Gibraltar has made strides to pivot its financial services offering towards global emerging markets.
Financial Services Minister Gilbert Licudi explained in his Budget address that Gibraltar needed to aggressively pursue business in emerging economies such as Brazil, Russia, India and China.
“Opportunities need to be seized and converted into real business. Things will not happen by themselves,” said Mr Licudi adding that established markets like UK and Switzerland remain important too.
“The Government is very optimistic that, in the years ahead, Gibraltar will consolidate its position as a leading international finance centre within the EU. The financial sector is a key driver in the local economy as well as one that stimulates other areas of business and generates thousands of jobs and important revenue,” he said.
On the complaint to the EU made by Spain to the corporate tax regime introduced by the Income Tax Act 2010, Mr Licudi said that the Government considers that this is a politically motivated complaint which has no merit whatsoever and that it will see off this challenge.
“It is becoming increasingly apparent that Gibraltar’s future in financial services rests with high-end, high-value added private client business, insurance (captive and retail), investment management and funds,” said Mr Licudi.
“The critical mass that has been achieved in this sector now makes Gibraltar a mainstream insurance domicile within the European Union along with long-term players in this market,” he said.