About
Gibraltar
About
Gibraltar
Gibraltar is a town & port on the Rock of
Gibraltar, which is situated on a peninsula at the southern tip
of Spain, just opposite the north coast of Africa. Thus, due to
its geographical position Gibraltar generally dominates the entrance
to the Mediterranean. It is nearly 6 kilometers long, and is almost
450 meters high.
Gibraltar has a population approximately 30,000.
The official language is English, but Spanish is widely used,
and most Gibraltarians are fluent both in English and Spanish.
Currency
The currency is the Gibraltar Sterling, which
is monetary united with the UK pound. British and Gibraltar pounds
both are at par value, and British pound sterling is in free circulation.
For all practical purposes it is preferable. There are no foreign
exchange controls as to fund remission into and out of Gibraltar
and currency convertation.
Legal
System
Gibraltar is one of the
oldest European offshore centers with the most complete selection
of offshore products and services. The legal system is based on
British common and statute law with variations introduced by local
statute law ("Ordinances") or regulations. The major
source of corporate legislation is the United Kingdom Companies
Act of 1929, and Companies Ordinance Act of 1984 (as amended).
The administration of justice is in the hand of a Chief Justice;
there are three courts, a Supreme Court, a Court of First Instance
and a Magistrates Court. Appeals from the Supreme Court are heard
by a Court of Appeal composed of visiting judges and ultimately
by the Privy Council in the United Kingdom.
Government
It is a politically stable territory with superb
commercial and professional infrastructure. Gibraltar has its
own government but remains a dependent territory of the United
Kingdom. It officially began to depend on Britain under the Treaty
of Utrecht in 1713. Under its Constitution of 1969, Gibraltar
is responsible for its own internal self governing in relation
to domestic affairs, while defense, foreign affairs and internal
security are in the responsibility of the United Kingdom. Governor
represents the UK foreign office in Gibraltar.
Economy
The most important sectors of the economy are
the MOD, the Port, Tourism and more recently the Finance Center.
The Gibraltar Government has undergone a substantial investment
program in infrastructure to ensure Gibraltar can provide the
standards expected internationally. There is now a wide selection
of quality office space, warehouses, light industrial areas and
residential accommodation available.
Telecommunications
Gibraltar possesses good, modern telecommunication
facilities, which gave possibility for Internet betting and gaming
services. There is a good access by air, sea and road. There are
several flights daily to London, which is the main air connection
to Gibraltar. Widespread use of the English language and a legal
system mainly based on British legislation make Gibraltar a very
convenient and effective business base.
Probably Gibraltar will be soon one of the most attractive offshore
locations aiming at the EU market.
Legal
background
Gibraltar is a member of the European Union. Being
dependent on the United Kingdom, it entered the EU along with
the UK through the Treaty of accession. However, unlike Channel
Islands, it does not belong to the customs union. Gibraltar does
not belong to EU's VAT (indirect taxation), CAP (Common Agricultural
Policy) or common external tariff regimes. However Gibraltar has
implemented much EU financial legislation and can apply Common
European Passport regulations in the insurance, banking and fund
management spheres. All the Treaty provisions with regard to free
movement of capital, services and persons are in force in Gibraltar.
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