Gibraltar maintains a status as a safe and stable global financial centre. We highlight some of the Government of Gibraltar’s budget measures for 2023/2024 announced this week.
On the 11 July 2023, during a budget session of Parliament, His Majesty’s Government of Gibraltar announced its budget measures for the year 2023/24. The Chief Minister, the Honourable Fabian Picardo QC, delivered the address describing Gibraltar as a ‘financial rock’, standing steadfast against economic adversity and emerging stronger.
He continued his address stating that the Gross Domestic Product forecast for Gibraltar for 2022/2023 is a growth of 7.5% He continued that Gibraltar has reduced its deficit in less time than the rest of the world and is predicting a modest surplus for the next financial year.
Gibraltar’s economy is dominated by four main sectors: tourism, financial services, remote gambling and shipping and yachting. The Chief Minister described the economy as diversified, stable, and continuing to be strong, with tourism alone estimated to have grown by 63.1%.
The Gibraltar public debt/GDP ratio fell to a lower rate than that of the UK and most other European countries. Gibraltar’s unemployment levels have continued to decrease, the Gibraltar Minimum Wage is to increase by 50 Pence to £8.60 per hour and the maximum effective (overall) tax rate for such taxpayers is reduced from 27% to 26%.
Gibraltar continues its status as a safe and stable global financial centre, and it is easy to see why many people want to incorporate Gibraltar companies. Gibraltar is an excellent jurisdiction for company incorporations. It enjoys easy access to the EU, UK and other international markets. A Gibraltar company may be used for trading, consultancy, or other services, investment holding, asset holding, or tax planning. Gibraltar companies can even be used to register a marine vessel under the Red Ensign Flag.
A full list of advantages of a Gibraltar company and advantages of doing business in Gibraltar can be found on our website link here.
Company and pleasure yacht services are the core of our business, and we offer formation and daily management of simple and complex corporate structures. We look forward to assisting you.
Working with The Europa Group
Europa Trust Company Limited is part of the Europa Group. We have been based in Gibraltar for over 38 years and have 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, foundations, partnerships, 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 Group professional.
The Europa Group is authorised and regulated by the Gibraltar Financial Services Commission.
If you are thinking of changing your company management Contact us today to find out how we can help you.