A small British Overseas Territory, just 6.8 square kilometers in size is situated at one of the most strategic places of Europe, the entrance to the Mediterranean. A melting pot of cultures, Gibraltar has always been home to people, merchants, and businessmen from other parts of the world.
Gibraltar shares a land border to the north with Spain and just separated by 14 kilometers (9 miles) of sea from Morocco, one of the most important shipping lanes in the world.
English is the official language. Many people also speak Spanish.
Pound Sterling, although Euros are accepted in the majority of stores.
GDP – £2,589 Million
34,000 registered Gibraltarians. Working population is 30,000, half of which cross the border daily.
Gibraltar looks like it was taken straight out the pages of a holiday guide with its Mediterranean climate, spectacular landscapes, stunning beaches, and astonishing architecture from all periods of its rich history. The small territory also home to the Barbary Macaque, the only wild monkey population in Europe!
The economic success of the Rock has benefited society as a whole and is shown by the increasing public expenditure on vital provisions such as health, education, social services and not to mention land reclamation.
The Government attributes the strong growth of Gibraltar to its pursuit and implementation of policies that build and maintain a secure environment that increases economic activity and the confidence of investors.
Economy and work
Gibraltar is a thriving economy with a GDP growth far out passing many European countries. General trade, the provision of financial services and communications (including e-gaming), tourism, and maritime activities are the major economic growth drivers.
It can be a satisfying professional experience to work in Gibraltar. In particular, if your background is gaming, financial, IT, insurance, legal, or accountancy-based as these are influential sectors with many renowned institutions calling Gibraltar home.
The employment system in Gibraltar mirrors that of the UK, meaning all employment contracts are in English.
When arriving in Gibraltar, you will be awestruck by the majestic limestone Rock that dominates the horizon. Take a walk through its lush greenery and meet the local Barbary Macaques. The Rock is also home to 34 miles of tunnels, some open to the public.
Take a stroll into the city and discover the unique blend of British, Spanish and Moorish influences and enjoy the Mediterranean cuisine. Gibraltar is also home to beautiful beaches, all with their own unique character.
Want to discover the Rock’s beauty and natural heritage, its architecture and wildlife visit www.gibraltar.com
Friendly Tax System
As there is no VAT, capital gains tax or inheritance tax, Gibraltar is generally considered tax-friendly. There is also low corporation tax, duty free on certain goods and income tax relatively low.
Are you thinking of investing?
The success of Gibraltar for investors has been focused on the Gibraltar Government’s constructive approach to business growth:
- The Finance Centre. Gibraltar offers excellent professional expertise in this sector. From banks, trusts, and insurance companies. Furthermore, Gibraltar offers high-quality ancillary services such as accountancy and legal practices
- Tourism. By air, land, and sea, millions of tourists come to Gibraltar every year.
- Maritime Services. Bunkering remains a longstanding and prominent business.
- E-Gaming. Gibraltar’s remote gambling is the most significant in Europe.
The Port of Gibraltar
One of the foremost successful and modern ports in Europe is the Port of Gibraltar. This port incorporates a major advantage located in a peninsula, which makes it extremely valuable serving a strategic point not only military, but economically as well. Gibraltar is positioned ideally, at the entrance to the Mediterranean making it the Maritime centre point connecting the Atlantic to the Med.
The Port of Gibraltar provides low-cost fees to European ships making it he primary choice of the many vessels. Therefore, bunkering is the main activity within the Port. Gibraltar is the largest bunkering port in the Mediterranean with the Government of Gibraltar continuously monitoring the market to ensure competitiveness.
In 2004, Malta joined the EU asset the benchmark for the industry. The following year Gibraltar adopted a law similar to Malta’s, but more flexible in some respects. With this, they managed to gain some popularity, even being host to major multinationals in online gambling. The acceptance of the Gambling Act, which further enhanced its growth and expansion internationally, was another factor that benefited Gibraltar.
In both cases, businesses that opted for Gibraltar made major investments in human capital, which created great job creation and the growth of a new industry that helped to diversify both economies. Bookmakers and casinos sought to pass on greater legal security to their prospective clients by securing one or the other licenses. The growth of new customers has mirrored this situation. Maltese license operators were more concentrated on European countries, while those with a Gibraltarian license were more concentrated on the British market. As a result, Gibraltar became a leading licensing institution.
The infrastructure of Gibraltar has seen massive changes, making it a potential serious player on the international communications scene. Currently, Gibtelecom, the largest communication company is owned 100% by the government, ensuring Gibraltar controls its own ICT destiny. Gibraltar’s acquisition of a small percentage of the EIG consortium allows the diversification of its networks and increase its data transfer reliability.
Essential, to the ever-increasing online services provided by the Rock. This is reflected in the many blue-chip corporations looking to Gibraltar, enabling it to become a global leader in the market for virtual gaming, an industry that continues to flourish in Gibraltar.
Brexit & Post Brexit The Post Brexit National Economic Plan
The loss of the UK membership of the EU is a major challenge for the economy, but it is also an opportunity to build a new economic model so that Gibraltar is much stronger and more secure as a result. In the following video, Sir Joe Bossano explains what these benefits are and his vision for the future.
One of the future aspects that the Minister comments on is the implementation of an economic plan that foresees the transformation of economic activity in the territory and the generation of new quality jobs. If you want to know what does it consist of, click on the video!