News and Media
26 May,2008
Off - shore works!
Gibraltar as an off-shore Finance & Insurance centre should embrace the announcement of a UK Parliamentary Review into the efficacy of trading standards in all 14 off-shore Finance centres under UK sovereignty, a measure which is both prudent and pro-active, given the continued global turmoil in the markets.
Some months ago The Daily Telegraph referred to Gibraltar “as a haven for nefarious financial dealings”, when commenting on residency applications of such notables as Sir Mark Thatcher and other CAT 2 applicants, an observation which is both unwelcome as it is untrue in the impression it creates.
In the case of Gibraltar, a recent Treasury Committee, comfortably assessed the Insurance & Finance markets as employing the highest standards in terms of transparency and compliance, a recommendation which should continue to augur well for the Rock, as all market sectors come under closer scrutiny going forward.
The circumstance once again presents itself for Gibraltar based insurance companies to take advantage of this review in demonstrating the worth of an off-shore centre where ethical standards are followed as a norm rather than an imposed code and to channel the findings of this review into strong growth opportunities.
Gibraltar works because of the good governance of specialised legislation in the niche markets of PCC or Captive Insurance companies and/or Fund Managers plus real cost effectiveness.
Off - shore works!