<?xml version="1.0" encoding="iso-8859-1"?>
<?xml-stylesheet type="text/xsl" href="xslt/mtf_web.xsl"?>
<country><cname><![CDATA[Gibraltar]]></cname>
<generationdate>06-Okt-2009 23:30</generationdate>
<group gtitle="Basic Data">
<category ctitle="General">
<question info_num="1" old_numbering="2:">
<question_text><![CDATA[Jurisdiction Status]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Dependent Territory]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 214]]></sourceshort>
</source>
</question>
<question info_num="2" old_numbering="3.1:">
<question_text><![CDATA[Population]]></question_text>
<data_date><![CDATA[July 2008 (est.)]]></data_date>
<more_info>0</more_info>
<data_num>28002</data_num>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="3" old_numbering="3.6:">
<question_text><![CDATA[Official Language(s)]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[English]]></data_text>
<note><![CDATA["English (used in schools and for official purposes), Spanish, Italian, Portuguese." (CIA World Factbook).]]></note>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="4" old_numbering="3.7:">
<question_text><![CDATA[Legal System]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Anglo Saxon]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="5" old_numbering="3.3:">
<question_text><![CDATA[Currency and Exchange Rate Information]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Gibraltar pound (GIP); 1 USD equals roughly 0,4993 GIP (2007).]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
</category>
<category cseq="3"><ctitle><![CDATA[Human Development]]></ctitle>
<question info_num="7" old_numbering="3.2.1:">
<question_text><![CDATA[Human Development Index Rank]]></question_text>
<data_date><![CDATA[2005]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<source>
<sourceshort><![CDATA[UNDP / HDR 2007/2008: 229-233]]></sourceshort>
<sourceurl><![CDATA[http://hdr.undp.org/en/media/hdr_20072008_tables.pdf]]></sourceurl>
</source>
</question>
<question info_num="8" old_numbering="3.2.3:">
<question_text><![CDATA[Life Expectancy at Birth]]></question_text>
<data_date><![CDATA[2008 (est.)]]></data_date>
<more_info>0</more_info>
<data_num>80.06</data_num>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="9" old_numbering="3.2.4:">
<question_text><![CDATA[Adult Literacy Rate]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>80%</data_num>
<note><![CDATA["above 80%" (CIA World Factbook).]]></note>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
</category>
<category cseq="4"><ctitle><![CDATA[Economy]]></ctitle>
<question info_num="10" old_numbering="3.4.5:">
<question_text><![CDATA[Main Economic Sectors]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA["Self-sufficient Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference center. The British military presence has been sharply reduced and now contributes about 7% to the local economy, compared with 60% in 1984. The financial sector, tourism almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment." (CIA World Factbook).]]></supplement>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="11" old_numbering="3.4.4:">
<question_text><![CDATA[Income Distribution: GINI Coefficient]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<note><![CDATA[Neither UNDP/HDR nor CIA provide this data.]]></note>
<source>
<sourceshort><![CDATA[UNDP / HDR 2007/2008: 281-284]]></sourceshort>
<sourceurl><![CDATA[http://hdr.undp.org/en/media/hdr_20072008_tables.pdf]]></sourceurl>
</source>
</question>
<question info_num="12" old_numbering="3.4.1:">
<question_text><![CDATA[GDP p.c. (US$, PPP)]]></question_text>
<data_date><![CDATA[2005 (est.)]]></data_date>
<more_info>0</more_info>
<data_num>38200</data_num>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="13" old_numbering="3.4.2:">
<question_text><![CDATA[GDP p.c. (PPP) Annual Average Growth Last 15 Years]]></question_text>
<data_date><![CDATA[2005]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<note><![CDATA[Neither UNDP/HDR nor CIA provide this data.]]></note>
<source>
<sourceshort><![CDATA[UNDP / HDR 2007/2008: 277-280]]></sourceshort>
<sourceurl><![CDATA[http://hdr.undp.org/en/media/hdr_20072008_tables.pdf]]></sourceurl>
</source>
</question>
</category>
<category cseq="5"><ctitle><![CDATA[GDP Sectoral Composition]]></ctitle>
<question info_num="14" old_numbering="3.4.3.1:">
<question_text><![CDATA[Agriculture]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="15" old_numbering="3.4.3.2:">
<question_text><![CDATA[Industry]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="16" old_numbering="3.4.3.3:">
<question_text><![CDATA[Services]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
</category>
<category cseq="6"><ctitle><![CDATA[Employment Sectoral Composition]]></ctitle>
<question info_num="17" old_numbering="3.4.6.1:">
<question_text><![CDATA[Agriculture]]></question_text>
<data_date><![CDATA[2001]]></data_date>
<more_info>0</more_info>
<data_num>0%</data_num>
<note><![CDATA[Data Warning: Data is outdated (2001).]]></note>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="18" old_numbering="3.4.6.2:">
<question_text><![CDATA[Industry]]></question_text>
<data_date><![CDATA[2001]]></data_date>
<more_info>0</more_info>
<data_num>40%</data_num>
<note><![CDATA[Data Warning: Data is outdated (2001).]]></note>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="19" old_numbering="3.4.6.3:">
<question_text><![CDATA[Services]]></question_text>
<data_date><![CDATA[2001]]></data_date>
<more_info>0</more_info>
<data_num>60%</data_num>
<note><![CDATA[Data Warning: Data is outdated (2001).]]></note>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
</category>
<category cseq="7"><ctitle><![CDATA[Relevant International Affiliations]]></ctitle>
<question info_num="20" old_numbering="3.9.1:">
<question_text><![CDATA[UN Convention Against Corruption]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.unodc.org/unodc/en/treaties/CAC/signatories.html]]></sourceurl>
</source>
</question>
<question info_num="21" old_numbering="3.9.2:">
<question_text><![CDATA[UN Drug Convention 1988]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.unodc.org/documents/treaties/treaty_adherence_convention_1988.pdf]]></sourceurl>
</source>
</question>
<question info_num="22" old_numbering="3.9.3:">
<question_text><![CDATA[UN International Convention for the Suppression of the Financing of Terrorism]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://untreaty.un.org/ENGLISH/bible/englishinternetbible/partI/chapterXVIII/treaty12.asp]]></sourceurl>
</source>
</question>
<question info_num="23" old_numbering="3.9.4:">
<question_text><![CDATA[UN Convention Against Transnational Organized Crime]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.unodc.org/unodc/en/treaties/CTOC/countrylist.html]]></sourceurl>
</source>
</question>
<question info_num="24" old_numbering="3.9.5:">
<question_text><![CDATA[FIU Member of Egmont Group]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.egmontgroup.org/list_of_fius.pdf]]></sourceurl>
</source>
</question>
<question info_num="25" old_numbering="3.9.6:">
<question_text><![CDATA[Offshore Group of Banking Supervisors (OGBS)]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.ogbs.net/members.htm]]></sourceurl>
</source>
</question>
<question info_num="26" old_numbering="3.9.7:">
<question_text><![CDATA[Offhore Group of Insurance Supervisors (OGIS)]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.ogis.net/members.htm]]></sourceurl>
</source>
</question>
<question info_num="27" old_numbering="3.9.8:">
<question_text><![CDATA[OECD Global Forum on Taxation Participating Partner]]></question_text>
<data_date><![CDATA[January 2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2007: 20]]></sourceshort>
</source>
</question>
<question info_num="28" old_numbering="3.9.8.1:">
<question_text><![CDATA[Member of Sub-Group on Level Playing Field Issues (OECD Global Forum)]]></question_text>
<data_date><![CDATA[January 2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2007: 29, FN 12]]></sourceshort>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Overview of the Secrecy Jurisdiction]]></gtitle>
<category cseq="8"><ctitle><![CDATA[Summary]]></ctitle>
<question info_num="29" old_numbering="4.1:">
<question_text><![CDATA[History as Secrecy Jurisdiction Since]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>1967</data_num>
<note><![CDATA["Since 1967 an exempt company regime has applied to corporate taxation." (IMF OFC-AP 2007: 7).]]></note>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
</source>
</question>
<question info_num="30" old_numbering="4.2:">
<question_text><![CDATA[Development as a Secrecy Jurisdiction]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[INCSR writes: "Gibraltar is an overseas territory of the United Kingdom. A November 2006 referendum resulted in constitutional reforms transferring powers exercised by the U.K. government to Gibraltar. Gibraltar is a significant international financial center with strong ties to London, the Channel Islands, Israel, Cyprus, and other financial centers. Located at the southern tip of Spain, near the north coast of Africa, Gibraltar is adjacent to known drug-trafficking and human smuggling routes. It is also a retail banking centre for northern European expatriates with property in southern Spain. All of these factors reportedly contribute to money laundering and terrorist financing vulnerabilities in Gibraltar." (INCSR 2008: 214).]]></supplement>
<supplement><![CDATA[As regards the role of taxes, the IMF writes: "Fiscal policy, and in particular tax policy, has helped to diversify the economy. Since 1967 an exempt company regime has applied to corporate taxation. Exempt companies are those that are not owned by Gibraltarians and do not do business domestically, and are thus exempt from paying corporate taxes. Otherwise effective corporate tax rates range from 20 to 35 percent. There are no capital gains tax, wealth tax, inheritance tax, estate duty, VAT, or sales tax. Personal income tax contributes the bulk of fiscal revenue. The government plans to reform the tax regime to comply with the European Union’s state aid rules. A new tax regime is expected to be in place by July 2007. The exempt tax regime is to be phased out by 2010 and starting July 2006 no new entities will be given an exempt status.” (IMF OFC-AP 2007: 7).]]></supplement>
<supplement><![CDATA[As regards banking business, the IMF notes: "The provision of investment services to nonresident clients is the most important function (in terms of value added) conducted by the banks in Gibraltar. The banks provide various related services for wealth/asset management. The business may be directed to the banks through independent asset managers either located in Gibraltar or overseas, or through the parent offices, or acquired through Gibraltar based marketing efforts. Fiduciary deposits from parent banks are also a common feature of the banking industry in Gibraltar. The client base is made up mostly of European nationals who reside in this region for part of the year, and are interested in owning property in the region.]]></supplement>
<supplement><![CDATA[Another important nonresident service provided by some of the banks, in addition to asset management functions, is mortgage lending for properties located in southern Spain and Portugal. For various tax reasons some banks book such activity out of their parent offices (e.g., in the United Kingdom). Nevertheless, the banks in Gibraltar provide all the administration services associated with such lending activity and it remains an important source of revenue for the Gibraltar banks." (IMF OFC-AP 2007: 9).]]></supplement>
<supplement><![CDATA[A new strand of business appears to be online gaming: "There has been significant growth in the online gaming industry in Gibraltar. Fifteen licenses have been issued and employment in this sector has increased from 550 to about 1,350 people. These firms provide online gambling and sports betting services." (IMF OFC-AP 2007: 10).]]></supplement>
<source>
<sourceshort><![CDATA[INCSR 2008: 214; IMF OFC-AP 2007: 7, 9, 10]]></sourceshort>
</source>
</question>
</category>
<category cseq="9"><ctitle><![CDATA[Availability of Key Features]]></ctitle>
<question info_num="31" old_numbering="4.4.1:">
<question_text><![CDATA[Trusts]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgitman.html]]></sourceurl>
</source>
</question>
<question info_num="32" old_numbering="4.4.2:">
<question_text><![CDATA[Companies]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 214]]></sourceshort>
</source>
</question>
<question info_num="33" old_numbering="4.4.3:">
<question_text><![CDATA[Low Tax]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgitax.html]]></sourceurl>
</source>
</question>
<question info_num="34" old_numbering="4.4.4:">
<question_text><![CDATA[Secrecy]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 34]]></sourceshort>
</source>
</question>
<question info_num="35" old_numbering="4.4.5:">
<question_text><![CDATA[Foundations]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
</question>
<question info_num="36" old_numbering="4.4.6:">
<question_text><![CDATA[Reinsurance]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgiins.html]]></sourceurl>
</source>
</question>
<question info_num="37" old_numbering="4.4.7:">
<question_text><![CDATA[Banking]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 214]]></sourceshort>
</source>
</question>
<question info_num="38" old_numbering="4.4.8:">
<question_text><![CDATA[Others]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[Internet Gaming (INCSR 2008: 215; IMF OFC-AP 2007: 7).]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 215; IMF OFC-AP 2007: 7]]></sourceshort>
</source>
</question>
</category>
<category cseq="10"><ctitle><![CDATA[On 'Black-Lists' of]]></ctitle>
<question info_num="39" old_numbering="12.1.1:">
<question_text><![CDATA[International Bureau of Fiscal Documentation 1977]]></question_text>
<data_date><![CDATA[1977]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="40" old_numbering="12.1.2:">
<question_text><![CDATA[Charles Irish 1982]]></question_text>
<data_date><![CDATA[1982]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
</question>
<question info_num="41" old_numbering="12.1.3:">
<question_text><![CDATA[Hines Rice 1994]]></question_text>
<data_date><![CDATA[1994]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="42" old_numbering="12.1.4:">
<question_text><![CDATA[IMF 2000]]></question_text>
<data_date><![CDATA[2000]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="43" old_numbering="12.1.5:">
<question_text><![CDATA[OECD 2000]]></question_text>
<data_date><![CDATA[2000]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="44" old_numbering="12.1.6:">
<question_text><![CDATA[FSF 2000]]></question_text>
<data_date><![CDATA[2000]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="45" old_numbering="12.1.7:">
<question_text><![CDATA[FATF 2000 / 2002]]></question_text>
<data_date><![CDATA[2000/2002]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
</question>
<question info_num="46" old_numbering="12.1.8:">
<question_text><![CDATA[Tax Justice Network 2005]]></question_text>
<data_date><![CDATA[2005]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[TJN 2005: 37]]></sourceshort>
</source>
</question>
<question info_num="47" old_numbering="12.1.9:">
<question_text><![CDATA[Zoromé 2007 (IMF)]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceshort><![CDATA[Zoromé 2007: 19]]></sourceshort>
</source>
</question>
<question info_num="48" old_numbering="12.1.10:">
<question_text><![CDATA[Stop Tax Havens Act (USA) 2007]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[Levin 2007: 8-10]]></sourceshort>
</source>
</question>
<question info_num="49" old_numbering="12.1.11:">
<question_text><![CDATA[Lowtax.net 2008]]></question_text>
<data_date><![CDATA[2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/jurhom.html]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Tax and Regulatory System]]></gtitle>
<category cseq="12"><ctitle><![CDATA[Tax & Regulation - Overview]]></ctitle>
<question info_num="50" old_numbering="4.3:">
<question_text><![CDATA[Summary of Tax System:]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA["[…] effective corporate tax rates range from 20 to 35 percent. There are no capital gains tax, wealth tax, inheritance tax, estate duty, VAT, or sales tax. Personal income tax contributes the bulk of fiscal revenue." (IMF OFC-AP 2007: 7). However, these corporate taxes are only due if the business of a Gibraltar-incorporated company is 'managed and controlled' in Gibraltar (Governmental Website). Thus, an effective horizontal ring rence is created for non-resident Gibraltar "exempt companies" which are tax exempt.]]></supplement>
<supplement><![CDATA[There are plans for reform which the IMF summarizes as follows: "In this context a package of reforms has been submitted to the EU for approval, and the EU’s response is expected by end-2006. The main features of this tax package include: abolition of the current corporate tax regime and replacing it with: a profit tax on financial service providers; a payroll tax; a business property occupation tax; annual company registration fee; and profit tax on utility companies." (IMF OFC-AP 2007: 7, FN 4). Such a reform is likely to result in de facto horizontal ring fencing instrumented through taxing only locally bound activities (utilities, property, payroll, etc.). Additionally, it is noticeable that there is a special individualist tax regime applicable to High Net Worth Individuals which allows them to negotiate 'lump sum' taxes (Lowtax.net).]]></supplement>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgiotr.html#highnet; http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
</category>
<category cseq="13"><ctitle><![CDATA[Tax & Regulation - Details]]></ctitle>
<question info_num="51" old_numbering="4.3.1:">
<question_text><![CDATA[Income Taxation: Source Principle]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgipetx.html#residence]]></sourceurl>
</source>
</question>
<question info_num="52" old_numbering="4.3.2:">
<question_text><![CDATA[Income Taxation: Residence Principle]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[There are two exemptions to the worldwide income criterion: First, if foreign source business income is not remitted to Gibraltar (Lowtax.net); second, there is a special tax regime for rich individuals (HNWIs) that does not require them to pay for all their income (ibid.).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgipetx.html#residence; http://www.lowtax.net/lowtax/html/gibraltar/jgiotr.html#highnet]]></sourceurl>
</source>
</question>
<question info_num="53" old_numbering="4.3.3:">
<question_text><![CDATA[Legal Framework for Regulation & Taxation Uniform Across National Territory?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
</source>
</question>
<question info_num="54" old_numbering="4.3.4.2:">
<question_text><![CDATA[Horizontal Ring Fencing]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<supplement><![CDATA[The main features of this tax package include: abolition of the current corporate tax regime and replacing it with: a profit tax on financial service providers; a payroll tax; a business property occupation tax; annual company registration fee; and profit tax on utility companies." (IMF OFC-AP 2007: 7, FN 4). These taxes related to financial service providers, payroll taxes, property-linked taxes, and taxes levied on utility companies are likely to be paid only by entities with a physical presence and actual business in Gibraltar whereas they leave foreign business undertaken by foreign owners tax free. As of October 2008, there was no indication on the governmental website about any reforms being accomplished.]]></supplement>
<note><![CDATA[There is a combination of horizontal and vertical fing fencing attached to the "exempt" company type which is tax exempt but must not be owned by residents or carry on business in Gibraltar (IMF OFC-AP 2007: 7). The IMF writes that Gibraltar is expected to have a new regime in place by July 2007 phasing out this former "exempt" company regime by 2010 (ibid., FN 3). However, the current reform proposal (as summarized by the IMF below) is likely to maintain de facto horizontal ring fencing instrumented through vertical ring fencing:  "In this context a package of reforms has been submitted to the EU for approval, and the EU’s response is expected by end-2006.]]></note>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="55" old_numbering="4.3.4.3:">
<question_text><![CDATA[Vertical Ring Fencing]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[There is a combination of horizontal and vertical fing fencing attached to the "exempt" company type which is tax exempt but must not be owned by residents or carry out business in Gibraltar (IMF OFC-AP 2007: 7). The IMF writes that Gibraltar is expected to have a new regime in place by July 2007 phasing out this former "exempt" company regime by 2010 (ibid., FN 3). However, the current reform proposal (as summarized by the IMF below) is likely to maintain de facto horizontal ring fencing instrumented through vertical ring fencing:  "In this context a package of reforms has been submitted to the EU for approval, and the EU’s response is expected by end-2006. The main features of this tax package include: abolition of the current corporate tax regime and replacing it with: a profit tax on financial service providers; a payroll tax; a business property occupation tax; annual company registration fee; and profit tax on utility companies." (IMF OFC-AP 2007: 7, FN 4). These taxes related to financial service providers, payroll taxes, property-linked taxes, and taxes levied on utility companies are likely to be paid only by entities with a physical presence and actual business in Gibraltar whereas leaving foreign business undertaken by foreign owners tax free. As of October 2008, there was no indication on the governmental website about any reforms being accomplished.]]></note>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="56" old_numbering="4.3.4.4:">
<question_text><![CDATA[Territorial Ring Fencing]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
</category>
<category cseq="14"><ctitle><![CDATA[Money Laundering]]></ctitle>
<question info_num="57" old_numbering="4.8:">
<question_text><![CDATA[Money Laundering: Average Rating on 49 FATF-Recommendations (1=compliant; 2=largely compliant; 3=partially compliant; 4=non-compliant)]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>1</more_info>
<data_num>2.12</data_num>
<note><![CDATA[Average rating based on 49 criteria, of which twelve have been rated as compliant, 20 as largely compliant, 16 as partially compliant, and one as non-compliant (IMF AML 2007: 115-121).]]></note>
<source>
<sourceshort><![CDATA[IMF AML 2007: 115-121]]></sourceshort>
<sourceurl><![CDATA[http://www.fatf-gafi.org/document/32/0,3343,en_32250379_32236982_35128416_1_1_1_1,00.html; http://www.imf.org/external/pubs/ft/scr/2007/cr0766.pdf]]></sourceurl>
</source>
</question>
<question info_num="58" old_numbering="4.8.1:">
<question_text><![CDATA[Amount of Assets Frozen in Response to AML-Regulation]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<note><![CDATA["The authorities do not maintain statistics on assets frozen, seized, or confiscated under the various authorities at their disposal." (IMF AML 2007: 34).]]></note>
<source>
<sourceshort><![CDATA[IMF AML 2007: 34]]></sourceshort>
</source>
</question>
<question info_num="59" old_numbering="4.8.3:">
<question_text><![CDATA[Number of Suspicious Transactions Reported]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_num>100</data_num>
<source>
<sourceshort><![CDATA[INCSR 2008: 215]]></sourceshort>
</source>
</question>
<question info_num="60" old_numbering="4.9.1:">
<question_text><![CDATA[Major money laundering country according to US-INCSR]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes, of concern]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 62]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="61" old_numbering="4.9.2.1:">
<question_text><![CDATA[Has the country enacted laws criminalizing the offense of money laundering related to drug trafficking?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-74]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="62" old_numbering="4.9.2.2:">
<question_text><![CDATA[Has the jurisdiction extended anti-money laundering statutes and regulations to include nondrug-related money laundering?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-75]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="63" old_numbering="4.9.2.3:">
<question_text><![CDATA[Are banks required to maintain records of large transactions in currency or other monetary instruments?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-76]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="64" old_numbering="4.9.2.4:">
<question_text><![CDATA[Are banks required to keep records, especially of large or unusual transactions, for a specified period of time, e.g. five years?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-77]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="65" old_numbering="4.9.2.5:">
<question_text><![CDATA[Are banks, by law or regulation, required to record and report suspicious or unusual transactions to designated authorities?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Mandatory reporting]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-78]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="66" old_numbering="4.9.2.6:">
<question_text><![CDATA[Has the jurisdiction established an operative central, national agency responsible for receiving, analyzing and disseminating of financial information concerning suspected proceeds of crime (Egmont FIU)?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-79]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="67" old_numbering="4.9.2.7:">
<question_text><![CDATA[Has the jurisdiction enacted laws authorizing the tracing, freezing, seizure and forfeiture of assets identified as relating to or generated by money laundering activities?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-80]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="68" old_numbering="4.9.2.8:">
<question_text><![CDATA[Does the jurisdiction, by law, regulation, or bilateral agreement, permit sharing of seized assets with third party jurisdictions which assisted in the conduct of the underlying investigation?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-81]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="69" old_numbering="4.9.2.9:">
<question_text><![CDATA[Are banks permitted / required to cooperate with authorized investigations involving or initiated by third party jurisdictions, including sharing of records or other financial data?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-82]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="70" old_numbering="4.9.2.10:">
<question_text><![CDATA[Does the jurisdiction, in cooperation with banks, control or monitor the flow of currency and monetary instruments crossing its borders?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-83]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="71" old_numbering="4.9.2.11:">
<question_text><![CDATA[Has the jurisdiction agreed, by law or through bilateral treaties, to provide and receive mutual legal assistance, including the sharing of records and data?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-84]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="72" old_numbering="4.9.2.12:">
<question_text><![CDATA[Does the jurisdiction require nonbank financial institutions to meet the same customer identification standards and adhere to the same reporting requirements that it imposes on banks?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-85]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="73" old_numbering="4.9.2.13:">
<question_text><![CDATA[Does the country provide a "safe harbour" defense to banks or other financial institutions and their employees who provide otherwise confidential banking data to authorities in pursuit of authorized investigations?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-86]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
<question info_num="74" old_numbering="4.9.2.14:">
<question_text><![CDATA[Has the jurisdiction criminalized the provision of material support to terrorists and / or terrorist organizations?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[INCSR 2008: 63-87]]></sourceshort>
<sourceurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Financial Sector Data]]></gtitle>
<category cseq="15"><ctitle><![CDATA[Number of Legal Entities & Arrangements]]></ctitle>
<question info_num="75" old_numbering="5.1.1:">
<question_text><![CDATA[Companies]]></question_text>
<data_date><![CDATA[2008]]></data_date>
<more_info>1</more_info>
<data_num>40807</data_num>
<note><![CDATA[This figure is probably at the lower end of the total amount of companies registered in Gibraltar since it displays only "Number of companies for which company managerial services are provided" (Gibraltar Financial Services Commission).]]></note>
<source>
<sourceshort><![CDATA[Gibraltar Financial Services Commission]]></sourceshort>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/statistics.htm]]></sourceurl>
</source>
</question>
<question info_num="76" old_numbering="5.1.1.1:">
<question_text><![CDATA[Companies (annual growth)]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>-0.019</data_num>
<note><![CDATA[Own calculation based on the data (and its limits) provided by the Gibraltar Financial Services Commission.]]></note>
<source>
<sourceshort><![CDATA[Gibraltar Financial Services Commission]]></sourceshort>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/statistics.htm]]></sourceurl>
</source>
</question>
<question info_num="77" old_numbering="5.1.2:">
<question_text><![CDATA[Trusts]]></question_text>
<data_date><![CDATA[2008]]></data_date>
<more_info>0</more_info>
<data_num>3745</data_num>
<source>
<sourceshort><![CDATA[Gibraltar Financial Services Commission]]></sourceshort>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/statistics.htm]]></sourceurl>
</source>
</question>
<question info_num="78" old_numbering="5.1.3:">
<question_text><![CDATA[Banks]]></question_text>
<data_date><![CDATA[2006]]></data_date>
<more_info>1</more_info>
<data_num>18</data_num>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 18]]></sourceshort>
</source>
</question>
<question info_num="79" old_numbering="5.1.4:">
<question_text><![CDATA[Accountants]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="80" old_numbering="5.1.5:">
<question_text><![CDATA[Lawyers]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="81" old_numbering="5.1.6:">
<question_text><![CDATA[Trust Companies]]></question_text>
<data_date><![CDATA[2006]]></data_date>
<more_info>0</more_info>
<data_num>82</data_num>
<note><![CDATA[Figure comprises trust and company service providers (IMF OFC-AP 2007: 18).]]></note>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 18]]></sourceshort>
</source>
</question>
<question info_num="82" old_numbering="5.1.7:">
<question_text><![CDATA[Insurance Companies]]></question_text>
<data_date><![CDATA[2006]]></data_date>
<more_info>0</more_info>
<data_num>50</data_num>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 18]]></sourceshort>
</source>
</question>
<question info_num="83" old_numbering="5.1.8:">
<question_text><![CDATA[Investment Funds]]></question_text>
<data_date><![CDATA[2006]]></data_date>
<more_info>0</more_info>
<data_num>43</data_num>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 18]]></sourceshort>
</source>
</question>
</category>
<category cseq="16"><ctitle><![CDATA[Financial Sector Work Force]]></ctitle>
<question info_num="84" old_numbering="5.1.9:">
<question_text><![CDATA[Employees in the Financial Services Sector]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_num>1500</data_num>
<source>
<sourceshort><![CDATA[NAO 2007: 21]]></sourceshort>
<sourceurl><![CDATA[http://www.nao.org.uk/publications/nao_reports/07-08/07084.pdf]]></sourceurl>
</source>
</question>
<question info_num="85" old_numbering="5.3:">
<question_text><![CDATA[Proportion of Economically Active Population Engaged in the Financial Services Sector]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
</category>
<category cseq="17"><ctitle><![CDATA[Shares of GDP]]></ctitle>
<question info_num="86" old_numbering="5.2.1:">
<question_text><![CDATA[Financial Services-to-GDP Ratio]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[25-30%]]></data_text>
<source>
<sourceshort><![CDATA[CIA World Factbook]]></sourceshort>
<sourceurl><![CDATA[https://www.cia.gov/library/publications/the-world-factbook/index.html]]></sourceurl>
</source>
</question>
<question info_num="87" old_numbering="5.2.2:">
<question_text><![CDATA[Net Financial Services Exports-to-GDP Ratio (IMF/Zoromé 2007)]]></question_text>
<data_date><![CDATA[2003]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<note><![CDATA[Major data warning: Gibraltar does not provide neither BoP, IIP nor CPIS data: worst of all cases.]]></note>
<source>
<sourceshort><![CDATA[Zoromé 2007]]></sourceshort>
</source>
</question>
</category>
<category cseq="18"><ctitle><![CDATA[Presence of Big 4 Accounting Firms]]></ctitle>
<question info_num="88" old_numbering="5.5.1:">
<question_text><![CDATA[KPMG]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>1</data_num>
<source>
<sourceurl><![CDATA[http://www.kpmg.com/Global/WhoWeAre/Locations/Pages/default.aspx]]></sourceurl>
</source>
</question>
<question info_num="89" old_numbering="5.5.2:">
<question_text><![CDATA[PWC]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>1</data_num>
<source>
<sourceurl><![CDATA[http://www.pwc.com/gx/en/office-locations/index.jhtml]]></sourceurl>
</source>
</question>
<question info_num="90" old_numbering="5.5.3:">
<question_text><![CDATA[Deloitte]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>1</data_num>
<source>
<sourceurl><![CDATA[http://careers.deloitte.com/india/experienced-professionals/offices.aspx]]></sourceurl>
</source>
</question>
<question info_num="91" old_numbering="5.5.4:">
<question_text><![CDATA[Ernst & Young]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_num>0</data_num>
<source>
<sourceurl><![CDATA[http://www.ey.com/OurLocations]]></sourceurl>
</source>
</question>
</category>
<category cseq="19"><ctitle><![CDATA[Presence of Banks]]></ctitle>
<question info_num="92" old_numbering="5.6:">
<question_text><![CDATA[List of Banks with Presence in this Jurisdiction]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[ABN AMRO Bank; Bank J Safra; Barclays Bank; Credit Suisse; EFG Bank; IDT Financial Services; Jyske Bank; Leeds Building Society; Lloyds TSB Bank; Lombard Odier Darier Hentsch Private Bank; Newcastle Building Society; Norwich & Peterborough Building Society; SG Hambros Bank; The Royal Bank of Scotland; Turicum Private Bank.]]></supplement>
<source>
<sourceurl><![CDATA[http://www.fsc.gi/fsclists/bnklist.asp]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Local Financial Regulation]]></gtitle>
<category cseq="20"><ctitle><![CDATA[Regulator Overview]]></ctitle>
<question info_num="93" old_numbering="5.4.1.1:">
<question_text><![CDATA[Banks]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Financial Services Commission (FSC)]]></data_text>
<source>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/home.htm]]></sourceurl>
</source>
</question>
<question info_num="94" old_numbering="5.4.1.2:">
<question_text><![CDATA[Securities]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Financial Services Commission (FSC)]]></data_text>
<source>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/home.htm]]></sourceurl>
</source>
</question>
<question info_num="95" old_numbering="5.4.1.3:">
<question_text><![CDATA[Insurance]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Financial Services Commission (FSC)]]></data_text>
<source>
<sourceurl><![CDATA[http://www.fsc.gi/fsc/home.htm]]></sourceurl>
</source>
</question>
<question info_num="96" old_numbering="5.4.1.4:">
<question_text><![CDATA[Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[Companies House Gibraltar]]></data_text>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/newindex.html]]></sourceurl>
</source>
</question>
<question info_num="97" old_numbering="5.4:">
<question_text><![CDATA[Summary Regulatory Structure]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA["The FSC is the unified regulatory and supervisory authority for financial services. The FSC is responsible for supervision of banks and building societies, investment businesses, insurance companies, investment services, company management, professional trusteeship, insurance management, and insurance mediation. The FSC was established under the FSC Ordinance (FSCO) 1989." (IMF OFC-AP 2007: 7). However, the corporate registry is run by "Companies House Gibraltar".]]></supplement>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
<sourceurl><![CDATA[http://www.companieshouse.gi/newindex.html]]></sourceurl>
</source>
</question>
</category>
<category cseq="22"><ctitle><![CDATA[Regulator Details]]></ctitle>
<question info_num="98" old_numbering="5.4.4:">
<question_text><![CDATA[Summary Regulatory Effectiveness]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[The assessment conducted by the IMF (OFC-AP 2007) raised rather few concerns regarding the overall effectiveness of the regulator. Good international cooperation with foreign supervisory entities  was commended (IMF OFC-AP 2007: 12-13). A recurrent concern is the lack of independence of Gibraltar's FSC (ibid.: 11-12).]]></supplement>
<supplement><![CDATA[While banking and insurance assessments displayed rather good regulatory performance, the picture is more ambiguous when it comes to money laundering (see money laundering section). A series of shortcomings has been identified. For instance, while the professional sector is said to be primarily exposed to the risk of ML, it is presently not covered by effective AML-regulation; neither are bureaux de changes nor money transmitters covered (ibid.: 14-15).]]></supplement>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 12-15]]></sourceshort>
</source>
</question>
<question info_num="99" old_numbering="5.4.7:">
<question_text><![CDATA[Who are the regulators and are they from the financial services industry?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[The IMF says that the regulators have a background in the finance sector: "Over the years the FSC and its staff have built up credibility based on a history of integrity and experience with all the professional staff having a background in the finance sector and relevant professional qualification." (IMF BCP 2007: 8).]]></supplement>
<source>
<sourceshort><![CDATA[IMF BCP 2007: 8]]></sourceshort>
</source>
</question>
<question info_num="100" old_numbering="5.4.5:">
<question_text><![CDATA[Who appoints the regulator?]]></question_text>
<data_date><![CDATA[2008]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[Since May 2007, the competent Minister appoints the commissioners: "The Financial Services Commission Act 2007 (FSCA) became effective in May 2007. This act repeals and replaces the Financial Services Commission Act of 1989. With this legislation, the FSC modernized and restructured itself. One of the most significant changes arising from the FSCA is in respect to the appointment of members of the Commission, who will be selected by the minister with responsibility for financial services (presently the Chief Minister) from a short list of three suitable persons provided to him by existing members."  (INCSR 2008: 215).]]></supplement>
<source>
<sourceshort><![CDATA[INCSR 2008: 215]]></sourceshort>
</source>
</question>
<question info_num="101" old_numbering="5.4.6:">
<question_text><![CDATA[Who controls the regulator?]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[ ]]></data_text>
<supplement><![CDATA[The competent minister (currently the Chief Minister) controls the Financial Services Commission because he has a veto right as regards financial sector regulation (INCSR 2008: 215). Furthermore, it is not clear if the new law changed the old situation that dispensed with a requirement to give reasons for the dismissal of Commission members (IMF BCP 2007: 8). Neither is it clear if the new law ended the accountability of the FSC to the Governor of Gibraltar who is a representative of the UK (IMF OFC-AP 2007: 8).]]></supplement>
<source>
<sourceshort><![CDATA[INCSR 2008: 215; IMF BCP 2007: 8]]></sourceshort>
</source>
</question>
<question info_num="102" old_numbering="5.4.4.1:">
<question_text><![CDATA[Compliance with Banking Regulations (Basel Core Principles; 1=compliant; 2=largely compliant; 3=materially non-compliant; 4=non compliant)]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[1,1]]></data_text>
<note><![CDATA[Average rating based on 30 criteria, of which 27 have been rated as compliant and three as largely compliant (IMF BCP 2007: 22).]]></note>
<source>
<sourceshort><![CDATA[IMF BCP 2007: 22]]></sourceshort>
</source>
</question>
<question info_num="103" old_numbering="5.4.4.2:">
<question_text><![CDATA[Compliance with Securities Regulations (IOSCO Principles; 1=implemented; 2=broadly implemented; 3=partially implemented; 4=not implemented)]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[NA]]></data_text>
</question>
<question info_num="104" old_numbering="5.4.4.3:">
<question_text><![CDATA[Compliance with Insurance Regulations (IAIS Principles; 1=observed; 2=largely observed; 3=partly observed; 4=not observed)]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[1,18]]></data_text>
<note><![CDATA[Average rating based on 28 criteria, of which 24 have been rated as observed, three as largely observed and one as partly observed (IMF IAIS 2007: 18).]]></note>
<source>
<sourceshort><![CDATA[IMF IAIS 2007: 18]]></sourceshort>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Bank Secrecy and Information Exchange]]></gtitle>
<category cseq="23"><ctitle><![CDATA[Bank Secrecy]]></ctitle>
<question info_num="105" old_numbering="7.1:">
<question_text><![CDATA[Does it have a statutory basis?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 49]]></sourceshort>
</source>
</question>
<question info_num="106" old_numbering="7.2.1:">
<question_text><![CDATA[Can data be accessed for information exchange in case of civil tax matters?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except in the narrow cirumstances of the EU-Savings Directive (OECD 2008: 58).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 58]]></sourceshort>
</source>
</question>
<question info_num="107" old_numbering="7.2.2:">
<question_text><![CDATA[Can data be accessed for information exchange in case of criminal tax matters?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except in the narrow cirumstances of the EU-Savings Directive (OECD 2008: 58).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 58]]></sourceshort>
</source>
</question>
<question info_num="108" old_numbering="7.3.1:">
<question_text><![CDATA[Are procedures to access data effective in case of civil tax matters?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[NA]]></data_text>
<note><![CDATA["Gibraltar has no powers to obtain information from banks and financial institutions. However, the competent authority receives the necessary information to carry out its obligations under the EU Savings Directive […]." (OECD 2008: 70).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 70]]></sourceshort>
</source>
</question>
<question info_num="109" old_numbering="7.3.2:">
<question_text><![CDATA[Are procedures to access data effective in case of criminal tax matters?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[NA]]></data_text>
<note><![CDATA["Gibraltar has no powers to obtain information from banks and financial institutions. However, the competent authority receives the necessary information to carry out its obligations under the EU Savings Directive […]." (OECD 2008: 70).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 70]]></sourceshort>
</source>
</question>
<question info_num="110" old_numbering="7.4:">
<question_text><![CDATA[Can banking data be accessed for domestic tax purposes?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
</category>
<category cseq="24"><ctitle><![CDATA[Information Exchange]]></ctitle>
<question info_num="111" old_numbering="6.2.1:">
<question_text><![CDATA[Is tax evasion in civil matters a basis for exchange?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except with EU-member states (OECD 2008: 40).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 40]]></sourceshort>
</source>
</question>
<question info_num="112" old_numbering="6.2.2:">
<question_text><![CDATA[Is tax evasion in criminal matters a basis for exchange?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[As relates to EU-member states and according to new legislation allowing for exchange of information "in criminal tax matters using the Evidence Act with letters of request with effect from 13 March 2008." (OECD 2008: 26; 40). However, these letters of request are likely to be rather ineffective tools for information exchange since they involve very formal, diplomatic and judicial channels that may take years for information to be provided and require conditions to be met beforehand that render them virtually ineffective. Furthermore, except for the EU Savings Directive, there is no means of accessing banking information for exchange purposes (OECD 2008: 70). This renders any "allowance" to exchange information rather meaningless.]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 26, 40, 70]]></sourceshort>
</source>
</question>
</category>
<category cseq="25"><ctitle><![CDATA[Treaty Provisions]]></ctitle>
<question info_num="113" old_numbering="6.1.1:">
<question_text><![CDATA[Number of Double Tax Agreements (DTA)]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_num>0</data_num>
<source>
<sourceshort><![CDATA[OECD 2008: 34]]></sourceshort>
</source>
</question>
<question info_num="114" old_numbering="6.1.2:">
<question_text><![CDATA[Number of Tax Information Exchange Agreements (TIEA)]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_num>0</data_num>
<source>
<sourceshort><![CDATA[OECD 2008: 34]]></sourceshort>
</source>
</question>
<question info_num="115" old_numbering="6.1.3:">
<question_text><![CDATA[Number of TIEA Requests Fulfilled]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Not Applicable]]></data_text>
</question>
</category>
</group><group><gtitle><![CDATA[Legal Entities and Arrangements: Companies]]></gtitle>
<category cseq="26"><ctitle><![CDATA[Companies - Identity & Registration Information]]></ctitle>
<question info_num="116" old_numbering="8.1.1:">
<question_text><![CDATA[Is any formal registration required at all?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 111]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="117" old_numbering="8.1.1.1:">
<question_text><![CDATA[Registration comprises owner's identity information?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Legal ownership only (OECD 2008: 111).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 111]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="118" old_numbering="8.1.1.2:">
<question_text><![CDATA[Are nominee owners allowed?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[Legal ownership only (OECD 2008: 111).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 111]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="119" old_numbering="8.1.1.3:">
<question_text><![CDATA[Are private legal entities and trusts accepted as beneficial owners?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#private; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="120" old_numbering="8.1.1.4:">
<question_text><![CDATA[Are nominee company officers allowed (whether directors, secretaries, trustees, enforcers, or otherwise)?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[Corporate Directors are allowed (OCRA).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#private; http://www.offshoresimple.com/gibraltar.htm; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="121" old_numbering="8.1.1.5:">
<question_text><![CDATA[If nominee company officers are allowed, is their nominee status disclosed?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="122" old_numbering="8.1.1.6:">
<question_text><![CDATA[Are bearer shares allowed?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[There is a contrary statement in the OECD report indicating that no bearer shares are allowed in Gibraltar (OECD 2008: 94).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 94]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="123" old_numbering="8.1.1.7:">
<question_text><![CDATA[Must the constitution be submitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="124" old_numbering="8.1.1.8:">
<question_text><![CDATA[Is the update of information (owners' and officers' names and constitution) mandatory?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="125" old_numbering="8.1.2:">
<question_text><![CDATA[Is registration data publicly available ('on public record')?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except for the registered address, the date of incorporation, the name of the nominee directors and shareholders.]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="126" old_numbering="8.1.3:">
<question_text><![CDATA[Can registration data be accessed for domestic tax purposes?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="127" old_numbering="8.1.4:">
<question_text><![CDATA[Can registration data be secured for information exchange?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except in the narrow cirumstances of the EU-Savings Directive (OECD 2008: 79). Generally, this question is based on table C1 of OECD’s Tax Co-operation Report. This table displays if access on registration information is possible specifically for information exchange purposes. It is answered ‘yes’ only if all cells in the columns 2, 3 and 5 of the aforementioned table C1 are answered ‘yes’ and column 4 is answered ‘no’ (or if other sources support the equivalent information). This translates into the capacity of a governmental agency to access registers in both civil and criminal matters for information exchange purposes and to obtain information that is not required to be held, and finally to compel the production of information.]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 79]]></sourceshort>
</source>
</question>
<question info_num="128" old_numbering="8.1.5:">
<question_text><![CDATA[Is disclosure of registration data restricted by law?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 86]]></sourceshort>
</source>
</question>
</category>
<category cseq="27"><ctitle><![CDATA[Companies - Available Types]]></ctitle>
<question info_num="129" old_numbering="8.2.1:">
<question_text><![CDATA[Unlimited Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="130" old_numbering="8.2.2:">
<question_text><![CDATA[Limited Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="131" old_numbering="8.2.3:">
<question_text><![CDATA[Private Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="132" old_numbering="8.2.4:">
<question_text><![CDATA[Public Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
<question info_num="133" old_numbering="8.2.5:">
<question_text><![CDATA[Cell Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.offshoreinvestment.com/SURVEY/gibraltar.html]]></sourceurl>
</source>
</question>
<question info_num="134" old_numbering="8.2.7:">
<question_text><![CDATA[Are redomiciliation clauses prohibited?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="135" old_numbering="8.2.6:">
<question_text><![CDATA[Other Types of Companies]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[]]></data_text>
<source>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES]]></sourceurl>
</source>
</question>
</category>
<category cseq="28"><ctitle><![CDATA[Companies - Accounting Data]]></ctitle>
<question info_num="136" old_numbering="8.3.1:">
<question_text><![CDATA[Accounting data required]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 169]]></sourceshort>
</source>
</question>
<question info_num="137" old_numbering="8.3.2:">
<question_text><![CDATA[Accounts submitted to public authority]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[According to OCRA, there is only a limited requirement for certain ("small") companies (OCRA website).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 169]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#TYPE%20OF%20COMPANIES; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="138" old_numbering="8.3.3:">
<question_text><![CDATA[Accounts on public record]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[While the webpage of the companies registry claims accounts to be available (Company House Website), OCRA reports that accounts are not on public record (OCRA website). Offshore simple says that only "abridged accounts" need to be published which lends credibility of the notion of OCRA that only annual returns are on record.]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf; http://www.offshoresimple.com/gibraltar.htm]]></sourceurl>
</source>
</question>
<question info_num="139" old_numbering="8.3.4:">
<question_text><![CDATA[Minimum retention period of accounting records]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[10 years]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 169]]></sourceshort>
</source>
</question>
</category>
<category cseq="29"><ctitle><![CDATA[Companies - Taxation]]></ctitle>
<question info_num="140" old_numbering="8.4.1:">
<question_text><![CDATA[What are the usual tax rates]]></question_text>
<data_date><![CDATA[2007]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[None / 20-35%]]></data_text>
<source>
<sourceshort><![CDATA[IMF OFC-AP 2007: 7]]></sourceshort>
<sourceurl><![CDATA[http://www.gibraltar.gov.gi/business/bus_index.htm#FORMATION%20AND%20STATUTORY%20REQUIREMENTS%20FOR%20GIBRALTAR%20COMPANIES 6.10.2008]]></sourceurl>
</source>
</question>
<question info_num="141" old_numbering="8.4.2:">
<question_text><![CDATA[Are ring fences possible?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#exempt]]></sourceurl>
</source>
</question>
<question info_num="142" old_numbering="8.4.3:">
<question_text><![CDATA[Are tax returns usually required?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except if tax resident (see section 8.4.3).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#exempt]]></sourceurl>
</source>
</question>
</category>
<category cseq="30"><ctitle><![CDATA[Companies - Online Availability of Information]]></ctitle>
<question info_num="143" old_numbering="8.5.1.1:">
<question_text><![CDATA[Details of the companies' officers (whether directors, secretaries, trustees, enforcers or otherwise)?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[Nominees only (OCRA and Offshore Simple).]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html]]></sourceurl>
</source>
</question>
<question info_num="144" old_numbering="8.5.1.2:">
<question_text><![CDATA[Beneficial owners (= natural persons)?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Nominees only (OCRA and Offshore Simple).]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html]]></sourceurl>
</source>
</question>
<question info_num="145" old_numbering="8.5.1.3:">
<question_text><![CDATA[Constitution?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf]]></sourceurl>
</source>
</question>
<question info_num="146" old_numbering="8.5.1.4:">
<question_text><![CDATA[Accounts?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[While the webpage of the companies registry claims accounts to be available (Company House Website), OCRA reports that accounts are not on public record (OCRA website). Offshore simple says that only "abridged accounts" need to be published which lends credibility to the notion of OCRA that "Accounts are not available to the public." (OCRA website).]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchauth.html; http://documents.ocra.com/jurisdiction/europe/Gibraltar_Information.pdf; http://www.offshoresimple.com/gibraltar.htm]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Legal Entities and Arrangements: Trusts]]></gtitle>
<category cseq="31"><ctitle><![CDATA[Trusts - Identity and Registration Information]]></ctitle>
<question info_num="148" old_numbering="9.1.1:">
<question_text><![CDATA[Is any formal registration required at all?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except for asset protection trusts (Lowtax.net).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 136]]></sourceshort>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#trusts]]></sourceurl>
</source>
</question>
<question info_num="157" old_numbering="9.1.3:">
<question_text><![CDATA[Can this information be secured for information exchange?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except in the narrow cirumstances of the EU-Savings Directive (OECD 2008: 79).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 79]]></sourceshort>
</source>
</question>
</category>
<category cseq="32"><ctitle><![CDATA[Trusts - Available Types]]></ctitle>
<question info_num="158" old_numbering="9.2.1:">
<question_text><![CDATA[Are revocable trusts permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="159" old_numbering="9.2.2:">
<question_text><![CDATA[Are irrevocable trusts permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="160" old_numbering="9.2.3:">
<question_text><![CDATA[Are trusts for settlor benefit permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="161" old_numbering="9.2.3.1:">
<question_text><![CDATA[Are bare trusts permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="162" old_numbering="9.2.4:">
<question_text><![CDATA[Are discretionary trusts permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="163" old_numbering="9.2.5:">
<question_text><![CDATA[Are charitable trusts permitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="164" old_numbering="9.2.6:">
<question_text><![CDATA[Do trusts have a limited accumulation period?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#trusts]]></sourceurl>
</source>
</question>
<question info_num="165" old_numbering="9.2.7:">
<question_text><![CDATA[Are asset protection trusts and trusts with flee clauses prohibited?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#trusts]]></sourceurl>
</source>
</question>
<question info_num="166" old_numbering="9.2.8:">
<question_text><![CDATA[Are redomiciliation clauses prohibited?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
</category>
<category cseq="33"><ctitle><![CDATA[Trusts - Accounting Data]]></ctitle>
<question info_num="167" old_numbering="9.3.1:">
<question_text><![CDATA[Is there an obligation to keep accounting data?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[However, in absence of any registration requirements, it is difficult to see how any record keeping obligation shall be enforced.]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 184]]></sourceshort>
</source>
</question>
<question info_num="168" old_numbering="9.3.2:">
<question_text><![CDATA[Are annual accounts submitted to a public authority?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[As there are no registration requirements for trusts (except for asset protection trusts; Lowtax.net), there is no means of enforcing the submission of accounts.]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#trusts]]></sourceurl>
</source>
</question>
<question info_num="169" old_numbering="9.3.3:">
<question_text><![CDATA[Are annual accounts on public record?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[NA]]></data_text>
</question>
<question info_num="170" old_numbering="9.3.4:">
<question_text><![CDATA[What is the minimum retention period of accounting records (Years)?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[6 years]]></data_text>
<note><![CDATA[However, in absence of any registration requirements, it is difficult to see how any record keeping obligation shall be enforced.]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 184]]></sourceshort>
</source>
</question>
</category>
<category cseq="34"><ctitle><![CDATA[Trusts - Taxation]]></ctitle>
<question info_num="171" old_numbering="9.4.1:">
<question_text><![CDATA[What and/or who is subject to trust taxation?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>1</more_info>
<data_text><![CDATA[No. Trust income is tax exempt if certain conditions are met (see Lowtax.net for details). These conditions remount to an effective tax exemption for the average secrecy client using trusts.]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgidctx.html#taxtrusts]]></sourceurl>
</source>
</question>
<question info_num="172" old_numbering="9.4.2:">
<question_text><![CDATA[Are tax returns usually required?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[As there are no registration requirements for trusts (except for asset protection trusts; Lowtax.net), there is no means of enforcing the filing of tax returns.]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#trusts]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Legal Entities and Arrangements: Foundations]]></gtitle>
<category cseq="35"><ctitle><![CDATA[Foundations - Identity & Registration Information]]></ctitle>
<question info_num="173" old_numbering="10.1.1:">
<question_text><![CDATA[Is any formal registration required at all?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Not Applicable]]></data_text>
<supplement><![CDATA[Foundations are not available for private purposes. However, Lowtax.net writes: "The Gibraltar Private Foundation Ordinance 1999 was intended to establish a regime for foundations as 'vehicles for the holding of private assets endowed on the foundation for the benefit of identified persons or classes of persons', and was scheduled to become effective from 1st January 2000. However, this legislation appears to have fallen by the wayside, leaving the situation with regard to Gibraltar foundations uncertain, to say the least." (Lowtax.net).]]></supplement>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#foundation]]></sourceurl>
</source>
</question>
</category>
</group><group><gtitle><![CDATA[Legal Entities and Arrangements: Partnerships]]></gtitle>
<category cseq="39"><ctitle><![CDATA[Partnerships - Identity & Registration Information]]></ctitle>
<question info_num="192" old_numbering="11.1.1:">
<question_text><![CDATA[Is any formal registration required at all?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 150]]></sourceshort>
</source>
</question>
<question info_num="193" old_numbering="11.1.1.1:">
<question_text><![CDATA[Does registration require that partners' names be disclosed?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 150]]></sourceshort>
</source>
</question>
<question info_num="194" old_numbering="11.1.1.2:">
<question_text><![CDATA[Are nominees allowed?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<note><![CDATA[Partners may be companies (Lowtax.net).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="195" old_numbering="11.1.1.3:">
<question_text><![CDATA[Must the constitution be submitted?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="196" old_numbering="11.1.1.4:">
<question_text><![CDATA[Is the update of information (partners' names and constitution) mandatory?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Unknown]]></data_text>
</question>
<question info_num="197" old_numbering="11.1.2:">
<question_text><![CDATA[Is registration data publicly available ('on public record')?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except limited partnerships (see Company House website).]]></note>
<source>
<sourceurl><![CDATA[http://www.companieshouse.gi/namesearchinfo.html]]></sourceurl>
</source>
</question>
<question info_num="198" old_numbering="11.1.3:">
<question_text><![CDATA[Can this information be secured for information exchange?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except in the narrow cirumstances of the EU-Savings Directive (OECD 2008: 79).]]></note>
<source>
<sourceshort><![CDATA[OECD 2008: 79]]></sourceshort>
</source>
</question>
</category>
<category cseq="40"><ctitle><![CDATA[Partnerships - Available Types]]></ctitle>
<question info_num="199" old_numbering="11.2.1:">
<question_text><![CDATA[Partnerships with Unlimited Liability]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="200" old_numbering="11.2.2:">
<question_text><![CDATA[Partnerships with Limited Liability]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#limited]]></sourceurl>
</source>
</question>
<question info_num="201" old_numbering="11.2.3:">
<question_text><![CDATA[OtherType of Partnerships]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[]]></data_text>
</question>
</category>
<category cseq="41"><ctitle><![CDATA[Partnerships - Accounting Data]]></ctitle>
<question info_num="202" old_numbering="11.3.1:">
<question_text><![CDATA[Is there an obligation to keep accounting data?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 198]]></sourceshort>
</source>
</question>
<question info_num="203" old_numbering="11.3.2:">
<question_text><![CDATA[Are annual accounts submitted to a public authority?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except the partnership is "resident in Gibraltar" (Lowtax.net).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="204" old_numbering="11.3.3:">
<question_text><![CDATA[Are annual accounts on public record?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[NA]]></data_text>
</question>
<question info_num="205" old_numbering="11.3.4:">
<question_text><![CDATA[What is the minimum retention period of accounting records (years)?]]></question_text>
<data_date><![CDATA[January 2008]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[6 years]]></data_text>
<source>
<sourceshort><![CDATA[OECD 2008: 198]]></sourceshort>
</source>
</question>
</category>
<category cseq="42"><ctitle><![CDATA[Partnerships - Taxation]]></ctitle>
<question info_num="206" old_numbering="11.4.1.1:">
<question_text><![CDATA[Tax Treatment: Are partnerships treated as "look through" ("transparent") for tax purposes?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[Yes]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="207" old_numbering="11.4.1.2:">
<question_text><![CDATA[Tax Treatment: Are partnerships taxable in own right (separately taxed as a legal entity)?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
<question info_num="208" old_numbering="11.4.2:">
<question_text><![CDATA[Are tax returns usually required?]]></question_text>
<data_date><![CDATA[]]></data_date>
<more_info>0</more_info>
<data_text><![CDATA[No]]></data_text>
<note><![CDATA[Except the partnership is "resident in Gibraltar" (Lowtax.net).]]></note>
<source>
<sourceurl><![CDATA[http://www.lowtax.net/lowtax/html/gibraltar/jgilcos.html#general]]></sourceurl>
</source>
</question>
</category></group>
<refspec>
<reftextshort><![CDATA[IMF OFC-AP 2007]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2007: Gibraltar: Assessment of Financial Sector Supervision and Regulation including Reports on the Observance of Standards and Codes on the following topics:  Banking Supervision, Insurance Supervision, and Anti-Money Laundering and Combating the Financing of Terrorism (Offshore Financial Sector Assessment Program; IMF Country Report No. 07/154), Washington, DC, in: http://imf.org/external/pubs/ft/scr/2007/cr07154.pdf; 28.9.09.]]></refmemo>
<refurl><![CDATA[http://imf.org/external/pubs/ft/scr/2007/cr07154.pdf]]></refurl>
<refdate><![CDATA[28.09.2009]]></refdate>
</refspec>
<refspec>
<reftextshort><![CDATA[IMF BCP 2007]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2007: Gibraltar: Detailed Assessment Report of Observance of the Basel Core Principles (Offshore Financial Sector Assessment Program; IMF Country Report No. 07/155), Washington, DC, in: https://www.imf.org/external/pubs/ft/scr/2007/cr07155.pdf; 28.9.09.]]></refmemo>
<refurl><![CDATA[https://www.imf.org/external/pubs/ft/scr/2007/cr07155.pdf]]></refurl>
<refdate><![CDATA[28.09.2009]]></refdate>
</refspec>
<refspec>
<reftextshort><![CDATA[IMF IAIS 2007]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2007: Gibraltar: Detailed Assessment Report of Observance of the Insurance Core Principles (Offshore Financial Sector Assessment Program; IMF Country Report No. 07/156), Washington, DC, in: http://www.imf.org/External/Pubs/FT/scr/2007/cr07156.pdf; 28.9.09.]]></refmemo>
<refurl><![CDATA[http://www.imf.org/External/Pubs/FT/scr/2007/cr07156.pdf]]></refurl>
<refdate><![CDATA[28.09.2009]]></refdate>
</refspec>
<refspec>
<reftextshort><![CDATA[IMF AML 2007]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2007: Gibraltar: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism (Offshore Financial Sector Assessment Program; IMF Country Report No.07/157), Washington, DC, in: http://www.imf.org/external/pubs/ft/scr/2007/cr07157.pdf; 28.9.09.]]></refmemo>
<refurl><![CDATA[http://www.imf.org/external/pubs/ft/scr/2007/cr07157.pdf]]></refurl>
<refdate><![CDATA[28.09.2009]]></refdate>
</refspec>
<refgen>
<reftextshort><![CDATA[EU Database]]></reftextshort>
<refmemo><![CDATA[European Union "Taxes in Europe" Database; http://ec.europa.eu/taxation_customs/taxation/gen_info/info_docs/tax_inventory/index_en.htm; 23.10.2008.]]></refmemo>
<refurl><![CDATA[http://ec.europa.eu/taxation_customs/taxation/gen_info/info_docs/tax_inventory/index_en.htm]]></refurl>
<refdate><![CDATA[23.10.2008]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[EUC 2008]]></reftextshort>
<refmemo><![CDATA[European Commission / Taxation and Customs Union 2008: Report from the Commission to the Council in accordance with Article 18 of Council Directive 2003/48 on taxation of savings, Brussels, in: http://ec.europa.eu/taxation_customs/resources/documents/taxation/personal_tax/savings_tax/savings_directive_review/pres_savingsreport.pdf; 17.9.2008.]]></refmemo>
<refurl><![CDATA[http://ec.europa.eu/taxation_customs/resources/documents/taxation/personal_tax/savings_tax/savings_directive_review/pres_savingsreport.pdf]]></refurl>
<refdate><![CDATA[17.09.2008]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[FATF 2000]]></reftextshort>
<refmemo><![CDATA[Financial Action Task Force 2000: Report on Non-Cooperative Countries and Territories, Paris, in: http://www.fatf-gafi.org/dataoecd/57/22/33921735.pdf; 4.6.2009.]]></refmemo>
<refurl><![CDATA[http://www.fatf-gafi.org/dataoecd/57/22/33921735.pdf]]></refurl>
<refdate><![CDATA[04.06.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[FATF 2002]]></reftextshort>
<refmemo><![CDATA[Financial Action Task Force 2002: Review to Identify Non-Cooperative Countries or Territories: Increasing the World-Wide Effectiveness of Anti-Money Laundering Measures, Paris, in: http://www.fatf-gafi.org/dataoecd/4/32/33922320.pdf; 4.6.2009.]]></refmemo>
<refurl><![CDATA[http://www.fatf-gafi.org/dataoecd/4/32/33922320.pdf]]></refurl>
<refdate><![CDATA[04.06.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[FSF 2000]]></reftextshort>
<refmemo><![CDATA[Financial Stability Forum 2000: Report of the Working Group on Offshore Centres in: http://www.financialstabilityboard.org/publications/r_0004b.pdf?noframes=1; 4.6.2009.]]></refmemo>
<refurl><![CDATA[http://www.financialstabilityboard.org/publications/r_0004b.pdf?noframes=1]]></refurl>
<refdate><![CDATA[04.06.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[Hines / Rice 1994]]></reftextshort>
<refmemo><![CDATA[Hines, James R./Rice, Eric M. 1994: Fiscal Paradise: Foreign Tax Havens and American Business, in: Quarterly Journal of Economics 109: 1, 149-182.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[IMF 2000]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2000: Offshore Financial Centers - IMF Background Paper, Washington, DC, in: http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm; 4.6.2009.]]></refmemo>
<refurl><![CDATA[http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm]]></refurl>
<refdate><![CDATA[04.06.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[IMF 2008y]]></reftextshort>
<refmemo><![CDATA[International Monetary Fund 2008: Offshore Financial Centers. Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program. Supplementary Information, Washington, DC, in: http://www.imf.org/external/np/pp/eng/2008/050808a.pdf; 18.11.2008.]]></refmemo>
<refurl><![CDATA[http://www.imf.org/external/np/pp/eng/2008/050808a.pdf]]></refurl>
<refdate><![CDATA[18.11.2008]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[INCSR 2008]]></reftextshort>
<refmemo><![CDATA[United States Department of State 2008: International Narcotics Control Strategy Report. Volume II. Money Laundering and Financial Crimes, Washington, DC, in: http://www.state.gov/documents/organization/102588.pdf; 4.9.2009.]]></refmemo>
<refurl><![CDATA[http://www.state.gov/documents/organization/102588.pdf]]></refurl>
<refdate><![CDATA[04.09.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[International Bureau of Fiscal Documentation 1977]]></reftextshort>
<refmemo><![CDATA[International Bureau of Fiscal Documentation 1977, quoted in: Irish, Charles R., 1982: Tax Havens, in: Vanderbilt Journal of Transnational Law 15: 3, 449-510.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[Irish 1982]]></reftextshort>
<refmemo><![CDATA[Irish, Charles R. 1982: Tax Havens, in: Vanderbilt Journal of Transnational Law 15: 3, 449-510.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[Levin 2007]]></reftextshort>
<refmemo><![CDATA[Levin, Carl 2007: A Bill to Restrict the Use of Offshore Tax Havens and Abusive Tax Shelters to Inappropriately Avoid Federal Taxation, and for Other Purposes (Law Proposal, US Senate, 1st Session, 110th Congress, 17.2.2007, S.681), Washington, DC, in: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:s681is.txt.pdf; 17.1.2008 ]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[NAO 2007]]></reftextshort>
<refmemo><![CDATA[National Audit Office 2007: Managing risk in the Overseas Territories, London, in: http://www.nao.org.uk/idoc.ashx?docId=a3459d99-cb0d-4410-856a-e3b473ad2dd3&version=-1; 4.9.2009.]]></refmemo>
<refurl><![CDATA[http://www.nao.org.uk/idoc.ashx?docId=a3459d99-cb0d-4410-856a-e3b473ad2dd3&version=-1]]></refurl>
<refdate><![CDATA[04.09.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[OECD 2000]]></reftextshort>
<refmemo><![CDATA[Organisation for Economic Co-Operation and Development 2000: Towards Global Tax Co-operation: Report to the 2000 Ministerial Council Meeting and Recommendations by the Committee on Fiscal Affairs: Progress in Identifying and Eliminating Harmful Tax Practices, Paris, in: http://www.oecd.org/dataoecd/9/61/2090192.pdf accessed 7 Dec 2005.]]></refmemo>
<refurl><![CDATA[http://www.oecd.org/dataoecd/9/61/2090192.pdf]]></refurl>
</refgen>
<refgen>
<reftextshort><![CDATA[OECD 2007]]></reftextshort>
<refmemo><![CDATA[Organisation for Economic Co-Operation and Development 2007: Tax Co-operation. Towards a Level Playing Field, Paris.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[OECD 2007b]]></reftextshort>
<refmemo><![CDATA[Organisation for Economic Co-Operation and Development 2007: Improving Access to Bank Information for Tax Purposes. The 2007 Progress Report, Paris.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[OECD 2008]]></reftextshort>
<refmemo><![CDATA[Organisation for Economic Co-Operation and Development 2008: Tax Co-operation. Towards a Level Playing Field, Paris.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[Sharman 2006]]></reftextshort>
<refmemo><![CDATA[Sharman, Jason Campbell 2006: Havens in a Storm. The Struggle for Global Tax Regulation, London.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[Stop Tax Haven Abuse Act (USA) 2007]]></reftextshort>
<refmemo><![CDATA[Levin, Carl 2007: A Bill to Restrict the Use of Offshore Tax Havens and Abusive Tax Shelters to Inappropriately Avoid Federal Taxation, and for Other Purposes (Law Proposal, US Senate, 1st Session, 110th Congress, 17.2.2007, S.681), Washington, DC, in: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:s681is.txt.pdf; 17.1.2008]]></refmemo>
<refurl><![CDATA[http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:s681is.txt.pdf]]></refurl>
<refdate><![CDATA[17.01.2008]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[Thielemann 2002]]></reftextshort>
<refmemo><![CDATA[Thielemann, Ulrich 2002: Grundsätze fairen Steuerwettbewerbs - Ein wirtschaftsethisches Plädoyer für einen Steuerleistungswettbewerb, in: Britzelmaier, Bernd/Geberl, Stephan/Kaufmann, Hans-Rüdiger/Menichetti, Marco (Eds.): Regulierung oder Deregulierung der Finanzmärkte, Heidelberg, 113-132.]]></refmemo>
</refgen>
<refgen>
<reftextshort><![CDATA[TJN 2005]]></reftextshort>
<refmemo><![CDATA[Tax Justice Network 2005: Tax us if you can. The true story of a global failure, London, in: www.taxjustice.net/cms/upload/pdf/tuiyc_-_eng_-_web_file.pdf; 5.5.2009.]]></refmemo>
<refurl><![CDATA[www.taxjustice.net/cms/upload/pdf/tuiyc_-_eng_-_web_file.pdf]]></refurl>
<refdate><![CDATA[05.05.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[TJN-UK 2008]]></reftextshort>
<refmemo><![CDATA[Tax Justice Network UK 2008: Tax Havens Creating Turmoil. Evidence submitted to the Treasury Committee of the House of Commons by the Tax Justice Network UK, Chesham, in: http://www.taxresearch.org.uk/Documents/CreatingTurmoil.pdf; 30.6.2008.]]></refmemo>
<refurl><![CDATA[http://www.taxresearch.org.uk/Documents/CreatingTurmoil.pdf]]></refurl>
<refdate><![CDATA[30.06.2008]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[TJN-Survey 2008]]></reftextshort>
<refmemo><![CDATA[Survey Conducted by the International Secretariat of the Tax Justice Network in early 2009. The questionnaire sent out to the Financial Regulators can be viewed here (pdf):  www.secrecyjurisdictions.com/PDF/JurisdictionQuestionnaire_FSA_FINAL.pdf; and the questionnaire sent to the Financial Intelligence Units can be downloaded here: www.secrecyjurisdictions.com/PDF/Jurisdiction%20Questionnaire_FIU_FINAL.pdf.]]></refmemo>
<refurl><![CDATA[www.secrecyjurisdictions.com/PDF/JurisdictionQuestionnaire_FSA_FINAL.pdf]]></refurl>
</refgen>
<refgen>
<reftextshort><![CDATA[UNDP / HDR 2007/2008]]></reftextshort>
<refmemo><![CDATA[United Nations Development Programme 2007: Human Development Report 2007/2008. Indicator Tables HDR 2007/2008, New York, NY, in: http://hdr.undp.org/en/media/HDR_20072008_Tables.pdf; 4.9.2009.]]></refmemo>
<refurl><![CDATA[http://hdr.undp.org/en/media/HDR_20072008_Tables.pdf]]></refurl>
<refdate><![CDATA[04.09.2009]]></refdate>
</refgen>
<refgen>
<reftextshort><![CDATA[Zoromé 2007]]></reftextshort>
<refmemo><![CDATA[Zoromé, Ahmed 2007: Concept of Offshore Financial Centers: In Search of an Operational Definition (IMF Working Paper), Washington D.C.]]></refmemo>
</refgen>
</country>

