LEARNING CENTER

What you can expect to find in the Learning Center

Our learning centre provides helpful fact-sheets and useful information on a variety of subjects, in particular services we offer. We aim to educate, enlighten and provide clarity for our clients and partners on the advantages of our offerings and important points to consider or keep in mind.

Annual Returns, Annual Accounts, Tax Returns

annual-accounts-preparation

Annual Returns, Annual Accounts, Tax Returns

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General Duties as a Director

General duties as a director

 

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Assets Form ending Mar 2016

Assets Form ending Mar 2016

 

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The Importance of Wills

Most people do not like thinking about death and the effects it has on those they leave behind. At Europa Trust Company Ltd we can help support you to create a Will that ensures your loved ones are taken care of. A well-written Will provides instructions of your final wishes for those closest to you.

“Why should I draft a Will?”

Whether we hold assets on behalf of the beneficial owner(s) or act as Statutory Officers, we strongly recommend that there is a Will in place giving us instructions on how to proceed in the event of the beneficial owner(s) death.

In order for a company that holds assets to continue existing upon the death of its beneficial owner, it needs to maintain its good standing with the Registrar, e.g. file statutory documents. Companies that fail to do this risk being struck off by the Registrar and the assets being seized by the Crown (in other words the State).

A Will can avoid unforeseen events as well as avoid costly and lengthy disputes, during which time the company risks being struck off.

A well-written Will can reduce family disputes, ensure business continuity and make sure that your final instructions are carried-out.

“What shall I do if I want to draft a Will?”

Europa Trust Company offers a confidential Will drafting service to our clients. An experienced and professional member of our Team can guide and support you through the drafting of your unique Will.

“What information should I provide?”

The following information is required in order to start drafting a Will:

The wishes of the beneficial owner of how the assets are to be distributed upon their death.
The names, addresses, nationalities and passport numbers of all heirs.
If there is more than one heir, the percentage distribution between them.
OPTIONAL;  We recommend making provisions for a contingency heir(s) in case the first choice heir(s) predeceases the beneficial owner.

“Are letters of wishes acceptable?”

In case of a dispute, a letter of wishes may not be accepted by the courts as a legal document.  Courts very rarely allow Wills to be contested and a well-written Will can limit family disputes.

Under Gibraltar Law, the assets of a deceased person can only be transferred successfully by a document which satisfies the full criteria of a Will.

“Where shall I store my Will?”

A Will is an important legal document and we recommend that you store it either with a Notary or with Europa Trust Company.

Europa Trust Company will help you update or create a secure Will for your needs and give you the lasting dignity to those closest to you.

Information on Gibraltar

Gibraltar is part of the European Union and yet within close proximity to Africa. It is a low tax jurisdiction and is VAT free. It has no capital gains, estate duty, wealth, inheritance, gift or other capital taxes. Gibraltar has an International airport; excellent road and sea links into Europe and Africa.

Gibraltar is a popular financial destination for an eclectic mix of international executives, authors, sportsmen, corporations, individuals, families and many others, who want to achieve their financial and business objectives. They understand the importance of tax and succession planning and protecting their assets from unexpected events.

Gibraltar is self-governing through its democratically elected parliament, however, under its Constitution matters of defence and foreign relations are the responsibility of the United Kingdom.

Gibraltar’s client demographic covers all four corners of the globe and their business and investment interests are likewise spread across the globe, managed from Gibraltar. The Jurisdiction is able to offer bespoke company and fiduciary services at competitive professional rates. Gibraltar’s fiduciary companies can deliver and manage simple or complex corporate and trust structures, on a daily basis, in virtually any jurisdiction.

Gibraltar Tax Information

  • No tax on profits; A Gibraltar Company conducting profit-making activity outside of Gibraltar will not suffer tax on its profits.
  • Low tax-rate of 10%. Only profits accrued in or derived from Gibraltar will attract corporate tax.
  • Stable financial centre. Gibraltar has a stable Government and has in place Banking, Insurance and Companies Acts as well as a Financial Services Act.
  • Gibraltar has signed 27 Tax Information Exchange Agreements with countries around the world, removing any “tax-haven” stigma.
  • Excellent regulation of company managers.Trust and Company Managers must be authorised and are regulated by a supportive Financial Services Commission.
  • There is no VAT in Gibraltar; therefore VAT is not an issue from a Gibraltar tax perspective.
  • Goods imported into Gibraltar are subject to import duty at the rate of 0%, 6% or 12%.
  • Gaming Tax (On-line Gaming) Levied at the rate of 1% of relevant income capped at £425,000 and with a minimum payable of £85,000, per licence, per annum.
  • Discounts for early payment of rates for businesses. There are generally from 10% to 20%.
  • New start-ups benefit from a 50% discount in rates in their 1st year of trading, and 25% for the 2nd year.
  • Income from royalties is not taxed in Gibraltar.
  • Wear and tear allowances are 20% per annum on a reducing balance basis for companies that pay a higher rate of corporate tax.
  • Tax and residential benefits in Gibraltar for high net worth individuals and High Executives possessing specialist skills.
  • 30% standard rate of tax for individuals and trusts.
  • Tax relief on contributions to an approved Pension scheme of up to 1/6th of employees earned income. Overall employer and employee contributions are eligible for tax relief of up to 25% of earned income.
  • Ability to claim double taxation relief in respect of the tax paidabroad if a person is resident and liable to pay tax in Gibraltar in respect of income also taxed abroad.
  • There is no capital gains tax, wealth tax or estate duty in gibraltar.
  • For employees in Gibraltar, collection of tax is initially through a Pay As You Earn (“PAYE”) system.

 

If you would like Europa Trust Company to procure additional tax advice please contact our offices.

This is not intended to offer any advice on law, insurance or other financial or tax matters. At no time during the process of enquiries will Europa Trust Company Limited be acting as advisor broker or provider, nor will  it recommend or endorse any particular provider or product. Whilst every care has been taken in preparing its contents, no responsibility can be accepted for any inaccuracies. Persons interested in offshore investments should obtain appropriate legal advice in their own country. Europa Trust Company Limited accepts no responsibility for persons acting or not acting as a result of information contained or not contained in this document.