Information about Gibraltar.
Commonly known as ‘The Rock,’ Gibraltar is a UK Overseas Territory situated on the southern tip of Spain. Often mistaken as an island, Gibraltar is actually a peninsula and has an active border just beyond its International Airport.
Ceded to Britain by Spain under the Treaty of Utrecht in 1713, Gibraltar is a self-governing territory. Though Great Britain is responsible for Gibraltar’s defence and foreign policy, Gibraltar governs all ‘Defined Domestic Matters’ and has a democratically elected House of Assembly to maintain its independent tax status and enact laws independently of Britain. Furthermore, Gibraltar’s Sovereignty is assured by the Gibraltar Constitution Order 1969 in whereby Britain cannot enter into any sovereignty arrangements against the people of Gibraltar’s democratic wishes.
Gibraltar enjoys a special relationship with the European Union, which it has been a member of since 1973, and though subject to European Law, Article 28 of the 1971 UK Accession Treaty relieves Gibraltar from the common customs tariff and the harmonisation of turnover taxes, in particular VAT.
Gibraltar is within the European Economic Area under the Treaty of Rome and although a separate jurisdiction to the Great Britain, Gibraltar and Great Britain have been considered one and the same member state under the Treaty. Since formation, Gibraltar has been important in Single European Market for services, especially in financial services. That is accepted by the Commission in Brussels and by all Member States.
Gibraltar’s currency is the Gibraltar Pound and the Sterling pound is also accepted in Gibraltar on a one to one basis. There are no foreign exchange regulations in force with total freedom to remit funds into and out of Gibraltar.
The independent sovereignty of governance Gibraltar enjoys and the continuity of the sterling currency are two of the many factors why business’s set up in Gibraltar.
More information about Gibraltar can be found at https://www.gibraltar.gov.gi or by following the links below.
Knightsbridge Incorporations Limited is licensed by the Financial Services Commission in Gibraltar under licence number: FSC24049