©2009 Deloitte Private and Confidential

Why Gibraltar?

Gibraltar, an Established Private Client Centre

Stephen Reyes

June 2009

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Gibraltar is asuccessful, well-regulated, low tax

European Financial Services Centre

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Withstanding the Storm

“As financial turmoil and recession sweepthe world, this tiny, sun-baked strip of landon Europe's southern coast is proving amiraculous survivor thanks to a sinkingpound and an economy that grows at arate comparable to that of China”The Guardian (UK), 24th March, 2009

“Gibraltar ranks 5th most stable andprosperous country in the world” Survey of235 countries by U.S based Jane's InformationServices research agency, March, 2008.

“We are very well placed to rideout the storm, and indeedemerge even stronger at theother end of it” Peter Caruana,Gibraltar’s Chief Minister, Dec. 2008,B2B Magazine

“Gibraltar is defying the doom andgloom of the global downturn witha growing economy”BBC News, 4th March, 2009

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

Businessinfrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

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All the Building Blocks of Success

PoliticalSituation

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

Separate and distinct jurisdictionwith own legislation

Own legislature (own Parliament)

Recent new constitution agreed withBritain

Cooperation agreement with Spain

Member of EU (application ofdirectives,passporting)

Government in place since 1996

Healthy economy

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

Only Common Law jurisdiction in continentalEurope (courts, statutes and principles of equitybased on English law)

Common Law duty of confidentiality

Most Professionals UK trained

Generally follow UK accounting principles

Sterling based

English language

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client ExperienceMatches UK & European standards ofregulation

Regularly reviewed by international bodies

Strong regulator, but flexible & approachable

Independent of Government

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

No tax on externally sourced income

No VAT or capital gains tax

No wealth or inheritance tax

No transfer tax nor exchange controls.Nominal stamp duty

No withholding taxes on dividends

No tax on certain types of investmentincome

Application of EU Parent/Subsidiarydirective and Interest & Royaltiesdirective

Commitment to low corporate tax – 10%by 2010

Collective Investment Funds are taxexempt

.© Deloitte 2009. All rights reserved.Gibraltar European Financial Centre9

All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

Selection of European banksservicing mostly international privateclient market

Fund administrators servingGibraltar Experienced InvestorFunds

Large licensed trust and companymanagement sector

Large lawyer base (reputedly one ofthe highest number of lawyers percapita)

3 of ‘big four’ accounting firms andseveral 2nd tier firms

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

Residency options – Cat II and HEPSS

Experienced investor Funds

Gibraltar companies for international activities

Investment holding structures

Wealth management

.© Deloitte 2009. All rights reserved.Gibraltar European Financial Centre11

All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

Businessinfrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

State-of-the-arttelecommunications

Own generation of electricity& water

Extensive support services

New commercial officedevelopments

Regular direct flights toLondon, Manchester &Madrid

Easy access to Malaga,Sevila & Jerez airports

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All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

Businessinfrastructure

AttractiveLifestyle

Easy to dobusiness

with

Superior Client Experience

Close proximity

Easy referrals

Good workingrelationships amongstprofessionals

Cost effective

Service driven

Build strongrelationships

Hospitable people

.© Deloitte 2009. All rights reserved.Gibraltar European Financial Centre13

All the Building Blocks of Success

PoliticallyStable

BritishBusiness

Foundations

Strong &Efficient

Regulation

PowerfulTax

Package

ExperiencedProfessionals

Products &Services

State ofthe art

infrastructure

Easy to dobusiness

with

AttractiveLifestyle

Superior Client Experience

Mediterranean lifestyle

Excellent Climate – over300 days of sunshine

Proximity to Spain’spopular Costa del Sol andthe relatively unspoiledAtlantic side Costa de laLuz

Gibraltar lies in the heartof some of the world’sfinest beaches, naturalparks and golf courses.

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Common uses of Gibraltar

Reside in Gibraltar (Cat II)

Operate an international business from Gibraltar

Structure transactions through Gibraltar

Set up investment funds

Set up a private investment/asset holding vehicle

Wealth management

Private banking, wealth structuring, investment monitoring

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The future

Growth potential

New services

Expand European dimension

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For further information visit our website at www.deloitte.gi

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G I B R A L T A RFUNDS AND WEALTH MANAGEMENT SEMINAR

18TH June 2009

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