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The Finance Centre Department forms part of the Ministry of Finance. In his capacity as Minister of Finance, the Hon Fabian Picardo, Chief Minister of Gibraltar, has specific responsibility for financial services and fiscal matters.
The Department is headed by the Finance Centre Director, who reports directly to the Minister of Finance. It is responsible for advising on all financial services policy matters, liaising with the private sector in Gibraltar, financial services legislation, and co-ordination of communication relating to strategic initiatives involving the IMF, OECD, EU and other financial services-related matters.
The Finance Centre Department is also charged with marketing Gibraltar as a financial services centre and, in addition, co-ordinates applications for high-net-worth tax residence in Gibraltar by individuals. Information on Gibraltar's financial services sector is available on the Government website www.gibraltar.gov.gi and then click on financial services. In addition, information on the regulation of financial services in Gibraltar is available via the Financial Services Commission website www.fsc.gi.
Gibraltar is a British Overseas Territory and a self-governing and self-financing parliamentary democracy within the European Union. It is a separate and distinct legal jurisdiction and its Parliament is solely responsible for the enactment of all domestic laws and for the transposition of European Union directives. As such, it enjoys passporting rights throughout the EU in all financial services matters including banking, investment services, insurance, insurance mediation and reinsurance. Gibraltar-licensed financial services firms therefore have access to a market of close to 500 million people. Gibraltar's financial services sector contributes approximately 30 per cent to the GDP of Gibraltar
Gibraltar's financial services centre is exhibiting growth trends in a number of different areas: insurance and reinsurance, captives, fund management and fund administration, and investment services, notably experienced investor funds. Gibraltar was the first EU jurisdiction to offer protected cell companies legislation in conjunction with passporting throughout the EU and, as a result, Gibraltar PCCs are being used extensively in insurance company and experienced investor fund structures.
(Source the Gibraltar Government Website: www.gibraltar.gov.gi)
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