The Limited Liability Partnership Act has recently come into effect in Gibraltar, Europa Trust Company Ltd reports on the new financial legislation.
The “Limited Liability Partnership” is a body corporate with its own legal personality, distinct from its members, unlike a normal, unincorporated, partnership. The Act increases the ability of local practitioners to provide first class solutions to their local and international clients thereby creating new and increased business flows for Gibraltar.
The Government of Gibraltar worked closely with STEP (the Society of Trust and Estate Practitioners) in developing the legislation. STEP provided expert assistance to the Government of Gibraltar in the preparation and drafting of the regulation.
Gilbert Licudi, the Education and Justice Minister of Gibraltar, welcomed the announcement by saying, “We are firmly committed to providing the most comprehensive and current legislative framework for our professional services providers so as to contribute to the jurisdictions commercial success.”
Recent legislation in Gibraltar includes,
- Trusts (Private International Law) Act,
- Purpose Trusts,
- Private Trust Companies
The legislation and new act highlights the Government of Gibraltar’s commitment to supporting practitioners in the jurisdiction.
Bulgaria Removes Gibraltar from ‘Tax Haven’ List.
Europa Trust Company reports on the news that Bulgaria has definitively removed Gibraltar from its ‘tax haven’ list.
The news comes after Canada, Estonia, Italy, Latvia and Poland have also recently removed Gibraltar from their “tax haven” lists.
The Government of Gibraltar initiated contact with the Bulgarian Ministry of Finance who prepared an amendment to its Corporate Income Tax Law to remove Gibraltar from its list of countries with preferential tax regimes as well as the Offshore Companies Law to explicitly exclude Gibraltar from the scope of law.
The Gibraltar Government was strongly supported during this matter by the Foreign and Commonwealth Office in London and the British Embassy in Sofia.
The change in status has also been reflected in the updated lists published on the European Commission website.
The Minister for Financial Services and Gaming, Albert Isola stated “We will continue to press the remaining very small number of EU Member States to delist Gibraltar as soon as possible given that we have exchange of information mechanisms for tax purposes, to the OECD standard, with all EU Member States as well as a further fifty countries around the world.”
Working with Europa Trust Company Ltd
Europa Trust Company Ltd, part of the Europa Group, has been based in Gibraltar for 30 years and has built a reputation as a stable and reputable business.
We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus.
Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Trust Company Ltd professional. Europa Trust Company Ltd is able to work in over 31 jurisdictions around the World.
We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.
Contact us today to find out how we can help you