Gibraltar Private Client Services
Deloitte Private |
Tax
Deloitte Private |
Tax
About Gibraltar
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A synopsis on taxation
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Special tax status
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Concierge services for HNWI’s
11
Relocation & residence
12
Succession planning
13
Gibraltar companies
14
Investment funds
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Vessel registration in Gibraltar
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Our services
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Our people
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Deloitte Private |
Tax
Deloitte Private |
Tax
About Gibraltar
A jurisdiction of choice
Gibraltar is a British overseas territory
which adjoins to the south of the
Iberian Peninsula by a small land-bridge,
but is otherwise surrounded by the
Mediterranean Sea. The Rock of Gibraltar
is a monolithic limestone promontory
standing 426 metres high, which twinned
with the neighbouring North African Jebel
Musa, jointly comprises the legendary
Pillars of Hercules which in ancient times
used to delineate the end of the known
world.
Our historical legacy is palpable and
present at every street corner. Having
transcended occupation by the Moorish
empire, the Kingdom of Spain and finally
the British Empire, the bastions, batteries
and casemates of the former fortress that
walls Gibraltar can today be seen marrying
with the more contemporary twenty-first
century buildings.
Given its ties to the United Kingdom
and the Commonwealth, as well as
its geographical location and history,
the resident Gibraltarian population
constitutes a mixed demographic of
people. Whilst the majority of the native
Gibraltarians share British citizenship,
our genealogy predominantly constitutes
an ancestral mix originating from Malta,
Italy, Portugal, the United Kingdom and
Spain. Gibraltar has been the home to
a Christian, Muslim, Hindu and Jewish
community and therefore it is unsurprising
that the jurisdiction boasts a melting pot of
traditions and faiths that exist together in
harmony.
With over 300 days of sunshine, and
sitting on the doorstep of Spain’s popular
leisure industry, Gibraltar offers an
enviable lifestyle which continues to attract
both professionals and clients in large
numbers. The jurisdiction is curiously
atypical in that it is socially geared towards
a Mediterranean lifestyle, yet it follows a
very British approach to business, politics
and education. This is further evidenced
by our bilingualism, with English being the
main tongue spoken professionally, and
Spanish tending to be more prevalent at a
social level.
There are regular daily flights to Gibraltar’s
airport from London Gatwick, Heathrow
and Luton. Other flights are also available
to and from the UK, from Birmingham,
Manchester and Bristol. Access to
Gibraltar from North Africa is also possible
with bi-weekly flights available from both
Casablanca and Tangier in Morocco.
Gibraltar may also be accessed by car
when travelling from Spain, and is only a
short drive from the airports located in
Seville, Jerez and Malaga.
The education system in Gibraltar is akin to
that offered by UK schools, with students
sitting GCSE and A level examinations.
There are a number of state-run as well as
private primary and secondary schools.
Whilst the University of Gibraltar and
the Gibraltar College offer a selection of
higher education and professional courses,
the tendency is for students to travel to
UK Universities and Colleges, with local
Government support, in order to complete
their undergraduate degrees of choice.
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Tax
Diving in the waters of the Mediterranean
Over the last decade, Gibraltar has
matured into an economically successful,
diversified, low tax international finance
centre.
As a separate and distinct British territory,
Gibraltar is a unique jurisdiction for
the promotion and development of
international business services and wealth
management services for private clients. It
has a common law legal system modelled
on the British legal system, a competitive
tax system, highly developed professional
infrastructure and first-class financial
services regulation.
Gibraltar is subject to high quality
financial regulation, with robust antimoney laundering legislation in place. It
is on the OECD white list of jurisdictions,
committed to exchange of information
and transparency. This affirms Gibraltar’s
position as a mature and secure financial
centre.
The economy in Gibraltar is well diversified
and has more than doubled in the
last ten years. All the macroeconomic
indicators continue to reflect that the
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economy continues to perform very well.
The Government remains committed
to making Gibraltar a model jurisdiction
and continues to invest through an
intensive capital investment programme
in a significant number of infrastructural
projects to physically modernise Gibraltar,
its public amenities and services.
The jurisdiction's success does not just
revolve around finance, tourism, shipping
and online gaming are also important
contributors to the local economy. The
majestic Rock of Gibraltar with its historical
vestiges and famous resident apes
continues to attract a multitude of tourists
and is an important cruise liner destination.
The Port of Gibraltar, guarding the entrance
to the Mediterranean and at the centre of
one of the world’s busiest shipping lanes is
the biggest bunkering port in the Western
Mediterranean. In online gaming, the
jurisdiction’s policy of only licensing a small
number of well-known responsible gaming
operators has made it into a premier
location attracting some of the world’s
leading online gaming companies to base
themselves in Gibraltar.
Deloitte Private |
Tax
A synopsis on taxation
Personal tax compliance
Gibraltar’s tax year runs from 1st July to
30th June. Tax residents of Gibraltar as
well as non-residents who are in receipt
of assessable income in Gibraltar must
complete and file personal tax returns with
the Gibraltar Income Tax Office by no later
than 30 th November each year.
There is a dual system of taxation available
for taxpayers to elect from, namely the
Allowance Based System (“ABS”) and the
Gross Income Based System (“GIBS”). As
the name suggests, taxpayers are entitled
to a number of allowances under ABS
in contrast with GIBS, which entitles the
taxpayer to fewer deductions although it
is subject to lower tax rates. Individuals
are assessed to tax under the system best
benefitting the taxpayer. Individuals should
note that not all income is chargeable to tax
in Gibraltar, examples include, but are not
limited to:
•• Interest income;
•• Rental income derived from properties
located outside Gibraltar;
•• Dividends from listed companies quoted
on a recognised stock exchange or those
paid from non-taxable sources;
In addition, capital gains fall outside
Gibraltar’s tax base and therefore
are not chargeable to tax in Gibraltar.
Consequently, capital losses cannot be
offset against an individual’s tax liability.
As well as not charging Capital Gains Tax
(“CGT”), Gibraltar also does not charge
Inheritance Tax (“IHT”), Wealth Tax, Gift Tax
or Death Duties.
•• Approved Pension Income;
•• Royalty income.
Corporation tax compliance
Gibraltar companies must file a complete
tax return by no later than nine months
from their accounting year end. Foreign
entities with assessable income in Gibraltar
are also required to file tax returns. With
the corporation tax rate set at 10% and
other tax initiatives, the Gibraltar tax
regime provides significant opportunities
for individuals and entities operating from
Gibraltar to become tax efficient.
As mentioned above, Gibraltar does not
charge CGT and therefore entities deriving
capital gains would not suffer tax on said
gains. In addition, it should be noted that
Gibraltar does not charge Value Added Tax
("VAT") on goods and services.
held as having been accrued in and derived
from Gibraltar, with the term “accrued
in and derived from” being defined by
reference to the location of the profit
making activities which give rise to said
income.
Gibraltar employs a territorial system of
taxation and as such tax shall be payable
by companies in respect of income that is
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Special tax status
The Category 2 status
Gibraltar offers a special tax status to High
Net Worth Individuals (“HNWI”) by virtue of
the Category 2 Status (commonly referred
to as Cat 2 status) for qualifying individuals
who want to establish residence here. Cat
2 individuals are only taxed on the first
£80,000 of assessable income remitted to
Gibraltar, with a minimum tax payable of
£22,000 in 2016/2017. Tax is computed in
accordance with Gibraltar’s Income Tax Act
2010 (“Income Tax Act”) applicable to all
taxpayers and the maximum tax payable
if the full £80,000 or more is remitted
to Gibraltar would be £27,560 in the tax
year 2016/2017. Only income remitted to
Gibraltar or accrued in or derived from
Gibraltar is subject to tax, although an
individual may elect for his worldwide
income to be subject to tax.
In accordance with the standard tax
system, there are several income streams
that are not assessable to Gibraltar tax.
This include royalties, interest income
and dividends from companies quoted on
recognised stock exchanges or dividends
from underlying sources which are not
subject to taxation.
When combined with the fact that Gibraltar
does not charge wealth tax, capital gains
tax nor inheritance tax, the Cat 2 status
affords good opportunities to individuals
looking for tax efficiency in their personal
or family tax affairs.
To qualify for this special tax status the
prospective applicant must satisfy the
Gibraltar Finance Centre Director that he or
she has net assets in excess of £2 million,
and must not have been Gibraltar resident
in the preceding five years prior to an
application being made.
The successful applicant will also require to
have approved residential accommodation
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in Gibraltar, befitting their status and living
requirements. This can be either rented or
purchased but must be of a high standard
and be available to the applicant exclusively
throughout the year. Tax residence for a
Cat 2 individual is determined by the status
itself and not by day count, or centre of
vital interest.
A Cat 2 individual may engage in a trade,
business or employment in Gibraltar as
long as permission has been granted by the
Gibraltar Finance Centre Director, the main
consideration being that such business
would be of benefit to the economic
development of Gibraltar. Any income
earned in this regard, however, may not
be sheltered by the Cat 2 status depending
on the activities undertaken, in which case,
said income would be separately taxable
under the Income Tax Act. This is designed
to ensure that Cat 2 individuals do not
unfairly compete with local businesses
operating within Gibraltar.
Scenario Example 1
A Cat 2 individual who only derives
investment income in the form of interest
income from corporate bonds and/or
dividend income from shareholdings in
companies listed on recognised stock
exchanges, and who derives a capital gain
from the disposal of a proportion of his
investment portfolio, in a given tax year,
would only have derived non-assessable
income in that tax year and would therefore
be liable to the minimum Cat 2 tax charge
of £22,000 (in the tax year 2016/2017).
Scenario Example 2
A Cat 2 individual who derives consultancy
fees which do not accrue or derive in
Gibraltar but which are remitted to
Gibraltar might be liable to the maximum
tax payable under the Cat 2 status (£27,560
in the tax year 2016/2017).
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Ceremony of the keys
High executive possessing specialist skills
Gibraltar also offers high earning
executives (in 2016/2017 this means those
with employment income in excess of
£120,000) a special tax status referred to
as High Executive Possessing Specialist
Skills (or more commonly known as HEPSS
status). In contrast with the Cat 2 status,
the HEPSS status must be obtained by
the Gibraltar employer on behalf of their
employee, the purpose being to attract
executives with specialist skills to Gibraltar
where such experience or knowledge is
not already available in the jurisdiction. The
employer needs to be able to demonstrate
that the skills the individual brings to the
table are not available in Gibraltar.
A HEPSS’s tax liability shall be capped at
the first £120,000 of assessable income in
any year of assessment, which for the tax
year 2016/2017 translates to a monthly tax
payable under the pay as you earn (“PAYE”)
scheme amounting to £2,495 which is
equivalent to £29,940 for the whole year
of assessment. This cap on assessable
income tends only to apply to employment
income (including benefits) received from
the Gibraltar employer with whom HEPSS
status was obtained. Any other income
the individual earns will be taxed outside
the HEPSS status in accordance with the
Income Tax Act.
In order to be granted a certificate
designating an individual as a HEPSS the
Finance Centre Director must be satisfied
that the individual in question is of good
character and repute and will occupy a high
executive position providing skills that are
not readily available in Gibraltar for which
remuneration equal to, or greater than
£120,000 will be earned. In addition, the
prospective HEPSS applicant must not have
been Gibraltar resident in the preceding
three years prior to an application being
made.
In order to qualify for this status the
individual would be required to have for
their exclusive use approved residential
accommodation in Gibraltar appropriate to
their family circumstances.
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Tax
Concierge services for HNWI’s
Making life easier
Our ongoing services to our HNWI clients are almost unlimited – we want to be your
first port of call in all instances in order to make, not only your relocation to Gibraltar,
but also your day-to-day living in Gibraltar effortless.
Examples of concierge services which Deloitte can offer you include, but are not limited
to the following:
Introducing you to
local retail or
private banks as
well as assisting
you with your bank
application. If you
are interested in
investing through
one of the several
private banks
located in
Gibraltar, Deloitte
can arrange for a
beauty parade in
order to best help
you decide which
bank to choose.
Hand holding
relocation services
including
introducing you to
local estate agents
in order to assist
you in procuring or
renting Gibraltar
property.
Introducing you to
local law firms and
other service
providers should
you require
assistance such as
the conveyance for
a Gibraltar
property or the
repatriation of
your pension.
We understand
that there will be
periods when you
will not be in
Gibraltar, in which
case we can assist
you in handling
your Gibraltar
correspondence.
We can assist you
with the drafting
of your Gibraltar
Will.
We can assist you
with converting
your driving
licence to a
Gibraltar issued
driving licence.
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Relocation & residence
Welcome to your new home
Individuals who reside in, and are
employed in Gibraltar, are entitled to
apply for a Gibraltar Civilian Registration
Card and Permit of Residence. Individuals
residing in Gibraltar not holding a Gibraltar
employment contract, such as HNWI’s
living off capital and/or investment income
or pensioners might also be eligible for
a Gibraltar Civilian Registration Card and
Permit of Residence under what is known
as the Self-Sufficiency Route.
Successful Cat 2 residents can also apply
for a Gibraltar visa where applicable.
Non-EU nationals requiring a visa to
enter Gibraltar, who hold a valid Gibraltar
employment contract, may apply for a
Gibraltar visa thus entitling them with the
right to reside in Gibraltar.
Deloitte can assist you with the application
or renewal of Gibraltar Civilian Registration
Cards and Permits of Residence, as well as
with the application for a Gibraltar visa.
Tax entry briefings
Whether you are relocating to Gibraltar
personally, or you are recruiting or
repatriating staff to Gibraltar, Deloitte
can provide you, or your employees, with
tax entry briefings in order to explain
registration and filing obligations, as well
as answer any questions you might have in
this regard.
In complex scenarios where either yourself,
or your employees, have exposure to
multiple tax jurisdictions, we can provide
you, with the help of our international
Deloitte colleagues, with an understanding
of your global tax obligations.
Tax exit briefings
Should you, or your employees, eventually
have to leave Gibraltar, Deloitte can provide
advice in respect of exiting Gibraltar to
ensure a smooth and orderly transition.
We can assist with filing and de-registration
obligations with the relevant Gibraltar
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authorities and can also help tie-up any
loose ends even after departure, for
example, liaising with the Gibraltar Income
Tax Office in respect of any final tax refunds
due if applicable.
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Succession planning
Protecting your family wealth
Gibraltar Trusts
Gibraltar applies the law of equity which
means trusts can be established. The most
popular trust used in tax planning is the
Discretionary Trust. This is because with a
Discretionary Trust, Trustees are given wide
discretionary powers so as to take account
of changing circumstances.
Under the Income Tax Act the income of
a trust, where the beneficiaries are nonresidents of Gibraltar, is exempt from all
Gibraltar taxation except Gibraltar sourced
income from taxable sources. Distributions
to non-resident beneficiaries are not
subject to taxation and for these purposes
Cat 2 status individuals are deemed to be
non-resident.
Gibraltar has extensive trust legislation
which is based almost exclusively on the
trustee laws of the UK and UK case law
applies to Gibraltar. This presents a settlor
of a trust with a very favourable jurisdiction
for the setting up of a trust. The benefits of
setting up a trust in Gibraltar include the
following:
Confidential
Except for asset protection trusts, there
are no filing requirements.
Tax planning
Once you set up a trust, you no longer own
the assets settled. This may allow you to
mitigate taxation in certain situations.
Succession planning
In cases where the settlor is concerned that
children or grandchildren could be at risk if
they inherit or receive too much too soon,
a trust can be set up to ensure that assets
are not passed on to the beneficiaries until
they reach adulthood.
Asset protection trusts
Gibraltar allows the establishment of
Asset Protection Trusts. Properly set up,
these trusts can protect assets settled
into the trust from subsequent creditors
of the settlor who are seeking to enforce a
judgement against the settlor rendered in
the settlor's home country.
Gibraltar Private Foundations
The Private Foundations Act 2017 has
come into operation in Gibraltar allowing
for the establishment and registration of
Private Foundations. Private Foundations
are independent self-governing legal
entities, which can sue and be sued. They
are inscribed in the Register of Foundations
in Gibraltar and like companies must
have a registered office address and have
statutory filing requirements.
The main purpose for setting up a Private
Foundation is, for holding assets which
have been endowed to the Foundation by
its founder for the benefit of beneficiaries.
Private Foundations are vehicles used
in estate planning, asset protection and
succession planning, for charitable or other
philanthropic purposes.
Foundations have been available in
civil law jurisdictions in which trusts are
less favoured for a long time. The main
reason is that the authorities of civil law
jurisdictions do not recognise the concept
of a trust as trusts have no separate
legal personality. In such jurisdictions the
authorities go beyond the trust and look
through the trust to the beneficiaries as the
legal owner of the assets, regardless of any
distributions being made.
Unlike a trust, a foundation cannot be
deemed a "sham foundation". The main
reason is simple. A Private Foundation is
inscribed in a public register and for this
reason is a legal entity with separate legal
personality.
A Private Foundation does in fact constitute
a hybrid between a trust and a company,
having several aspects in common with one
or the other.
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Deloitte Private |
Tax
Gibraltar companies
Tax efficient & cost effective
A Gibraltar company can be a very tax
efficient and cost effective way for private
clients wanting to either hold assets or
investments, or to carry out international
trade. Although all companies managed
from Gibraltar are tax resident and
subject to tax at the corporate rate of 10%,
because Gibraltar operates a territorial
system of taxation, only profits from
activities carried out within Gibraltar are
subject to tax. This along with no VAT, no
tax on capital gains, no tax on dividends
or interest income (with the exception
on intercompany interest greater than
£100,000), and the fact that there are no
withholding taxes on dividends, make
Gibraltar companies very attractive
vehicles.
All companies are also required to file
accounts with the Registrar as well as
the Income Tax Office. The extent of
information that is required to be filed
will depend on the size of the company
(see table 1). Micro-Entities and Small
companies only require an unaudited
abridged balance sheet (one-page) to be
filed. Medium sized entities are required to
file full abridged accounts, which consists
of a Balance Sheet, Abridged Profit and
Loss Account, Notes, Directors’ Report and
Auditor’s Report. Large companies will be
required to file full accounts consisting of
a Balance Sheet, Profit and Loss Account,
Notes, Directors’ Report and Auditor’s
Report.
Gibraltar company law offers great
flexibility in various corporate matters, for
example companies can be easily domiciled
into and out of Gibraltar, capital reduction
can be carried out without difficulty and
the liquidation process is straightforward.
The most common use of Gibraltar
companies are as follows:
•• Ultimate or intermediate holding company
•• Investment holding company
•• Group service company
•• International trading company
A Gibraltar company can, if suitably set
up, be fully managed and controlled from
Gibraltar with a board of directors resident
in Gibraltar without rendering foreign
sourced income subject to taxation. Every
company must have a registered office
in Gibraltar at which the statutory books
of the company must be kept and each
company is required to submit an annual
return to the Registrar of Companies,
which contains details of the shareholders,
directors and the capital of the company.
The information available at the Registry is
open to public inspection.
Size of Company
Company size is determined when two of the following criteria are met
Net Turnover (pro-rated if not
equal to 12 months
Balance Sheet Total (total assets)
Average number of persons
employed in each year
Micro-Entity
Does not exceed £632,000
Does not exceed £316,000
Does not exceed 10
Small
Does not exceed £10.2 million
Does not exceed £5.1 million
Does not exceed 50
Medium
Does not exceed £36 million
Does not exceed £18 million
Does not exceed 250
Large
Exceeds £36 million
Exceed £18 million
Exceeds 250
Table 1: Criteria determining company size
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Investment funds
Efficient investment vehicles
Gibraltar offers several options for the
quick and efficient set up of investment
funds for private clients. The most popular
vehicle is the Experienced Investor Fund,
or EIF as they are commonly known,
designed for professional, high net worth
or otherwise experienced investors.
Investors in these funds must have a net
worth in excess of €1,000,000 or invest a
minimum of €100,000 in one or more ElFs
or invest a minimum of €50,000 and be
professionally advised in writing to invest in
an EIF. There is a quick and straightforward
set up process. For authorisation to trade,
the administrator of the EIF must notify the
Gibraltar Financial Services Commission
("FSC") within 14 days of establishment and
submit the fund's prospectus with counsel
opinion that the fund complies with the
relevant provisions of the Act and Gibraltar
EIF Regulations.
The EIF must be administered by an
approved professional fund administrator,
and its directors have to be pre-approved
by the FSC. It must also have a custodian or
prime broker. A licensed EIF in Gibraltar will
be exempt from all company and income
tax on receipt of a certificate from the
Commissioner of Income Tax.
These funds are increasingly becoming the
preferred structure for family estates and
trusts. They offer professionally managed
investment structures, tailor made to the
family's profile and objectives.
Asset managers also find funds attractive
to pool investments and reduce
administration costs.
Funds may be established as Protected
Cell Companies with segregation of assets
and liabilities in different cells allowing an
umbrella structure with a number of subfunds. This can be used by separate clients
or by a sole client wishing to promote a
number of investment strategies.
High regulatory standards combined with
the flexibility of a small jurisdiction, and the
availability of a quality infrastructure at a
relatively low cost, is increasingly making
Gibraltar an attractive fund location.
In addition to ElFs, private funds are often
set up in Gibraltar. Private funds cannot
be marketed and can only be offered to
a restricted, defined, class of up to 50
investors. The fund is suitable in cases
where the investors in the fund will only
be friends, family or clients of the person
establishing the fund. In such cases, private
funds offer the advantage of being exempt
from licensing requirements and running
costs can be maintained at lower levels
than is the case for ElFs. Private funds
must remain private for a year from the
date of offer but subsequent to that can be
converted into an EIF or similar structure.
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Deloitte Private |
Tax
Vessel registration in Gibraltar
Plain sailing
Shipping and tourism play a major part
towards the successful economy of
Gibraltar. There are tax advantages arising
from owning a vessel through a Gibraltar
company. By means of an example, where
a vessel is owned by a Gibraltar company
which does not trade in Gibraltar, said
company will not be subject to taxation
as the income of the company does not
accrue in or derive from Gibraltar (see
synopsis on corporation tax compliance
in page 7). Nevertheless, a Gibraltar
registered vessel is still required to pay the
annual standard tonnage tax.
If owners do not wish to use a Gibraltar
registered company to own a vessel
registered in the port of Gibraltar, it is
possible to use a Foreign Maritime Entity
incorporated in another jurisdiction.
Another advantage afforded by the
Gibraltar's Ship Registry is that pleasure
craft can be registered in Gibraltar with no
VAT levied on the yacht provided certain
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conditions are met. Gibraltar registered
yachts with non-EU resident owners can
apply for VAT-free temporary importation
to sail in EU waters for an 18 month period.
In addition to this, there are no taxes
payable in Gibraltar on the importation or
sale of the vessel, nor inheritance tax on
the demise of the owner.
The Gibraltar Ship Registry is a member
of the Category 1 Red Ensign Group of
the UK and the UK dependency register
and a vessel registered in Gibraltar is
regarded as a UK ship in the Port of
Gibraltar. An advantage of this is that a
vessel registered in Gibraltar may seek
assistance from any of the many British
Embassies and Consulates throughout the
globe, wherever it may be. On registration,
British Law applies to the vessel and as the
only true common law jurisdiction in the
Mediterranean, Gibraltar is a very attractive
Port for those considering the registration
of their vessel. The registration procedure
provides conclusive proof of ownership of
the yacht thus making the proving of legal
title on transfer straightforward.
Gibraltar boasts an internationally
recognized British Yacht Registry who is
responsible for maritime administration
in Gibraltar. They provide a high quality,
very efficient and cost-effective service.
All documents submitted are processed
within 24 hours and a same day service is
also available.
In Gibraltar there is a separate register for
commercial and pleasure vessels with no
size limit for pleasure vessels unlike some
jurisdictions. Vessels are not required to
be physically inspected and/or surveyed
within the jurisdiction, instead they must
produce a Measurement and Tonnage
Survey Certificate issued by an approved
society.
Deloitte Private |
Tax
Our services
Access to bespoke solutions
Deloitte is able to offer a wide range of
services to private clients. Our efficient and
cost effective solutions are always tailored
to our client’s specific needs. We are well
known for the depth and breadth of our
service and our collaborative approach
to business. We provide a “one point of
contact” service which acts as a gateway to
the extensive expertise and resources that
we have at our disposal as a member of the
Deloitte worldwide network.
Services include but are not limited to the
following:
Tax Services
•• Category 2 tax status applications
•• Preparation and submission of personal
tax returns
•• Immigration and Residence
•• Tax planning
•• Local and international tax advice
•• FATCA and Common Reporting Standard
advice
Corporate Services
•• Setup and administration of companies in
Gibraltar and other jurisdictions
Accounting Services
•• Audit and accounting
•• Regular management accounts
•• Business and cashflow planning
•• Consolidations
•• Financial planning
•• Investment performance monitoring and
benchmarking
•• Outsourcing
Trust Services
•• Assistance in setting up Trusts,
Foundations or Private Tax Companies
•• Administration of Trust or Foundation
•• Succession planning
•• Investment performance monitoring and
benchmarking
•• Cashflow management
Other Services
•• Family office and concierge services
•• Relocation and immigration services
•• Yacht registration
•• Preparation of Gibraltar Will.
•• Administration of bank accounts
•• Corporate secretarial services
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Deloitte Private |
Tax
Our people
Always here to help
Joseph Caruana
Tax Partner
Email: [email protected]
Joseph is a Chartered Accountant and general practitioner within our firm and
advises companies and high net worth individuals on Gibraltar tax matters. He
obtained his honours degree from the London School of Economics and has served
as President of the Gibraltar Society of Accountants, as Chairman of the Finance
Centre Council (a government consultative body) and as Commission member of the
Financial Services Commission (Gibraltar’s financial services regulator).
Stephen Reyes
Tax Partner
Email: [email protected]
Stephen advises on all aspects of Gibraltar tax, both corporate and personal. He
has taken a leading role in the development of taxation in Gibraltar for many years,
having been President of the Gibraltar Society of Accountants, Chairman of its
Tax faculty and Chairman of the Gibraltar Finance Centre Council (“GFCC”) as well
as a member of various working groups set up by Government to advise on the
development of particular aspects of tax in Gibraltar.
Louise Gonçalves
Tax Partner
Email: [email protected]
Louise has been instrumental in developing Deloitte’s Gibraltar tax practice and is
currently the Gibraltar tax practice leader specialising in both corporate and private
client tax advisory services. She is a member of the Tax Faculty executive of the
Gibraltar Society of Accountants. She liaises with the Gibraltar Tax Office on practical
and technical issues regarding the application and interpretation of the Income Tax
Act with an aim to providing guidance to the profession and the jurisdiction. She is
also a member of a Tax Working group set up by Government to review tax legislation.
Vickram Khatwani
Senior Manager
Email: [email protected]
Vickram is a senior manager in the firm’s tax department and is significantly involved
in providing tax advisory services to high net worth clients as part of the firm’s
Private Client offering. In addition to this, Vickram advises on yacht registration
matters as well as dealing with individuals’ tax information exchange concerns.
18
Deloitte Private |
Tax
Gavin Gafan
Private Client Tax Manager
Email: [email protected]
Gavin is a tax manager currently overseeing Deloitte Gibraltar’s Private Client
offering, dealing predominantly with high net worth individuals in order to provide
assistance with any Gibraltar residence or immigration concerns. Gavin provides a
bespoke personal service to hand hold clients through the relocation process. Gavin
also oversees the Gibraltar personal and corporation tax compliance obligations for
our high net worth client portfolio who have structured their wealth and/or business
from Gibraltar.
Desiree Gaduzo
Corporate Services Manager
Email: [email protected]
Desiree is a fellow of the Institute of Chartered Secretaries and Administrators and
has an MBA from Durham University. She manages Deloitte’s corporate services
department which specialises in helping clients establish private companies and
trusts. The corporate department provides administrative support as required to
facilitate management of the structures and ensures structures comply with their
statutory requirements and are maintained in good standing.
Hannah Clark
Trust Manager
Email: [email protected]
Hannah is a UK qualified Chartered Company Secretary and member of the Society
of Trust and Estate Practitioners. Hannah manages an extensive portfolio of Trust
and Gibraltar Companies for both local and international clients and regularly
provides advice in relation to the establishment of entities in Gibraltar as part of a
wider group or wealth management structure.
Alexandra Caruana
Legal Executive
Email: [email protected]
Alex trained with a local law firm as a legal executive where she practised Company
and Private Client law. She provides legal support to the private client team and
assists clients with their legal documentation including drafting Gibraltar wills.
19
Deloitte Limited
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Gibraltar
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