Tax Mitigation Jurisdictions

NON RESIDENT SYNOPSIS: Gibraltar non-resident companies are in effect companies governed by Gibraltar company law but which are administrated elsewhere. If a Gibraltar non-resident company is administrated in a tax free or low tax jurisdiction the Gibraltar non-resident company becomes a low tax or tax free vehicle (see Gibraltar exempt companies). Unlike Exempt companies, which are being phased out in 2010, non-resident companies are not subject to the same due diligence criteria and further are better for most tax planning purposes; hence the higher general rating above.

GENERAL SYNOPSIS: British Crown Colony - Effectively self governing in all matters save defence and foreign affairs. However, ultimate power still rests with the United Kingdom. Good efficiency. English and Spanish speaking. Excellent air and sea communications. Scandals in the 80's together with ongoing claims, mostly from the Spanish, of money laundering have severely effected this jurisdiction's reputation. In recent years local regulations have been more rigorously enforced. Unlike most other tax havens, Gibraltar has high individual and corporate taxes, although there are certain incentives for high net worth foreigners. Residents may, with certain exceptions, be taxed on their world-wide income. There are three main types of company: the Exempt Company, the Qualifying Company and the 1992 Holding Company. It is also possible to have a non-resident company. Single subscriber companies have been introduced in concurrence with EU directives. Legal system is based on English common law. Favourable company and trust statutes. Unlike Jersey, Guernsey or the Isle of Man, Gibraltar is a full member of the European Union, save for the Common Agricultural Policy,, Common Customs Tariff and VAT. Significant number of ship and yacht registrations. Growing banking sector, however, financial services district has not been as successful as hoped. There is no tax treaty network even with the UK. 

 

Situated at the tip of the Iberian Peninsula at the opening of the Mediterranean Sea with the Atlantic Ocean, north of Morocco and south of Spain. The coast of Africa is only 12 kilometres away across the Straits of Gibraltar. Gibraltar is approximately 5 kilometres long and 1.2 kilometres wide, with a population of approximately 30,000.

Gibraltar has been a full member of the EU since 1973, when it joined as a UK Dependent Territory (see Article e 227(4) Treaty of Rome). The Common Agricultural Policy, Common Customs Tariff and VAT, however, do not apply.

 

 

ADVANTAGES OF GIBRALTAR NON-RESIDENT COMPANY

TAXATION

Non-resident companies have no fiscal responsibilities within Gibraltar