Gibraltar has exciting new company and trust laws. The new laws will give clients new business and asset protection opportunities and further show that the jurisdiction is committed to effective business throughout the World.
What are the new laws?
The Acts are:
•Trusts (Private International Law) Act 2015
•Private Trust Companies Act 2015
•Gibraltar Purpose Trust Act 2015
So, what exactly would these laws provide?
Trusts (Private International Law) Act 2015
This Act provides for various circumstances in which the Gibraltar courts have jurisdiction in relation to trusts. It also sets out when various questions relating to Gibraltar trusts, are to be determined in accordance with the law of Gibraltar alone. The Act further provides for the regulation of foreign law and foreign judgments, orders and decisions in relation to Gibraltar trusts, and also provides for a foreign trust to be regarded as being governed by and to be interpreted in accordance with its proper law, subject to specified exceptions. This Act is subject in particular to the Hague Trusts Convention as well as to EU legislation and international conventions applicable to Gibraltar.
Click here to read the full Trusts (Private International Law) Bill 2015
Private Trust Companies Act 2015
This Act provides for voluntary registration of private trust companies and further provides for the criteria for registration and for the administrative and reporting regime for such companies.
Click here to read the full Private Trust Companies Bill 2015
Gibraltar Purpose Trust Act 2015
This Act provides for the creation of trusts for a purpose or purposes otherwise than for charitable purposes. The Act sets out the powers as well as the duties of trustee(s), at least one of whom must be a Licensed Trustee as defined in the Bill. The Bill also: provides for applications to court by the trustees (and by other authorised parties) in defined circumstances; disapplies the rule against perpetuities; extends the cy-près doctrine and creates various summary offences for the breach of certain provisions, in particular regarding trust records and documentation.
Click here to read the full Gibraltar Purpose Trust Bill
Congratulations !
We are delighted to announce that Mark Bridge, one of the Senior Directors within the Europa group, has been admitted to the Gibraltar Bar.
Mark, who is already admitted and has practiced in several other jurisdictions, is now able to practice as a Solicitor and Acting Barrister in Gibraltar. This is another fine example of the high standard and calibre of staff who are leaders within the Europa Group, who look after our clients.
American Chamber of Commerce Gibraltar 2015 Trade Mission.
24 American firms were represented at the American Chamber of Commerce (AmCham) Gibraltar 2015 Trade Mission held in Gibraltar on 22 and 23 June 2015.
The event was designed to strengthen and improve existing business ties between Gibraltar and the United States. This year the Trade Mission focused on the financial and maritime services and e-Commerce that Gibraltar offers.
Robert Hormats, a former United States Under-Secretary for Economic Growth led the second trade mission. He emphasised the benefits for American companies to do business in Gibraltar and highlighted Gibraltar’s place within the European Union as well as its high regulatory standards.
The Chief Minister said the aim of the Trade Mission was to extend Gibraltar’s reach beyond the traditional frontiers. He mentioned as an example the high standard of Gibraltar’s telecommunications as both an asset, and as a result of a successful deal with a US company.
Gibraltar is the 117th member of the international American Chamber of Commerce.
