Gibraltar is a peninsula state on the southern tip of the Iberian Peninsula and the European continent. Immediately adjacent to the Strait of Gibraltar, it constitutes the meeting point between the Mediterranean Sea and the Atlantic Ocean. The region has long been contested with both British and Spanish claiming ownership, but finally in 2004 a poll taken among 30,000 residents of this 6.5 km2 territory continued its association with the UK.
Gibraltar is a British overseas territory; it has a stable and sovereign government, parliaments are elected through democratic elections and it instated its constitution in 1969. Concurrently, it also relies on the UK government for aid in areas of security, foreign affairs, economy and domestic security.
Although a member of the EU, Gibraltar is exempt from imposing joint protective tariffs on imports. Additionally, Gibraltar has advanced telecommunication infrastructure and a tax policy that relies on low taxes, points that make it attractive for foreign companies. Evidence of this can be seen in the online gaming industry, booming these last few years on the peninsula, the establishment of which was greatly facilitated by local tax policies and developed telecommunication services.
The state economy is based on four main markets: financial services, online gaming, shipping and tourism. The country also serves as a base of activity for several international banks, and you can find outlets of every major fashion chain, including Marks & Spencer, Tommy Hilfiger and many others – testimony to a developed economy and much local wealth.
After a 15 year period in which offshore activities in Gibraltar relied significantly on an extremely encouraging 0% corporate tax, in 2011 this law was amended to impose 10% corporate tax on resident companies. It is important to note that this tax is only relevant to companies making their profits from business within Gibraltar. All other income sources still retain the 0% tax rate.For Viewing Gibraltar in Google Maps - Click Here
Foreign companies are not allowed to trade within Gibraltar itself or deal in areas of banking, insurance, capital management, or additional activities relating to the finance industry. On the other hand, Gibraltar does regulate online gaming and gambling activities and imposes a 0% corporate tax rate on all profit made from sources outside its territories. Furthermore, it does not impose a capital gains tax, wealth tax, gift tax or VAT.
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