offering. It’s agood place to operate with easy access to

INSURANCE


Capital ‘cliffhanger’ overshadows business gainsMore motor insurance business is now written byGibraltar-based firms than by Lloyd’s of London! And thelocal insurers are significantly more profitable than theirUK counterparts. That’s the good news, finds RaySpencer, but most of Gibraltar’s motor insurers may havea looming problem ahead.

Source: Deloitte London

Gibraltar Motor Gross & Net Written Premiums

Continued page 18

Gibraltar is a popular financialdestination for an eclectic mixof international executives,authors, sportsmen, corpora-

tions, individuals, families and many others, who want to achieve their financialand business objectives while guardingtheir assets and legitimate confidentiality.They understand the importance of tax &succession planning and protecting theirassets from unexpected events.

Gibraltar is self-governing through its democratically elected parliament, however, under its Constitution matters ofdefence and foreign relations are theresponsibility of the United Kingdom.

The jurisdiction has established itselfas a prosperous financial centre over thelast 40 years. Benefiting from a stable andgrowing economy and a favourable taxregime, its political stability, robust commercial and professional infrastructurecontribute to its attractiveness as a financialjurisdiction.

The client demographic covers all fourcorners of the globe and their business andinvestment interests are likewise spreadacross the globe, managed from Gibraltar.The Jurisdiction is able to offer bespokecompany and fiduciary services at competitive professional rates.

Legal SystemThe legal system is based on EnglishCommon Law with some local statute lawvariations. As part of the European Union,Gibraltar provides easy access to the EUfinancial markets and as such is subject toits directives and regulations.

In December 2007, new anti-moneylaundering and counter-terrorist fundingregulations were implemented.

These are monitored by the FinancialServices Commission (FSC).

TaxationOn 1 January 2011, a new era unfolded forGibraltar. New Fiscal legislation took effectthat includes exceptional tax statuses forHigh Net-Worth Individuals and HighExecutives Possessing Specialist Skills. Anew low corporation tax rate of 10%

applies across the board on income accruedin or derived from Gibraltar.

The Organisation of EconomicCorporation and Development’s (OECD)crackdown has been generally positive forGibraltar. At the end of 2009, Gibraltarsigned the required twelfth TaxInformation Exchange Agreement (TIEA),which resulted in it being elevated to theOECD ‘s “White List”. Gibraltar is nowseen as a “safe-haven”, allowing clients toachieve their financial and business objectives while guarding their assets andlegitimate confidentiality.

So far 17 TIEAs have been signed andthe Government has indicated a willingnessto sign a TIEA with any country wishing tosign one.

The signing of the TIEAs, togetherwith the new fiscal legislation, has elevated Gibraltar to being a serious and competitive European Financial Centre.

The TIEAs have enhanced Gibraltar asa cooperative and responsible jurisdiction,fully committed to international standards,removing the “tax-haven” stigma.

ServicesThe most popular products or servicesoffered by Gibraltar are Trust & Companyformation and management (ie SpecialPurpose Vehicles – SPVs), banking, insurance and reinsurance, captives, fundmanagement and fund administration,investment services, experienced investorfunds, e-gaming and maritime services.

In recent years, there has been a particular focus on experienced investorfunds and e-gaming. New Islamic products,e-gaming and hedge funds are likely to playa more important role in future.

Corporate structures play an impor-tant role in financial planning for privateindividuals and corporate clients, particu-larly in the minimisation of tax liabilities,confidential ownership and the protectionof assets. They can have a variety of usesand benefits:l Investment and property holdingl Ship and yacht ownershipl General and specific trading or consultancy

BUSINESS


Protect your Assets and Confidentiality:Corporate Structures and Trusts in GibraltarBy Mark Jason Bridge B.Juris; LL.B; LL.M Director andGeneral Manager at Europa Trust Company Limited (Gibraltar)

l Intellectual property rightsTrusts, on the other hand, are an

effective way of transferring wealth fromone generation to another. The essence of atrust is to separate asset ownership fromcontrol. This approach safeguards theassets and their intended purpose. Assetsincluded in a trust can take many formsincluding cash, real estate, securities andpatents.

There are many reasons for setting upa trust or a foundation and some of theminclude:l Efficient wealth transfer to dependents l Tax minimisationl Asset protectionl Wealth and estate planningl Charitable purposesl Means of controlling and administeringpropertyl Avoidance of will disputes

The jurisdiction also offers marineservices. In addition to the services provided by the modern port, vessels canbe registered under the British flag inGibraltar and enjoy privileges afforded bysuch registration.

Advantages as a FinanceCentreGibraltar is part of the European Unionand yet within close proximity to Africa. Itis a low tax jurisdiction; VAT Free, noCapital Gains, Estate Duty, Wealth,Inheritance, Gift or other capital taxes Ithas an International airport; excellent roadand sea links into Europe and Africa.

Trust and Company Managers mustbe authorised and regulated by theFinancial Services Commission (FSC).These managers are listed on the FSC’swebsite http://www.fsc.gi. Trust andCompany Managers may voluntarily jointhe Association of Trust CompanyManagers (ATCOM).

The jurisdiction is not seen by authorities or business counterparts assome “exotic” island in the middle of a vastocean serving as a convenient jurisdictionfor tax avoidance. It is a responsible, progressive and competitive financial cen-tre with a stable government, establishedinfrastructure and British legal system.Gibraltar provides a tax efficient financialgateway into the European Union.

As a regular business visitor toGibraltar, I confess that life on theRock often makes me envious.

Gibraltarians seems to have itall: a splendid location, with easy access toSpain and North Africa, a wonderful climate, friendly, welcoming people and,of course, the generous tax system thatattracts many financial companies andwealthy individuals.

And the local healthcare system isstrong too. The Gibraltar HealthAuthority (GHA) – equivalent to the UK’sNHS – invests heavily in the peninsula’shealth care infrastructure. According toBruno Callaghan, managing director ofCallaghan’s, one of Gibraltar’s largest bro-kers, the GHA invests around £90m a yearinto the system. “That works out ataround £3,000 per head of population,”he says. “And if you compare that, forexample, to the £1,200 per capita in theKent/Tunbridge Wells area of the UK, youget a feel for the strength of medical provi-sion here.”

Nevertheless, even for localGibraltarians, this provision can have limitations. Just as in the UK, they have toface inevitable waiting lists and they arenot able to choose their consultant. For specialist care a consultant may need to bebrought in to meet a specific need orpatients are taken to facilities in mainlandEurope or the UK, but again waiting timesand a lack of choice can make the arrangement far from ideal.

ExpatsThe situation for expatriates is even moreprecarious. Some groups – such as non-permanent employees on contracts – onlyqualify for emergency services and have noaccess to specialist treatment at all.

“To have private medical insurance isa must for any expat, for peace of mindand reassurance,” says Angela Barden,Private Medical Sales Manager at IbexInsurance, an expat insurance specialist in

the Iberian Peninsula. Angela maintainsthat it’s critical for expats, in particular, to have private medical insurance, she says: “the majority of ourexpat clients in Gibraltar who have privatemedical insurance do so mainly for thesame reasons as they would have in theirnative country, additional access to specialist doctors, quick diagnosis, extracover for the unexpected, as well as vitalcover for spouses and other familydependents, particularly where serioussurgical intervention is required.”

International health insurance coverOne of the options for overseas employ-ees, retired expats and wealthierGibraltarians alike – who may wish torefine or enhance their healthcare choices– is to take out international health insurance cover. These plans typically provide cover for a variety of health-related eventualities or top-up protectionfor you and your family, and are particularly effective if you:l travel regularly with your job, especially to less developed countriesl want to choose where to be treated – forexample, with family back in the UK, youmay feel more comfortable undergoing specialist treatment therel want to have access to a specialist clinicfor a specific course of treatment or following a medical emergencyl decide to live abroad for a period andwant a flexible medical planl maintain and use a number of homes indifferent countriesl or are concerned about the restrictedmedical facilities in the country where youare living.

Demand for international health insurance is increasing in Gibraltar, according to one of the leading advisers,Geoffrey Trew, MD of brokers, QuestSovereign Insurance Services who says:“Gibraltar is attracting increasing num-

HEALTH INSURANCE


A healthy optionTim Mutton, business development director at Now HealthInternational discusses international private medical insurance and the important benefits it can bring to expatemployees and High Net Worth residents in Gibraltar

bers of businesses from the UK and therest of Europe and their employees expectrelocation packages and benefits thatinclude giving them and their families themost comprehensive healthcare insuranceprotection available in the market.”

Plans can differ substantially in termsof levels of cover provided but it’s possibleto take out a top-tier plan and pay less byagreeing to higher excesses (the amountyou contribute with each claim for treatment).

“Typically individual clients go forexcesses of around £100 to bring downthe cost,” says Dawn Mchard, director of Totus Wealth Management.“We find this is a particularly attractiveroute for ‘category 2’ status individuals,i.e. those with £2 million plus in assets, aproperty on the Rock and who earn theirmoney outside Gibraltar. These clientsgenerally want more medical protectionacross the board.” For corporate clients,however, ‘nil excess’ is usually thefavoured route.

Of course, choosing the right plan isalways easier said than done but there areplenty of good brokers and advisers basedin Gibraltar who can offer a variety ofIPMI options to suit your choices.

Health care, particularly if your family is involved, should never be left tochance. In Gibraltar, what you decide todo must come down to a very personalchoice and talking to a good adviser onthe ground will ensure that you find theright solution and don’t make costly mistakes.

(www.now-health.com)

a disincentive to those wantingto establish business inGibraltar, he conceded.

But now the top personalrate for senior and other execu-tives has fallen from 50 percent, to a top rate of 28 percent, “but the highest effectiverate is actually 24.99 per centand only when you have anincome exceeding £300,000,after which it declines down to5 per cent”.

Last year, Caruana beganthe more aggressive sales pitchon Gibraltar’s strengths thatneeded to be repeated this yearto ensure the message was getting through to City financespecialists.

However, later at theGibraltar Day eveningGuildhall reception, Caruanatold an audience of 1,100 thatas a small country, having rid-den out the financial dangers ofthe last three years, “we (the

City and Gibraltar) are particu-larly threatened and challengedby future pressures.

I think we face difficulttimes again while Europeanleaders come to terms with theeffect of the present financialproblem”.

And the Lord Mayor’s representative, Sheriff AlanYarrow concurred, saying:“There are challenges for theCity of London – not just theCity but for everyone.

We have faced these challenges before. But he

added: “We are confident inour culture, integrity and probity and that’s what the Cityand Gibraltar offer to theworld.

This event celebrates thepartnership in the quality ofservices that we offer.”

NEWS

Airport and offices are adding to the appealTwo major developments are set to enhance Gibraltar’s Finance Centre appeal – a new airportterminal that will shortly quadruple previous capacity, and a major speculatively built office complex in a World Trade Centre (WTC) that is to progress next year.

The terminal, already twice delayed from an original March opening through problems witha Spanish building contractor, is expected to be inaugurated in November. Peter Caruana, ChiefMinister, told his City audience in mid-October that it would be operational “in a matter ofweeks”.

And in an exclusive statement on the availability of new office space, he separately toldGibraltar International that “negotiations with a developer have successfully been concluded.

Caruana added: “This agreement will avoid the need for the Government of Gibraltar to be[financially] involved in office development” as had been threatened if more office developmentdid not start soon to help financial services expansion.

Although not confirmed by WTC developer Ocean Village, Gibraltar International under-stands that the 17,000 m2 project is now to go ahead.

Continued from page 6

companies has not prompted any previously tax exempt insurance businessto take flight from the jurisdiction; indeed10 per cent has become the benchmark forEurope, because everyone accepts that taxhas to be paid wherever a business is basedin the world.”

Robus Risk Services is being formed asan insurance management company tolaunch at end 2011 and will have the currently self-managed Gibraltar-basedmotor insurer, First Central, as its openingclient at Ocean Village offices.

Tax agreementsWith one eye on Malta’s strong bid forinsurance business, Chris Johnson, theGibraltar Insurance Association chairman,along with other finance centre sectors,says there is a need for introduction ofDouble Taxation Agreements (DTAs) toassist Gibraltar’s international attraction.

As Johnson says: “There was a timewhen some in Gibraltar opposed DTAs onthe grounds of client confidentiality, buttoday with the advent of Tax InformationExchange Agreements, just about everyone

accepts that everything is much more openand disclosure is the way of the world.”

Some in the wider Finance Centrebelieve the UK government “is moreinclined” to accept Gibraltar piggybackingon UK DTAs as part of negotiations withindividual countries on a case-by-casebasis. Others however, believe that

approach may have undesired long-termeffects, and in any case, the cost-benefitcase for DTAs has not been fully made.

There are now 63 licenced insurers ofall types operating in Gibraltar, including15 captives, mostly being managed by theseven insurance managers registered in thejurisdiction

INSURANCE


Duo top Kilimanjaro for charityDrawing on business experience of team playing and support, 48 years old Liz Quinn,Quest Group financial director, and finance manager / client account handler, KerryPeters (46) walked to the top of Kilimanjaro, Africa’s highest mountain, to raise£23,400 for Cancer Relief and other local charities.

With four to 13 hours marching each day through tropical forest, open moorlandand alpine desert, the intrepid insurance pair took seven days with a UK group of 19 tocover 77 kms and reach the 5,895 metres-high peak, where the breathable oxygen isless than half the amount common at sea level.

Quest staff helped raise money through dress-down days and breakfasts, whilefriends and clients pitched in with donations too. Training for the pair, included walksup Gibraltar’s 423-metre high Mediterranean Steps – “on the last day we walked threetimes that much, so it was nowhere near as strenuous and didn’t involve camping”, saysQuinn. Peters, who always wanted to walk the Himalayas believes that as with business “it’s always good to challenge yourself”. Now the women are planning a charity 5-day husky sledging trip to Norway, with the full support of Quest ManagingDirector, Steve Quinn.


In Dr McLaughlin’s opin-ion the present exchangerate (around 1:1.14 orless) undervalues Sterling

and he explored ways of view-ing how currency ‘fair value’might be measured. Examiningit on a purchasing power / par-ity basis, it came out at 1:1.30,while another more technicalmeasure to reflect UK /Euroland trade flow, pointed toa lower 1:1.20 level!

Viewing the exchange rateover a long run average,

produced a 1:1.35 result,(some 20 per cent higher), but his ‘best guess’ was notbefore 2016. However, he told Gibraltar International:“Much rests on the UK govern-ment dealing with the publicfinances, and debt levels continuing to reduce ratherthan rise.

“This position is in con-trast with the Euro Zone; particularly in whether it hasthe ability to achieve a politicalresolution. But the experience

from the last few years saysotherwise.”

He said: “I’ve been speak-ing to Gibraltar clients aboutwhat is happening economical-ly in the wider Euro Zone –many individuals and business-es have a keen interest in the Euro area where they have financial and material investments.”

Noting that worldwide“this is no ordinary recovery”,Dr McLaughlin demonstratedthat while typically UK GDP

would have recovered after 18months or so of recession, thistime it remained significantlylower.

GDP was now climbingslowly – something that RBSexpects to continue until back

MONEY

Euro exchange rate to reach 1.30– but not for another 15 years!“Overall, we believe Sterling/Euro exchange rate should be around the1:1.30 level; over the next five years it will move towards 1.20”, declared Dr Andrew McLaughlin, Royal Bank of Scotland Group’s chief economistwhen he visited Gibraltar in October. He gave an insight to howSterling/Euro exchange rates may play out at a Chamber of Commercepresentation on the UK and Eurozone economies and the impact locallyon Euro exchange rates, as Ray Spencer discovered.

Continued page 22

Dr Andrew McLaughlin

to its former level in a littleunder 3 year’s time. Spain’srecovery path to its pre-reces-sion level is expected to almostmirror that of the UK, andthereafter to continue withonly moderate growth.

The nature of recoveryhowever, was determined bythe extent to which recessiondestroyed capacity; hence theneed for growth, and the suc-cess of that policy. Highlyleveraged countries were seek-ing growth, while creditorswere looking to control infla-tion, Dr McLaughlin asserted.

Exchange rates were animportant factor in determin-ing the recovery path, he pointed out.

Sterling’s depreciation,which began in early 2007, wasinfluenced by weak demandand financial stress; NorthernRock nationalised, UK enteredrecession, RBS and Lloyds

were recapitalised and the UKbudget deficit was 10.3% ofGDP early last year.

The position was furtherinfluenced by the cut in UKinterest rates – from 5 to 0.5per cent in just six months –and the Bank of England’s£200m Quantitative Easingprogramme.

But depreciation canrebound and in Dr McLaughlin’sopinion, “Eurozone countriesare unable to competitivelydepreciate”.

There is an economic paradox in Europe, he noted.In the 17 EU countries, overall“the current account is in balance, net debt to GDP islower, growth rate is satisfact-ory, and inflation is under control”. But when disaggre-gated, areas of the EU are vulnerable – such as Greece,and a cause for concern inSpain.

“Any solution has to beagreed by all countries, but given

the economic situation, it is avery difficult time to get solu-tions through”, he observed.Without political union therewould be more instability.

We had seen “the terribleeffect of debt grown over timein the past 10 years – inGermany and France (a stabili-ty and growth pact) was toostrict… had everyone followedthe rules, we would not be inthe mess that we are now”, hemaintained.

The world’s market “istrying to see if there is somepolitical will to solve the issueor not; to stop the Euro dying”,Dr McLaughlin observed.

On the part banks hadplayed in the worldwide eco-nomic meltdown, he candidlyrevealed: “In my view, theworld problem is rooted in theeconomic imbalance betweencountries and regions – macroeconomic forces have been inplay. It would have helped ifthey [the banks] could have

managed the situation betterthan they did!”

The political zeitgeist pre-economic collapse in UK,Europe and the US was aimedat lending as much as possible,almost regardless of risk, par-ticularly to encourage homeownership. “Many banks wereunable to step aside and seewhat else was happening in theeconomy”, he said.

Within Gibraltar, he waspleased to see that “the economy is growing steadily,with a financial performanceand statistics on a scale thatmost of the rest of the worldwould envy”.

However, the general eco-nomic situation, in addition tohigher borrowing costs, mayalso mean banks’ appetite forlending on Gibraltar residentialproperty is reduced. Hewarned: “I believe we are nearthe maximum the regulatorswill accept for property in thismarket.”

MONEY




The decision by Bland

Group International(BGI) late inSeptember, ends more

than two year’s speculation onwhether it would improve theexisting Rock Hotel, demolishit and rebuild as part of alarger project, or relocate to anew site.

All 104 of the hotel’s sea-facing rooms, restaurant andcatering facilities in the 79years old building (the workof the Marquis of Bute) are tobe upgraded, and a newgymnasium and ‘wellness’ spa

added, in work that shouldstart later this year.

“When you consider thehistory of the Rock Hotel, thebrand itself and its reputation,there was an overwhelmingbusiness case to stay put”,said John Perez, BGIchairman.

Although the £25mairport budget Lester hotel isaround 6 months behindschedule “due to fundingdelays”, that issue is nowbeing finalised, Simon Lester,Group Chairman told me.

Building starts in early

2012, with the hotel openingtwo years later having 150bedrooms and suites, 12executive boardrooms, a gym,bistro, bar and businesscentre.

Interestingly, Lesteradded: “We have secured firm interest from Holiday Inn and The Hilton Groupshould we wish to proceedwith either of them onbranding the hotel.”

However, another HiltonHotel project - a £45m, 200-bed, 5-star hotel at theformer Royal Gibraltar Yacht

Club site – by developerSquarestone has sufferedfunding delays of more than a year.

A spokesman refused tocomment on the continuinglack of progress.

In the meantime, BGI’sPerez remarked: “Much of theRock Hotel’s progress dependson the success of the newairport terminal, whichdemonstrates Gibraltar is fitfor purpose, and marketing ofthe destination to business andtourists.”

The Hotel is one of fourmain activities for BGI, theinternational (non-UK) arm ofBland Group, which alsoowned GB Airways before its£103m sale to easyJet in 2007.

BGI has also just securedrenewal of its airport handlingcontract for up to 14 flights aday for the next seven years ina competitive bid throughGibAir, which has fulfilled therole since 1947.

TOURISM

£50m hotel boost by 2014 – more to comeNow that an agreement has been reached to renovate the iconic 4-starRock Hotel and the Lester Hotel has resolved its financing issues thetwo major Gibraltar hotel projects costing around £50m in total will goahead with completion expected by 2014. But a proposed Hilton Hotelis still unsecured, Ray Spencer reveals.

Legal Year Opens inGibraltar - 2011

Chairman of the Gibraltar BarCouncil and senior partner atHassans International LawFirm, David Dumas QCdelivered his address to theSupreme Court in September. Itwas part of the ceremonialopening of the Legal Year for2011.

Present at the proceedingswere a number of distinguishedguests including the Governor,Sir Adrian Johns, the Ministerfor Justice, Daniel Feetham,himself previously a partner atHassans, and the Leader of theOpposition, Fabian Picardo, stilla partner at Hassans.

David is a respectedlitigator. He graduated fromExeter College, OxfordUniversity and read for the BarFinals at the Inns of CourtSchool of Law in London. Hewas called to the Bars ofEngland & Wales and Gibraltar,in 1981.

David joined Hassans in1981, becoming a partner in1987, and was appointedQueen's Counsel in 2002.www.gibraltarlaw.com

PWC AppointmentPricewaterhouseCoopersLimited (PwC) have promotedKristian Menez to the positionof Director.

Kristian joined the firm inOctober 2003 after training andqualifying as a CharteredAccountant in the UK.

Colin Vaughan, SeniorPartner of PwC Gibraltar said

he was pleased to welcomeKristian onto the Board ofDirectors, after havingmentored and evidenced hisrapidprogressionwithin the firm.

BarryPillans,AssuranceLeader, saidthat Kristian ishard workingand highly technical.

Kristian joins a team ofover 110 highly qualifiedprofessionals. www.pwc.gi

CommonwealthRegulatory WorkshopTrinidad

Marcus Killick, ChiefExecutive Officer of theGibraltar Financial ServicesCommission, has recently

returned from theCommonwealth Secretariat“Commonwealth RegulatoryWorkshop” in Trinidad.

He was invited by theSecretariat to address theworkshop on the Governanceof International Regulationwith a paper entitled, “TheFinancial Crisis - Impacts forregulators of smalljurisdictions”.

Other speakers at theevent included the Governorsof the Central Bank ofTrinidad and Tobago and theCentral Bank of Barbados, aswell as representatives fromthe Financial Stability Board,OECD, World Bank and FATF.

The presentation was partof the Commission's workwith the Commonwealth

Secretariat in assistingregulatory development in anumber of Commonwealthcountries.

...meanwhile at theKenyan InsuranceRegulatory Authority...

The Deputy Chief ExecutiveOfficer of the Financial ServicesCommission, David Parody,visited Mombasa, Kenya, wherehe delivered a workshop for theBoard of the Kenyan InsuranceRegulatory Authority (KIRA)funded by the KIRA itself.

The workshop aimed to

identify the strategic objectivesfor the KIRA as part ofstrengthening the CorporateGovernance of the Authority inline with the KenyanGovernment's requirements forgreater accountability of thepublic sector.

The FSC is keen to shareit's own experiences andpractices as part of it'scontinued regulatorycooperation with fellowregulators across the world.

Freedom of the City to Lord Janner

Lord Greville Janner has been afriend to the people of Gibraltarthroughout his time in publiclife in the UK, both as aMember of the House ofCommons and most recently as

a Member of the House ofLords.

In September 2011,Parliament called for him to beconferred with the HonoraryFreedom of the City ofGibraltar and also the GibraltarMedallion of Honour.

He has supportedsuccessive Chief Ministers ofGibraltar and maintains stronglinks with the JewishCommunity in Gibraltar.

He was educated at StPaul’s School in London, andlater attended Trinity Hall,Cambridge, where he wasPresident of the CambridgeUnion and Chairman of theCambridge Union Labour Club.He was also President of TrinityHall’s Athletic Club.

He then went on to obtaina Fulbright and Smith-Mundtscholarship to Harvard LawSchool.

He was called to the bar in1954 and was appointedQueen’s Counsel in 1971.

He was President of theBoard of Deputies of BritishJews from 1978 to 1984, andhas been a key internationalfigure in efforts to seekcompensation and restitutionfor Holocaust victims.

UK’s Computacenteropens in Gibraltar

UK Based Computacenter, oneof Europe’s leading providers ofIT infrastructure services, hasopened an office in Gibraltar.

Founded in 1981,Computacenter has over 10,000employees across Europe with a£2.7bn annual turnover andsupporting over 2000customers.

Marc Fryer,Computacenter’s Client Director

BUSINESS

ROUND UPBusiness


David Dumas QC

L to R – Colin Vaughan, Kristian Menez and Barry Pillans

Continued page 28


BUSINESS

for the Corporate & eGamingSector says, “Gibraltarcontinues to attract the best inclass gaming companies acrossthe world. We have invested inGibraltar to offer the supportthese companies need anddeserve. Computacenter is arespected and panEuropean ITInfrastructureServices andSolutions providerwith a history ofdealing with some ofthe largest public andprivate organisationsglobally.”

The launchevent began with an eGamingSeminar hosted by Marc Fryerwith key executives from Cisco,EMC and VMware inattendance.www.computacenter.com

Sapphire Bronze Cup “The 40th BMW InternationalPolo Tournament organised bySanta Maria Polo Club thissummer attracted an ‘A’ list ofinternational sponsors andfollowers. Gibraltar’s SapphireNetworks lined up alongsideIsolas, Fiduciary and Europortto sponsor The Bronze Cup -which was won this year by LasMonjitas. The SapphireNetworks own Polo team isalso becoming a regular nameon the polo calendar. Earlierthis year, in only their second

season, they won the prestigiousXXXII Memorial José IgnacioDomecq, which is ranked in theWorld Polo Tour for theChallenge Cup category.”www.sapphire.gi

Fiduciary ManagementAppoints New MD

Fiduciary Management Limited,the Gibraltar based financialservices provider, has appointedSteve Grainger as ManagingDirector.

Steve worked for 20 yearsin The Cayman Islands, The

Bahamas, ChannelIslands and Bermudawith an emphasis onthe management anddelivery of qualityservice to Ultra HighNet Worthindividuals. Steve willlead and manage thevery experiencedCompany

Management, Trust, MarineServices and FundAdministration teams withinFiduciary.www.fiduciarygroup.com

InvestGibraltar BecomesSFEDI Centre ofExcellence

The InvestGibraltar Office,Gibraltar’s one stop shop forbusiness, has become the firstSmall Firms EnterpriseDevelopment Initiative (SFEDI)Centre of Excellence to beapproved outside of England,Ireland and Wales.

SFEDI is the Governmentrecognised UK StandardsSetting Body for BusinessSupport and BusinessEnterprise. Run byentrepreneurs for entrepreneurs,

SFEDI researchesleading practice, setsstandards, principlesand guidelines.

Jenny Pears,BusinessDevelopmentManager for SFEDIsays, “BecomingSFEDI accredited

proves to your clients that youhave achieved a nationallyrecognised standard ofexcellence in advisingbusinesses”.www.investgibraltar.gov.gi

bedrooms104 Bedrooms and suites in a colonial

style all with a sea view

conference facilitiesFull upgraded conference facilities

available for board meetings, trainingcourses and presentations

InternetFREE Wireless broadband available

throughout the hotel and an internetroom for our guests to use

weddingsThe Rock is an ideal wedding venue

whether it be a small intimate weddingor large family gathering. We are also a

recognised venue for civil marriagesand ceremonies can now be conducted

in various parts of the hotel

Swimming PoolOutdoor swimming pool with poolside bar and pool side menu. We

welcome private pool membership,our lido club, with private pool hire

for parties and barbecues

RestaurantThe restaurant has stunning viewsover the bay. Our “house” menu isexcellent value for three coursesincluding an aperitif Manzanilla,

olives and coffee. A full á la cartemenu along with a superb eclectic

wine list is also available

wisteria terraceThe Wisteria Terrace for lunches,dinner, barbecues, afternoon teas,evening drinks and informal dining

Barbary barBarbary Bar and terrace for a

relaxing drink and for the winebuff, a choice of nine wines by

the glass

LoungesTake a good old fashioned Englishtea in one of the spacious lounges

An oasis...

in a busy world

Europa Road, GibraltarTel: +350 200 73000Fax: +350 200 73513

E-mail: [email protected]

Steve Grainger

Spectators at the polo event


HILL INSURANCE COMPANY LIMITEDUnit 1A, Ground Floor

Grand Ocean Plaza

Ocean Village - Gibraltar

Tel/Fax +350 200 62407

To find out more please contact us at

[email protected] visit our website

www.hillinsurance.eu

We operate under Freedom to Provide Services in l UNITED KINGDOM l ITALY l FRANCE l BULGARIA

We have a network of over 200 brokers

HILL INSURANCE COMPANY LIMITED

HILL INSURANCE activity focuses on SURETY AND BOND,

AVIATION AND ASSISTANCE: our goal is to provide our clients with quick and functional solutions that allow them to

make the most of the market opportunities

CONTACTS

Association of Pension Fund Administrators (APFA)

Steven Knight, Chairman, Tel: + (350) 200 40466Email: [email protected]

Association of Trust & Company Managers (ATCOM)

Marc X. Ellul, Chairman, Tel: + (350) 200 70921Email: [email protected]

Bar Council

David Dumas, Chairman, Tel: + (350) 200 59026 / 79075Email: [email protected] [email protected]

Gibraltar Association of Compliance Officers (GACO)

Ivan Perez, Chairman, Tel: + (350) 200 73520Email: [email protected]

Gibraltar Bankers’ Association (GBA)

Emma Perez, President, Tel: + (350) 2000 2000Email: [email protected]

Gibraltar Betting & Gaming Association (GBGA)

Freddie Ballester, Chairman, Tel: + (350) 200 40595Email: [email protected]

Gibraltar Chamber of Commerce (GCC)

Nicholas Russo, President, Tel: + (350) 200 78376Email: [email protected]

Gibraltar Finance Centre Council (GFCC)

Kerry Blight, Chairman, Tel: + (350) 2000 4000Email: [email protected] Federation of Small Business (GFSB)

Stuart Rodriguez, Chairman, Tel: + (350) 200 47722Email: [email protected] Gibraltar Funds & Investments Association (GFIA)

Adrian Hogg, Chairman, Tel: + (350) 200 45502 Email: [email protected] Insurance Association (GIA)

Chris Johnson, Chairman, Tel: + (350) 58452000Gibraltar Insurance Institute (GII)

Andy Baker, President, Tel: + (350) 200 79520Email: [email protected] Gibraltar Society of Accountants (GSA)

Freddie White, President, Tel: + (350) 200 45502Email: [email protected] of Trust & Estate Practitioners (STEP)

Peter Isola, Chairman, Tel: + (350) 2000 1892Email: [email protected] Gibraltar HR Forum

Ruth Halsall, Chair, Tel: + (350) 200 43865 Email: [email protected]

Professional Bodies based in Gibraltar


Great flight times YESPre-bookable seats from £4.99pp YESExtra legroom available from £9.99pp YESGreat hot meals and drinks available onboard YESNo debit card fees and no booking fee with PayPal YES

See website for details.TERMS ANDCONDITIONS APPLY

Free allocated seating YESFrequent Flyer scheme YESHappy Hour - every day 12-2pm YESLow fares YESGreat deals on travel extras such as car hire, airport parking and travel insurance YES

10:21:39 10:21:39

Great flight times YES

Pre-bookable seats from £4.99pp YES

Extra legroom available from £9.99pp YES

Great hot meals and drinks available

onboard YES

No debit card fees and no booking fee

with PayPal YES

See website for details.

TERMS ANDCONDITIONS APPLY

Free allocated seating YES

Frequent Flyer scheme YES

Happy Hour - every day 12-2pm YES

Low fares YES

Great deals on travel extras such as car hire,

airport parking and travel insurance YES

10:21:39 10:21:39

p8 funds p10 insurance gibraltar

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