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Gibraltar Structures in Wealth Management Prepared by James Lasry Hassans Funds Team. Gibraltar Experienced Investor Funds (“EIF”). Legal framework Financial Services (Experienced Investor Funds) Regulations 2005 ("the EIF Regulations").

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gibraltar structures in wealth management prepared by james lasry hassans funds team
Gibraltar Structures in Wealth Management

Prepared by James Lasry

Hassans Funds Team

gibraltar experienced investor funds eif
Gibraltar Experienced Investor Funds (“EIF”)
  • Legal framework
  • Financial Services (Experienced Investor Funds) Regulations 2005 ("the EIF Regulations").
  • Financial Services (Collective Investment Schemes) Act 2005 (“the CIS Act”).
  • Rapid establishment
  • Self-certification and authorisation.
  • notification to the Financial Services Commission within 14 days of the establishment of the EIF.
  • Authorised and regulated by the Gibraltar Financial Services Commission.
  • Experienced Investors
  • net worth of €1m aside from residential property,
  • Individuals whose normal business activity includes investment related activity (i.e. investment professionals) or
  • invest a minimum of €100,000 in the fund.
  • Service Providers
    • Two FSC licenced Gibraltar-resident directors required
    • Gibraltar based authorised administrator
    • FSC approved custodian (for open ended funds). Can be from any jurisdiction
    • Annual audit by a Gibraltar registered auditor
protected cell company pcc
Protected Cell Company (“PCC”)
  • Protected Cell Companies Act 2001 (“PCC Act”).
  • The Fund can be structured as a Gibraltar protected cell company (“PCC”) pursuant to the Protected Cell Companies Act 2001 (“PCC”).
  • A PCC is fundamentally a company with limited liability which allows for the legal segregation of assets and liabilities under different sub-funds (Cells). Although a PCC remains a single legal entity, the liability of the company in respect of each cell is limited to the assets attributable to the relevant cell, and it is not liable for the debts of any other cell.
  • PCCs allows for separate Cells to be set-up with different investment strategies. Investors can invest in just one Cell or in multiple Cells depending on the investment strategies and objectives they wish to adopt.
slide4

EIF Protected Cell Company structure

Banker/ Custodian

2 Gibraltar

Licenced EIF Directors

Management shares to be held by the family patriarch / matriarch

Other Director(s)

Gibraltar Experienced Investor Fund

(the “Fund”)

Administrator

Cell B

Cell A

Cell C

Possibility to create further cells

Portfolio

Eg. Real estate

Portfolio

Eg. stocks

Portfolio

Eg. Private Equity

Auditor

  • Investment Manager /Adviser
  • eg.
  • Delegated to a professional investment manager/ adviser
  • Investment Manager /Adviser
  • eg.
  • family office

Self-managed by the directors

advantages of gibraltar as a funds jurisdiction
Advantages of Gibraltar as a funds jurisdiction
  • EU Jurisdiction
    • Benefits of AIFMD
    • Access to EU Parent Subsidiary Directive
    • European time zone, convenient for:
  • Investors
  • Managers
  • Board meetings
  • Favourable tax regime
  • Well regulated
    • See IMF, OECD, FATF *
  • Robust and flexible funds legislation
  • Good infrastructure
    • Good service providers including accountants, bankers, auditors etc
  • English-speaking
  • Common law jurisdiction

* See www.fsc.gi

slide6

NEW OPPORTUNITIES IN GIBRALTAR

INCOME TAX ACT 2010

CHRIS WHITE

HASSANS INTERNATIONAL LAW FIRM

slide7

31 December 2010- Options at the end of an era.

  • 0%/8% System
  • Across the board low rate
  • Territorial taxation
  • Exclusion of streams of income from taxation
slide8

Economic Background

  • Diversity of economy
  • Growth rate
  • Debt ratio
  • Budgetary surplus
slide9

Solution

  • 10% corporate tax rate
  • Taxation of income accrued in or derived from Gibraltar only
  • Exclusion of taxation of passive income
  • No withholding taxes
  • Lower rates for individuals
slide10

Passive Income

  • Dividends arising from non taxable sources
  • Interest other than trading interest
  • Royalties
  • Bank/others treasury functions
  • Trust income
slide11

Advantages for individuals

  • 1. Top rate of tax 29%
  • Reducing rates- income £1m effective rate 20%
  • Income above £1m charged at 5%
  • No tax on savings income
  • No tax on funds income
  • Pensions charged at 0%
  • No capital gains tax
  • No estate duty
  • No VAT
slide12

Advantages for companies

  • Low tax rate
  • Territorial basis
  • No capital gains tax
  • No royalty/interest taxation
  • Limited taxation on dividends
  • No withholding on payments made
  • EU access
contact details for hassans
Contact Details for Hassans

Contact: Chris White, Partner & Head of Tax

James Lasry, Partner & Head of Funds

Address: HassansInternational Law Firm

55 Line Wall Road

Gibraltar

Numbers : Office: +350 200 79000

Fax: +350 200 47303

E-mail: [email protected]

[email protected]

Web Site : www.gibraltarlaw.com

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